Main banks are now setting the pace of home loan rate cuts

ASB has set a new low in the current round of fixed mortgage rate cuts.

It is offering a one year fixed ‘special’ at 4.89%, down -10 bps from its prior ‘special’ for this term.

The offer is stated as ‘limited time’. but no end date was announced.

ASB’s fixed rate home loan specials apply to customers who have at least 20% equity (i.e. a Loan to Valuation Ratio of less than or equal to 80%), have their salary or wages credited to a main transaction account with ASB and one other ASB product.

BankDirect and Sovereign have made the same change.

See all banks’ carded, or advertised, home loan rates here. 

And see the non-rate home loan incentives here.

The new ASB mortgage rates will compare as follows on Friday morning:

below 80% LVR Floating 1 yr 2 yrs 3 yrs 4 yrs 5 yrs
             
6.49% 5.39% 5.39% 5.59% 5.75% 5.79%
ASB 6.50% 4.89% 5.10% 5.39% 5.75% 5.65%
6.34% 5.19% 4.99% 5.29% 5.65% 5.75%
Kiwibank 6.40% 5.09% 4.99% 5.39% 5.75% 5.60%
Westpac 6.40% 5.49% 4.99% 5.59% 5.75% 5.79%
             
6.45% 5.15% 4.99% 5.35% 5.55% 5.69%
HSBC 6.60% 4.95% 4.95% 5.40% 5.50% 5.60%
SBS Bank 6.39% 4.99% 4.99% 4.99%   5.59%
6.49% 5.45% 4.99% 5.40% 5.85% 5.85%