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ASB Lowers Mortgage Rates Again

ASB has today lowered its three-year and four-year fixed mortgage rates following last week’s rate decreases across its six-month, one-year and four-year terms. Effective immediately the three-year term will drop 26 basis points from 6.65% to 6.39%, with the four-year rate falling 10 points from 6.49% to 6.39%.

ASB’s Executive General Manager Personal Banking Adam Boyd says “This is the eighth time we’ve dropped mortgage rates this year. We intend to do as much as we can to take the pressure off our existing homeowners and prospective home buyers despite the Official Cash Rate remaining flat at 5.50%. The slight decrease in wholesale rates, which is the rate at which the bank is borrowing money, means we can adjust our rates to benefit our customers looking to borrow.”

ASB has also dropped its longer-term term deposit rates by between 10 and 20 basis points each. The more popular shorter term deposit rates are unchanged.

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