New Zealand lender ASB raises fastened time period mortgage charges
WELLINGTON, July 14 (Reuters) – New Zealand lender ASB said Wednesday that it is raising its fixed-rate mortgage and time deposit rates as the country’s economic outlook has improved.
“The New Zealand economy is proving resilient and the economic outlook has improved. Although interest rates are rising now, they remain at historically low levels, ”said Craig Sims, executive general manager of retail banking at ASB.
The one-year fixed-rate mortgage rate was increased from 2.19% to 2.55%, which corresponds to an increase of 0.36%. Other rates between the periods of six months to five years were also increased.
The move will come ahead of the Reserve Bank of New Zealand’s monetary policy meeting later Wednesday to decide on the cash rate. (Reporting by Praveen Menon; editing by Sandra Maler)