Newstalk ZB
Other banks to follow ASB lead today?
Friday July 25, 04:43 AM
All eyes will be on the major banks this morning to see if they follow the ASB's lead in lowering their home loan lending rates.
The Reserve Bank yesterday dropped the Official Cash Rate by 0.25% to 8%. Following the announcement, ASB lowered its two year fixed home loan lending rate by 0.25% to 8.95%.
As of close last night, ASB was the only one of the major banks to move. The ASB Bank says it hopes to drop other interest rates in the near future. Head of Business Ventures Peter Hall says that means their future cost of funding from the domestic market will be reducing, and they are passing that on immediately to their clients. Mr Hall says they will certainly be keeping their other term lending rates under review, with a view to moving them down as well.
Next Article: ASB drops interest rates
Previous article: Annual rich list released
Top Headlines
Tower ends relationship with ANZ National
Thursday August 7, 03:10 PM - NZPA
From March next year Tower branded general insurance will no longer be sold through ANZ National banks because the insurer said it has been making an underwriting loss on the business. Read More...
Union says state workers not overpaid
Thursday August 7, 03:08 PM - NZPA
The union representing public servants is taking issue with a study that found public servants earn more than private sector workers. Read More...
Employment rebound seen reducing chance of rate cuts
Thursday August 7, 03:08 PM - NZPA
The unemployment rate rose to a two-year high of 3. Read More...
Calculators
Copyright © 2008 Yahoo! All rights reserved.
Yahoo!Xtra: A Yahoo!7/Telecom New Zealand Company.