ASB joins ANZ and BNZ in raising New Zealand mortgage rates
New Zealand lender ASB is raising its six-month home loan rate to 4.79% and its one-year rate to 4.99%. The move follows similar increases from ANZ and BNZ, adding to borrowing costs for homeowners across the country.
ASB has become the third major New Zealand bank in recent days to raise its mortgage rates, lifting its six-month home loan rate to 4.79 percent and its one-year fixed rate to 4.99 percent. The bank has not detailed the exact timing of when the new rates take effect for new and refinancing customers.
The increase follows similar moves by ANZ and BNZ, New Zealand's other major lenders, suggesting a broader shift among the country's banks toward higher borrowing costs. Homeowners coming off older fixed-rate terms this year are likely to face noticeably steeper repayments when they refinance.
The rate rises come as New Zealand's economy grapples with elevated unemployment and sluggish wage growth, adding another pressure point for households already managing a higher cost of living. Analysts say further moves from other lenders, and the Reserve Bank's own policy decisions, will be watched closely in coming months.
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