Photo: RNZ
ASB is reducing the rate it charges for some of the popular short-term term mortgage fixes.
It will drop its one-year rate by five basis points, to a new rate of 5.54 percent. Its 18-month rate will drop by 5bps to 5.34 percent and its two-year rate will drop by 20bps to 5.29 percent.
ASB spokesperson David Jackson said the bank had reduced its fixed mortgage rates 11 times since July last year.
Three term deposit rates also drop by between five and 10 basis points.
Kiwibank said it was also making changes to its term deposit rates on Monday, dropping the six-month rate by 20 basis points and the 200-day rate by five.
Reserve Bank data shows one-year special rates have fallen from a peak of more than 7.3 percent to less than 5.8 percent.
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