ASB Bank in New Zealand reduced 3-4 year and 5-year home loan interest rates, following other banks.

ASB Bank in New Zealand cut home loan interest rates for 3-4 year terms and its 5-year rate to 5.99%, following similar moves by other banks. The Reserve Bank warns it may take up to 18 months for rate reductions to have a full impact, while a trend towards shorter fixes could speed up the process. The majority of borrowers are still on fixed rates, with only around 10% on floating rates.

July 22, 2024
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