In a surprise move this morning, ASB. BankDirect, Sovereign and NZ Home Loans have cut their longer term fixed rates.
All four lenders have reduced one-year rates by 30 basis points as well as dropping three, four and five-year rates by 15, 30 and 25 basis points respectively. ASB Bank now have the lowest four and five-year fixed rates for a major bank.
Three, four and five-year rates have been on the rise since February of last year, todays cuts are the first by any bank since then.
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