ASB withdraws its lowest mortgage rate special; widens terms on 2 year special; raises TD rates

ASB has withdrawn its 'special' 4.75% six month fixed mortgage rate that applied for borrowers with at least 20% equity.

Their standard 5.35% rate now applies to this term, effectively raising that 6 month rate by 60 bps.

At the same time, it has widened its 2 year fixed rate special slightly so that existing customers can get that rate even if they have less than 20% equity.

New clients however will sill need a minimum of 20% equity in the security property i.e. an LVR of 80% or less.

ASB's mortgage specials don't apply to interest groups who get a standard rate cut.

They also require borrowers to take out an ASB credit card, and to use their ASB transaction account for their salary, wages, business or rental income.

These changes also apply to BankDirect customers.

At the same time, ASB has raised term deposit rates for terms 18 months to 5 years, raising these by between 10 bps and 30 bps.

Generally, wholesale rates have been rising although there has been little upward movement in the past two weeks or so in these terms.

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%	7.10%
Kiwibank	5.25%		5.75%	5.99%	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%		5.45%	5.99%	6.55%
	5.40%	5.65%	5.85%	6.45%	7.00%

In addition to the table below, TSB has a 15 month 'special' rate of 5.15%.

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