Major bank lifts some mortgage rates, slashes others

ASB has lowered longer-term mortgage rates and increased two of its shorter-term rates.

It has also reduced some term deposit rates.

"Wholesale interest rates continue to be somewhat volatile but longer-term rates have come down recently," ASB's executive general manager for personal banking Adam Boyd said.

"These rates play a key role in setting lending and deposit pricing domestically, and mirror broader trends internationally as markets navigate the current landscape."

The bank lifted its six-month term 20 basis points to 4.69%.

Its 18-month term was raised 14 basis points to 5.09%.

The three-year term was lowered 20 basis points to 5.29% and the four-year term went down by the same amount to 5.49%.

Its five-year term was dropped 30 basis points to 5.59%.

Those rates are for those with 20% equity - those with less will pay an additional interest amount.

The bank also lowered its 24, 36, 48 and 60 month term deposit rates by between 10 and 25 basis points.

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The Reserve Bank will made its next call on the official cash rate next Wednesday.