ASB has reduced its home loan fixed interest rates by up to 0.5 of a percentage point.

The new Housing interest rates are effective as from 2 March 2011. For a fixed term of 6 months the new rate is 5.85 percent per annum, with the new 12 months Housing fixed rate being 5.95 percent per annum. There will also be reductions to all other home loan fixed rates.

ASB’s Term Deposit rates have also been reduced to reflect the changes in wholesale rates. The new Term Deposit and Term Fund interest rates are also effective as from 2 March.