Banking – ASB trims interest rates

Source: ASB

ASB is reducing interest rates across its variable home lending products in response to RBNZ’s OCR announcement.

ASB’s Executive General Manager Personal Banking Adam Boyd says “We know that every little bit helps as we head into the holiday period, and the reductions we’ve made to our variable home loan rates should be welcome news to customers.

“We have carefully considered the impact interest rate reductions have for both borrowers and savers. We understand the importance of getting this balance right, particularly when household budgets are under pressure.

“We encourage our customers to talk to us about their savings as there are a range of options, including term deposits and bonus saver accounts, which may help them to save more in this environment, depending on their circumstances.

“It’s important that our lending customers receive the benefit of interest rate decreases as quickly as possible. As rates have dropped, we have significantly improved the time between OCR decisions and when new rates take effect. In the past year, we’ve delivered variable home lending changes within 5 business days on average, twice as fast when compared to the 2021 – 2023 period of OCR changes.”

ASB’s new variable home loan rates are effective within four business days of the November OCR announcement; for new customers on Friday 28^th November 2025, and existing customers on Tuesday 2^nd December 2025.

*These changes are effective from Tuesday 2^nd December 2025.

**This change is effective from Monday 1^st December 2025.

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: https://www.asb.co.nz/banking-with-asb/financial-wellbeing.html

MIL OSI