How's ASB going and why does it keep secrets? Rates action

ASB reported their results yesterday showing a small drop in profit. [READ MORE HERE]

Of more interest to us is the banks continuing secrecy around disclosing how much business mortgage advisers deliver to the bank. It's parent, CBA in Australia, provides a detailed breakdown and in New Zealand, ANZ, BNZ, Westpac and Kiwibank are open about disclosing third part originated business volumes.

Jenny Ruth has an opinion that you can [READ HERE]

With an OCR announcement looming next week we are seeing some banks trim fixed rates. BNZ followed ANZ and made cuts of between six and 20 basis points to its short and medium term fixed rates with the biggest cut being 20 basis points to the six month term.

ANZ, which moved first, focused on the shorter terms with cuts of between six and 16 points with six months and one year down 15 and 16 points respectively. 

Here's how they match up on the one year term.

And this is the six month term.