ASB Bank has cut its three, four and five-year fixed
home loan rates.
The biggest change is to five-year rates, with a 0.25 point
drop from 6.5 per cent to 6.25 per cent.
Three-year rates have been cut from 5.9 per cent to 5.75 per
cent, and four-year rates from 6.1 per cent to 5.95 per cent.
"ASB has reduced its three, four and five year fixed interest
rates to assist our customers who want more certainty in
their home loan repayments over the longer term," ASB
spokesman Shaun Drylie said.
"Our special two-year fixed home loan interest rate of 5.25
per cent has come to an end, and the two-year term is now
aligned this with the 12- and 18-month fixed home loan
interest rate of 5.4 per cent."
Last week, Statistics New Zealand said New Zealand's
consumers price index (CPI) fell 0.2 per cent in the December
2012 quarter, which was below expectations.
With the annual inflation rate now at only 0.9 per cent, most
economists expect the Reserve Bank will not make cuts to the
Official Cash Rate until next year.