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ASB Lifts Home Loan And Savings Deposit Rates Following OCR Increase

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:

SavingsBandCurrent RatesNew RatesRate change
Savings Plus*No Bonus0.05%0.05%0.00%
Partial Bonus0.10%0.15%0.05%
Full Bonus0.65%0.75%0.10%
Headstart**All Balances0.65%0.75%0.10%

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

Home Loan*Current RatesNew RatesRate Change
Back My Build2.29%2.54%0.25%
Housing Variable4.60%4.85%0.25%
Orbit4.70%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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