Source: ASB
ASB is reducing interest rates across its variable lending products in response to RBNZ’s OCR announcement.
ASB’s Executive General Manager Personal Banking Adam Boyd says “We know New Zealanders are navigating an uncertain economic outlook, but we are seeing encouraging signs. These cuts to our variable rates, along with our fixed rate changes last week, will benefit households and businesses across the country.”
Some savings products including Savings on Call and Savings Plus will reduce by between 35 and 50 basis points in response to today’s OCR announcement.
|
Current Rates |
New Rates |
Rate Change |
|
|
Housing Variable |
6.29% |
5.99% |
-0.30% |
|
Orbit Variable |
6.39% |
6.09% |
-0.30% |
|
Back My Build |
3.84% |
3.54% |
-0.30% |
*These changes are effective from Friday 10th October for new home loan customers and Wednesday 15th October 2025 for existing home loan customers.
|
Savings * |
Band |
Current Rates |
New Rates |
Rate Change |
|
Savings On Call & ASB Cash Fund |
All Balances |
0.45% |
0.10% |
– 0.35% |
|
Savings Plus |
Base Rate |
0.30% |
0.05% |
– 0.25% |
|
|
Reward Rate |
1.90% |
1.75% |
– 0.15% |
|
|
Combined Base and Reward Rate |
2.20% |
1.80% |
– 0.40% |
|
Headstart |
All Balances |
2.50% |
2.00% |
– 0.50% |
*These changes are effective from Wednesday 15th October 2025, except Savings Plus Reward Rate which is effective from November 1st 2025 for new and existing customers.
ASB has practical information for customers on the current interest rate environment available on its website as well support to help customers take control of their financial wellbeing and achieve their goals at its Financial Wellbeing Hub.
