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ASB Lifts Home Loan And Savings Deposit Rates Following OCR Increase
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
ASB Bank
Helping you get one step ahead.
In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
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