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ASB Lifts Home Loan And Savings Deposit Rates Following OCR Increase

Friday, 25 February 2022, 10:07 am
Press Release: ASB

ASB is making interest rate adjustments following the Reserve Bank of New Zealand’s announcement that it is increasing the Official Cash Rate (OCR) by 0.25%.

ASB’s variable housing rates are also changing to reflect the OCR increase. ASB’s Housing Variable rate will move from 4.60% to 4.85% while the ORBIT home loan rate will move from 4.70% to 4.95%.

ASB’s low cost Back My Build rate for new home builds, which is linked to the Official Cash Rate, will increase to 2.54%.

The maximum interest rates on ASB’s Savings Plus and Headstart deposit accounts will increase from 0.65% to 0.75%.

New variable rates are effective for all new housing loans (including Back My Build) from 2 March 2022 and 9 March 2022 for existing loans. Savings Plus changes apply from 1 April 2022. All other retail savings rates take effect from 1 March 2022.

ASB Rate Changes:

Savings	Band	Current Rates	New Rates	Rate change
Savings Plus*	No Bonus	0.05%	0.05%	0.00%
	Partial Bonus	0.10%	0.15%	0.05%
	Full Bonus	0.65%	0.75%	0.10%
Headstart**	All Balances	0.65%	0.75%	0.10%

*Effective from 1 April 2022. **Effective from 1 March 2022

Home Loan*	Current Rates	New Rates	Rate Change
Back My Build	2.29%	2.54%	0.25%
Housing Variable	4.60%	4.85%	0.25%
Orbit	4.70%	4.95%	0.25%

*Home loan rates effective from 2 March 2022 for new lending and 9 March 2022 for existing customers

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