ASB lowers one two-year rate
The new rate for ASB and its subsidiary Bank Direct is 5.59%.
The offer is for customers who either have, or get, an ASB credit card and an active transactional account, and who have at least 20% equity (a loan-to-value ratio of less than or equal to 80%).
Interestingly the bank only lowered the rate for loans with an LVR of 80% or less. The rate for low equity loans remains unchanged at 5.95%.
The new rate is a cut of 11 basis points and the difference between its two rates is 36 basis points. Added to that deals with a LVR higher than 80% are also subject to low equity margins.
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