ASB has become the latest major bank to lift its fixed home loan rates, following increased wholesale funding costs driven by new escalations in the Middle East.<\/p>\n
The bank joins the country’s largest bank, ANZ<\/a>, along with Westpac<\/a> and BNZ<\/a>, in raising home loan and term deposit rates.<\/p>\n Home loan rates increased across most fixed terms, with the biggest rise on the 18-month term, up 26 basis points to 5.35%. One-year rates rose 24 basis points to 4.99%, two-year rates increased 20 basis points to 5.45%, three-year rates climbed 16 basis points to 5.45%, and six-month rates edged up 10 basis points to 4.79%. Four- and five-year rates were unchanged.<\/p>\n Term deposit rates saw more modest increases, with the 24-month rate up 20 basis points to 4.20%, while the nine- and 18-month rates each rose 15 basis points to 3.70% and 4.15% respectively. The six-month rate increased 10 basis points to 3.55%, while all other terms were unchanged.<\/p>\n ASB executive general manager for personal banking Adam Boyd said wholesale interest rates were continually volatile and had climbed in the past month.<\/p>\n “This has a direct bearing on the rates we offer on lending and deposits, in line with what is happening in markets around the world.”<\/p>\n Boyd said the changes allowed for stronger term deposit rates, urging homeowners with questions about lending to get in touch.<\/p>\n The morning’s headlines in 90 seconds, including a billboard blunder for Auckland\u2019s CRL, dangerous turbulence on a flight, and a new twist in the Beckham family feud. (Source: 1News)<\/p>\n","protected":false},"excerpt":{"rendered":"ASB has become the latest major bank to lift its fixed home loan rates, following increased wholesale funding…\n","protected":false},"author":2,"featured_media":560392,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[138,2917,111,139,69,244,814],"class_list":["post-560391","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-cost-of-living","tag-new-zealand","tag-newzealand","tag-nz","tag-personal-finance","tag-property"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/560391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=560391"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/560391\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/560392"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=560391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=560391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=560391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}