ASB and Bank Direct have shaved five points off their two-year fixed rates and 10 points off their three year rates bringing them down to 6.70% and 7.10% respectively. Sovereign has dropped its rates by the same amount.
The changes put ASB in line with the most its competitors, rather than leading rates lower.
Kiwibank's next phase of development will be led by an existing member of the state-owned bank's senior management team, Paul Brock, to replace founder chief executive Sam Knowles.
ANZ Bank's share of the mortgage market continued to slide in the June quarter although its profitability improved markedly as a result of lower charges for bad loans.
ASB and Bank Direct have shaved five points off their two-year fixed rates and 10 points off their three year rates bringing them down to 6.70% and 7.10% respectively. Sovereign has dropped its rates by the same amount.
The changes put ASB in line with the most its competitors, rather than leading rates lower.
