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Source: MIL-OSI Submissions
Source: 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

MIL OSI