ASB cuts floating and Orbit home loan rates by 25 basis points

ASB says it’s cutting its carded, or advertised, floating and Orbit home loan interest rates by 25 basis points to 6.25%.

The cuts don’t take effect until Friday August 7 for existing customers, and next Wednesday – July 29 – for new customers.

The cuts come after the Reserve Bank cut the Official Cash Rate by 25 basis points to 3% on Thursday. Several other banks have already announced cuts to their floating home loan rates including BNZ which lopped 35 basis points off giving it the lowest advertised bank floating rate of 5.99%.

And some banks have cut savings rates, including ASB which has pushed through a 25 basis points cut to nearly every term deposit rate.