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
