ASB, a major bank, has reduced some of its home lending rates for the second time within a week, offering relief to homeowners grappling with the escalating cost of living. The announcement was made on Monday morning. Concurrently, Westpac had disclosed on Friday that it would lower its one-year, three-year, four-year, and five-year special and standard fixed home loan rates by 10 basis points.

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ASB’s adjustments include a 10 basis points reduction in its one-year lending rate, from 7.39 percent to 7.29 percent, and a decrease in its two-year lending rate from 6.89 percent to 6.85 percent. Additionally, the bank has raised its six-month term deposit rate by five basis points to 6.05 percent. These changes took effect on Monday morning.


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Last week, ASB had already slashed its 18-month mortgage rate by 26 basis points to 6.89 percent. Adam Boyd, ASB’s executive general manager of personal banking, explained that these revisions were influenced in part by the response of swap rates to the Reserve Bank’s decision to maintain the Official Cash Rate at 5.50 percent.

This adjustment arrives shortly after the Reserve Bank (RBNZ) opted to retain the Official Cash Rate at 5.5 percent, aligning with predictions by many economists. The RBNZ cited broad developments in the New Zealand economy, noting declines in core inflation and most measures of inflation, and highlighted a more balanced risk outlook for inflation.

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