ASB cuts mortgage rates

Commonwealth Bank of Australia subsidiary ASB is reducing its fixed mortgage rates a week after it raised them.

The cuts include a 0.25 percent reduction in the one-year rate to 5.9 percent per annum; a 0.30 percent reduction in the 18 month rate to 6.10 percent per annum; and a 0.35 percent reduction in the two-year fixed housing rate to 6.30 percent per annum.

The rates are effective from tomorrow. The bank said it was responding to movements in the wholesale money market in cutting its rates.

Last week ASB said it was increasing its fixed-term mortgage rates across the board, raising its one-year rate by 20 basis points to 6.15 percent, its 18-month rate by 40 basis points and its two-year rate by 25 basis points.

Westpac also raised rates last week even though the Reserve Bank of New Zealand kept the official cash rate unchanged at 2.5 percent.

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