[ad_1]
ASB said its five-year rate had fallen 20 basis points to 5.69 per cent.
ASB added: “The one-year rate fell 14 basis points to 6.45 per cent and the six-month rate fell slightly to 6.85 per cent.”
“We are pleased to have been able to reduce interest rates for ASB home loan customers four times since wholesale interest rates began falling in July,” ASB general manager Jax Mitchell said.
ASB Bank said it was also cutting eight of its 13 term deposit rates (for maturities between six and 60 months) by between 10 and 30 basis points.
The Bank of New Zealand said yesterday that its one-year fixed rates would fall by 30 basis points to 6.45 per cent (special rate) and 7.35 per cent (standard rate).
It also announced changes to interest rates on special fixed-term housing loans for terms ranging from two to five years.
Yesterday, Rabobank announced that it had cut its PremiumSaver rate from 5.25% to 5%.
Sharesies also cut the interest rate on its Shareses Save account this week, from 4.6% to 4.35%. The 5% annual interest rate in August still applies.
Last week, the OCR was cut from 5.5% to 5.25%, the first reduction since March 2020.
The Reserve Bank’s new forecast interest rate trajectory suggests the OCR will fall to at least 5 per cent by the end of this year and to at least 4.5 per cent by June next year.
[ad_2]
Source link
