ASB cut its floating home lending rate by 0.50% following the same cut in the OCR by the RBNZ. The rate is now 10.25% and becomes effective immediately for new borrowers. For existing borrowers the rate will be effective as at October 6. (Updated to show % drops). "ASB sees today's move by the Governor of the Reserve Bank as a very positive initiative for the housing market and the economy in general. This bold action is just what is needed at this time," ASB managing director Hugh Burrett said. "We are waiting for wholesale market rates to settle, and our home lending rates will continue to be under review," Burrett said. Other ASB rates that changed are (effective immediately for new borrowers): 6 month rate: 9.5% (down 0.25%) 12 month rate: 8.95% (down 0.25%) 2 year rate: 8.9% (down 0.05%) 3 year rate: 8.9% (down 0.20%) 4 year rate: 8.95% (down 0.15%) 5 year rate: 8.95% (down 0.15%)
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.