ASB lifts home loan rates and savings deposit rates following OCR increase
25 February 2022
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 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.
|
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
|
Savings
|
Band
|
Current Rates
|
New Rates
|
Rate Change
|
|---|---|---|---|---|
|
No Bonus |
0.05% |
0.05% |
0.00% |
|
|
Savings Plus* |
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
