ASB and Bank Direct have shaved five points off their two-year fixed rates and 10 points off their three year rates bringing them down to 6.70% and 7.10% respectively. Sovereign has dropped its rates by the same amount.
The changes put ASB in line with the most its competitors, rather than leading rates lower.
Kiwibank reduced its three-year rate by 10 basis points (bps) to 7.09% and its five-year rate by five bps to 7.70%. AMP also made the same cuts bringing its two and three-year rates to 7.09% and 7.70% respectively. NZCU North sliced 10 bps off its three-year rate taking it to 7.20%.
In news, Kiwibank has announced who will replace Sam Knowles as its chief executive.
