Half of ASB’s home loans still to rollover to higher rates

Things are getting tighter for borrowers. (Image: BusinessDesk)

Thu, 10 Aug 2023

Almost half of ASB Bank’s residential mortgages are still on sub-6% interest rates as the country’s third-biggest asset-lender ratchets efforts to help its customers adapt to the new environment. On Wednesday, the bank reported a 6% increase in net profit to $1.56 billion in the June year, with wider margins underpinning that growth. However, its residential mortgage lending grew 2.8% to $75.65b as stiff competition crimped its expansion. Chief executive Vittoria Shortt told BusinessDesk the lag time between the...

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