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 0.50%.
ASB’s variable housing rates are changing following the OCR increase. ASB’s Housing Variable rate will move from 4.85% to 5.35% while the ORBIT home loan rate will move from 4.95% to 5.45%.
The maximum interest rates on ASB’s Savings Plus and Headstart deposit accounts will increase from 0.75% to 1.05%.
New variable rates are effective for all new housing loans from 27 April 2022 and 4 May 2022 for existing loans. Savings Plus Bonus changes apply from 1 April 2022 and will be backdated. Headstart savings rates take effect from 27 April 2022.
ASB Rate Changes:
|
Home Loan* |
Current Rates |
New Rates |
Rate Change |
|
Housing Variable |
4.85% |
5.35% |
0.50% |
|
Orbit |
4.95% |
5.45% |
0.50% |
|
Back My Build |
2.54% |
3.04% |
0.50% |
*Home loan rates effective from 27 April 2022 for new lending and 4 May 2022 for existing customers. Note – Back My Build applications are no longer open to new customers.
|
Savings |
Band |
Current Rates |
New Rates |
Rate change |
|
Savings Plus* |
No Bonus |
0.05% |
0.05% |
0.00% |
|
Partial Bonus |
0.15% |
0.15% |
0.00% |
|
|
Full Bonus |
0.75% |
1.05% |
0.30% |
|
|
Headstart** |
All Balances |
0.75% |
1.05% |
0.30% |
*Effective from 1 April 2022 (backdated). **Effective from 27 April 2022.
