ASB takes the lead again with new low home loan interest rate

ASB has moved again to support its customers, cutting a number of home loan rates, including the two-year special rate to a new low of 2.69% p.a.

Craig Sims, ASB executive general manager Retail Banking says the reduced rate will be welcome news for many home owners, and first-home buyers.

"This new rate is incredibly competitive, and we’re proud to be doing our part to support our customers on their home ownership journey. We hope this will help them manage their home loans, or enable others to be in a position to get into their first home,” says Sims.

"This has been an incredibly challenging period for a lot of our customers, and we're doing everything we can to support them and make things a little bit easier. We're confident these new rates will help with that.

"We have put in place a number of support options over the last few months, including mortgage repayment deferrals and interest-only payments, and we are continuing to review these to make sure we are supporting our customers financial wellbeing as best we can.

"It's been encouraging to see the country start to re-open and New Zealanders be able to return to work, but we’re conscious that the impacts of COVID-19 will still be felt for a while to come, and we will continue to help our customers through that. Our new special two-year low rate is part of this," says Sims.

ASB's 24 months special home loan rate is reduced by 30bps to 2.69%; carded 3.19%

These changes are effective from tomorrow, Saturday 23 May 2020. Lending criteria and conditions apply.

"We know this is still an extraordinarily stressful time for Kiwis, despite moving down alert levels, and we want our customers to know ASB is here for them. We have been doing our best to help support their financial wellbeing and will continue to do so," says Sims.

Revised ASB rate slate, effective Saturday 23 May 2020:

  • 6 months special 3.55% (-34bps); carded 4.05% (-34bps)
  • 12 months special 2.85% (-20bps); carded 3.35% (-20bps)
  • 18 months special 3.05% (-20bps); carded 3.55% (-20bps)
  • 24 months special 2.69% (-30bps); carded 3.19% (-30bps)
  • 36 months special 3.35% (-34bps); carded 3.85% (-14bps)
  • 48 months special 3.45% (-34bps); carded 3.95% (-14bps)
  • 60 months special 3.55% (-34bps); carded 4.05% (-14bps)

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