Reuters New Zealand
NZ's ASB Bank cuts mortgage rate after RBNZ cut
Thursday July 24, 06:01 PM
WELLINGTON, July 24 (Reuters) - New Zealand's ASB Bank on Thursday said it would lower its two-year fixed term mortgage rate after the central bank earlier lowered the official cash rate.
ASB, owned by the Commonwealth Bank of Australia (ASX: CBA.ax) , was the first major bank to respond to the Reserve Bank of New Zealand's decision to lower interest rates to 8 percent.
ASB said wholesale lending rates fell immediately on the central bank announcement, and it would drop its two-year fixed rate to 8.95 percent from 9.20 percent, while reviewing its floating rate of 10.75 percent.
The Reserve Bank said further cuts were likely to counter an economy seen in recession, which sent the New Zealand dollar to a six-month low of $0.7410. ($1=NZ$1.35) (Reporting by Adrian Bathgate)
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