ASB, one of New Zealand's major banks, has increased its one-year mortgage rate to over 7%, which is the highest rate from a main bank since 2008. Th
ASB, one of New Zealand’s major banks, has increased its one-year mortgage rate to over 7%, which is the highest rate from a main bank since 2008. The bank also raised its rates for other fixed-term mortgages. Kiwibank followed suit and raised its rates as well. These rate increases may affect borrowers who do not have at least 20% equity. The official cash rate currently stands at 5.5%, with the next update scheduled for July 12.
