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ASB Lowers Variable Rates For Personal, Business And Rural Customers
ASB is dropping variable interest rates across home lending, business and rural lending by 0.25%, following today’s decision by the Reserve Bank of New Zealand to reduce the Official Cash Rate (OCR).
ASB’s Executive General Manager Personal Banking Adam Boyd says, “We expect our reduced variable rates will appeal to customers choosing to float their lending in part or full, as we see Kiwi considering their options carefully.”
In response to the OCR decrease, ASB is lowering some of its savings products, including Savings On Call and Headstart, by 25 basis points.
“We encourage customers relying on interest as a means of saving to look at all the options available to make their money work for them.”
| Home Loan* | Current Rates | New Rates | Rate Change | ||||
| Housing Variable | 6.89% | 6.64% | - 0.25% | ||||
| Orbit Variable | 6.99% | 6.74% | - 0.25% | ||||
| Back My Build | 4.44% | 4.19% | - 0.25% |
Note - Back My Build applications are no longer open to new customers.
*These changes are effective from Friday 11th April 2025 for new lending customers, and Wednesday 16th April 2025 for existing lending customers.
| Business Loan* | Current Rates | New Rates | Rate Change | ||||
| Business and Rural Floating Base Rate | 5.19% | 4.94% | - 0.25% | ||||
| Business Base Rate | 12.02% | 11.77% | - 0.25% | ||||
| Rural Base Rate | 9.26% | 9.01% | - 0.25% | ||||
| Corporate Indicator Rate | 6.43% | 6.18% | - 0.25% | ||||
| Special Purpose Base Rate | 5.00% | 4.75% | - 0.25% |
*These changes are effective from Thursday 17th April 2025 for both new and existing customers.
| Savings | Band | Current Rates | New Rates | Rate Change | |||||
| Savings On Call & ASB Cash Fund* | All Balances | 1.15% | 0.90% | - 0.25% | |||||
| Savings Plus** | No Bonus | 0.70% | 0.45% | - 0.25% | |||||
| Partial Bonus | 0.80% | 0.55% | - 0.25% | ||||||
| Full Bonus | 3.15% | 2.90% | - 0.25% | ||||||
| Headstart* | All Balances | 3.15% | 2.90% | - 0.25% |
*These changes are effective from Wednesday 16thApril 2025 for new and existing customers
**Savings Plus changes were effective from Tuesday 1st April 2025 in line with the quarterly structure of the product
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.
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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