Image / 123rfNew Zealand's second-largest mortgage lender has cut rates on short-term loans, but raised its three-, four- and five-year rates amid rising inflation pressure. ASB has cut its one-year fixed rate by four basis points to 2.25 per cent. The new rate matches one-year offers from ICBC and HSBC, and is lower than ASB's main rivals, Herald mortgage data supplier Interest.co.nz says. ASB also cut its six month fixed rate by 40 basis points to 2.99 per cent, which is now well below all its main rivals, Interest.co.nz says. The bank's four-year rate is up 20 basis points to 3.19 per cent and its three-year rate up 24 basis points to 2.89 per cent.

Source: New Zealand Herald April 22, 2021 23:37 UTC