ASB has launched a new lower two year fixed mortgage rate special.
The new special rate is 5.70%, 25 basis points lower than the bank's standard rate.
It took effect from 5pm Friday, and is promoted as a "limited time offer".
"It comes at a time when we’re noticing more customers seeking to split their home loan across a variety of terms, meaning they can take advantage of great short-term rates mixed with some long-term certainty, ”says ASB spokesperson Shaun Drylie.
It continues the trend by banks in the mortgage market of offering rate-incentive deals to borrowers with normal equity in their homes.
Conditions for this new ASB offer include that borrowers have, or get, an ASB credit card, an active transactional account, and have at least 20% equity (i.e. a Loan to Valuation Ratio of less than or equal to 80%).
ASB already has a 4.75% 'special' rate for a fixed six month term, that has the same conditions.
No other ASB rates are changing. Identical rate changes apply to BankDirect customers.
See all advertised mortgage rates here.
| 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs | |
 |
5.45% | 5.75% | 5.95% | 6.50% | 7.10% |
 |
5.40% | 5.65% | 5.70% | 6.40% | 6.99% |
| BNZ | 5.39% | 5.39% | 5.95% | 6.29% | 6.90% |
| Kiwibank | 4.89% | 5.75% | 6.40% | 6.90% | |
 |
4.94% | 5.75% | 5.95% | 6.50% | 7.10% |
| Co-op Bank | 4.94% | 5.50% | 6.20% | ||
| HSBC Premier | 4.75% | 5.65% | 6.35% | 6.99% | |
| SBS / HBS | 4.95% | 5.40% | 5.45% | 5.99% | 6.55% |
 |
5.40% | 5.65% | 5.85% | 6.45% | 7.00% |
In addition to the table above, TSB has a 15 month 'special' rate of 5.15%.
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