Source: ASB
ASB is dropping variable interest rates across personal, business and rural lending by 0.50%, passing on today’s Official Cash Rate (OCR) cut in full.
ASB’s Executive General Manager Personal Banking Adam Boyd says, “In the past six months, we’ve reduced our variable rates by nearly 2%, and we’re pleased to be passing on today’s OCR cut to all customers who hold a floating loan with us. We dropped rates on a number of our fixed home loan terms last week and we have highly competitive rates on the six, 12- and 18-month terms which are currently the most popular amongst our customers.”
The OCR decrease is also being reflected in some of ASB’s savings rates. Savings On Call will move to 1.15% while ASB’s youth account, Headstart and its bonus saver account Savings Plus will both shift to 3.15%.
“An easing interest rate cycle can mean different things for home or business owners and savers. Our teams are here to support any customers who want to discuss their options.”
|
Home Loan* |
Current Rates |
New Rates |
Rate Change |
|
Housing Variable |
7.39% |
6.89% |
– 0.50% |
|
Orbit Variable |
7.49% |
6.99% |
– 0.50% |
|
Back My Build |
4.94% |
4.44% |
– 0.50% |
Note – Back My Build applications are no longer open to new customers.
|
Business Loan* |
Current Rates |
New Rates |
Rate Change |
|
Business and Rural Floating Base Rate |
5.69% |
5.19% |
– 0.50% |
|
Business Base Rate |
12.52% |
12.02% |
– 0.50% |
|
Rural Base Rate |
9.76% |
9.26% |
– 0.50% |
|
Corporate Indicator Rate |
6.93% |
6.43% |
– 0.50% |
|
Special Purpose Base Rate |
5.50% |
5.00% |
-0.50% |
* These changes are effective from Thursday 27th February 2025 for both new and existing customers.
|
Savings |
Band |
Current Rates |
New Rates |
Rate Change |
|
Savings On Call & ASB Cash Fund |
All Balances |
1.65% |
1.15% |
– 0.50% |
|
Savings Plus |
No Bonus |
1.20% |
0.70% |
– 0.50% |
|
Partial Bonus |
1.30% |
0.80% |
– 0.50% |
|
|
|
Full Bonus |
3.65% |
3.15% |
– 0.50% |
|
Headstart |
All Balances |
3.65% |
3.15% |
– 0.50% |
*These changes are effective from Friday 28th February 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: https://www.asb.co.nz/banking-with-asb/financial-wellbeing.html