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