A fixed interest rate loan may suit you if you want to make regular loan payments and know exactly how much each payment will be. Budgeting may be easier knowing your interest rate and payment amounts won't change during the fixed interest rate period.
However you need to be mindful that a fixed interest rate means limited payment flexibility. If flexibility to make extra payments is important to you, you might like to consider a floating interest rate loan, or perhaps split your loan and have a combination of both fixed and floating. If you need to make one or more extra payments during the term of a fixed interest rate loan, you may incur an Early Repayment Adjustment fee.
You can increase your payments by up to $500 a fortnight or $1000 a month without any cost through ASB Home Central. If you do this, you’ll need to keep your payments at this new amount for the remainder of your fixed interest rate term.
It is possible to make an extra payment on a fixed interest rate loan however you need to be aware an early repayment adjustment (ERA) may apply.
There are different repayment options to choose from. This includes a table loan, a reducing loan or interest-only.
Find out how you can re-fix your existing ASB home loan rate online via ASB Home Central or through the ASB Mobile app up to 35 days before expiry. You can access a range of personalised rates across different terms, and view the repayments, to choose the right option for you. Plus, if interest rates change on asb.co.nz for the same term that you selected online, we'll apply the lower of the two rates with no early repayment adjustment.
Alternatively, you can choose to do nothing and your interest rate will revert to our Housing Variable (floating) rate.
You have the option of a single loan on a fixed interest rate or you can choose to split the amount you borrow across a combination of different interest rates as seperate loans.
A split loan can give you both the convenience of payment certainty and flexibility.
You can fix your interest rate for terms between 6 months to 5 years.
Start your home loan application online. We'll be in touch to complete the next steps with you.
Give yourself 5-10 minutes.
One of our team can meet at a time and place that suits you, or you can make an appointment to meet at an ASB branch.
You can pick up the phone and call one of our home lending team, weekdays 8:00am-6:30pm and on Saturday 8:30am-5:00pm.
+64 9 306 3000 for overseas
Existing customers can view and manage loans, apply for a top up and more.
ASB’s lending criteria, terms and fees apply. An early repayment adjustment may apply if you break a fixed rate term.
