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Home loan interest rates and fees

Term
Special Rate
Standard Rate
6 month
12 month
18 month
24 month
36 month
48 month
60 month
Housing Variable
ORBIT Home Loan
(Variable)
Societies Clubs and Churches
(Variable)
Flexible Finance Facility
(Variable)

     Rates are current as at

Orbit Home Loans: The Housing Variable rate applies to all Orbit and Orbit FastTrack facilities documented before 31 October 2016.

Conditions that apply to all special interest rates: ASB fixed housing special interest rates require a minimum of 20% equity in the security property provided to ASB. These home loan special rates are not available on loans for business purposes, or HomePlus and may not be available on bridging loans. These special rates are also subject to the general conditions listed below.

General conditions that apply to all interest rates: Interest rates are subject to change at any time without prior notice. ASB’s lending criteria, terms and fees apply. A loan processing fee of $400 may apply. An early repayment adjustment may apply if you break an existing fixed interest rate period. A Low Equity Margin may apply. Loans for business purposes are excluded.

Low Equity Margin (LEM)

For loans with less than 20% equity a Low Equity Margin may apply.

Low Equity Margin (LEM) is an interest margin that applies when you borrow more than 80% of your property’s value. The actual LEM charged depends on the loan to value ratio (LVR) which is calculated as total borrowings divided by the total value of the security property. The LEM for each LVR band is set out in the table below.

Further details are available by visiting your nearest branch or calling 0800 803 804.

Low Equity Margin Bands

Loan to value ratio (LVR)
80.01-85.00%
85.01-90.00%
90.01-95.00%
>95.01%

     Margins are current as at

At any time six months after the date of initial drawdown you may request a reduction or removal, as the case may be, of the Low Equity Margin applicable to a facility. We can choose whether or not to approve your request. We will determine such request on the basis of your applicable LVR at the date of such request. To make such determination we may require you to provide us with a current registered valuation of the relevant property or properties at your expense.

We will periodically review your Low Equity Margin against your LVR to ensure it is still applicable to your Facility. We may change your Low Equity Margin to a lower margin in accordance with our Low Equity Margin Bands or remove the Low Equity Margin entirely if it no longer applies based on your LVR.

We will notify you in writing of any change to, or removal of, your Low Equity Margin as the case may be.

Default interest rate (Variable) / Unarranged Overdraft Interest Rate: When you default on your home loan and the deduction account is overdrawn or in excess of an agreed overdraft limit. The interest will be calculated daily on the overdrawn amount, or the amount in excess of the arranged limit, at the Unarranged Overdraft interest rate until paid in full. This also applies when the balance owing on your Orbit or Orbit FastTrack loan account exceeds the limit or the reducing limit.

p.a.

Home loan fees

Loan processing fee

When you apply for a new home loan.

Top up fee

When you increase an amount of an existing home loan.

Re-documentation fee

If a home loan is approved and you then make changes to your home loan that requires new documents to be prepared.

Orbit and Orbit FastTrack account monthly base fee

Monthly account fee. Unlimited manual and electronic transactions. Service charges may apply. Refer to our guide to fees - An overview of bank fees and charges, available from any ASB branch or at asb.co.nz.

Switch fee

When you switch your home loan to or from a fixed rate. Also commonly referred to as a Refix fee.

Copy of loan agreement or supporting documents fee

When you request a copy of your loan agreement or any other documents supporting your loan application held by ASB.

per item

LINZ search fee

When a copy of your title is required.

per title

Alterations to security fee

When you request one of the following: 

  • the partial release or substitution of the security property
  • a transfer of ownership with a new mortgage required
  • a transfer of ownership to a trust or company
  • a transfer of ownership with a new party to the title
  • a land title change with a new mortgage required

Change parties to loan agreement or owners on title fee

When you request one of the following:

  • the addition of a new party to the loan facility (but not changing the land ownership)
  • the transfer of a loan facility to a new party (but not changing the land ownership)
  • the transfer of a land title releasing an owner
  • retirement/appointment of a trustee (when no new mortgage is required)

Registrations affecting land titles fee

When you request one of the following that affects the land title:

  • Deposit of unit plan
  • Easement
  • Encumbrance
  • Subdivision or cross lease (with no new mortgage required)
  • Variation of lease

Priorities fee

When you request one of the following:

  • changes to the Memorandum of Priority
  • registration of subsequent charges
  • deeds of priority or subordination

Settlement statement fee

When we receive a request from your solicitor for a settlement statement as part of releasing your mortgage.

Release of repaid mortgage fee

When you have repaid your home loan in full and the mortgage needs to be released.

Urgent request fee

Urgent requests incur an additional fee. You can make an urgent request for the following:

  • Change parties to loan agreement or owners on title
  • Registrations affecting land titles
  • Priorities
  • Settlement statement
per request

Early Repayment Adjustment (ERA) cost

When you have a home loan on a fixed interest rate and you decide to do one of the following:

  • move onto the variable interest rate or another fixed interest rate
  • pay back your home loan in full
  • make a lump sum payment (we currently allow a minimum of $1,000 and this may be subject to an ERA)

 

This amount varies. Please visit your nearest ASB branch or call 0800 100 600 for more details.

Early Repayment Adjustment administration fee

When you decide to break your fixed interest rate for any of the above reasons.

Local body rates demand notice fee

When we have to write to you due to a failure to make payment of your local body rates.

Plus an additional charge will be incurred if we have to make a rates payment on your behalf.

Loan demand fee

When we have to write to you due to the preparation of a formal demand for the repayment of your outstanding debt.

Monthly unarranged overdraft fee

When you default on your home loan and the deduction account is overdrawn (exceeding $20.00) in excess of an agreed overdraft limit or there is no arranged overdraft in place.

0.12% of the highest daily overdrawn balance (minimum $10).

Unarranged overdraft (variable) interest rate

When you default on your home loan and the deduction account is overdrawn or in excess of an agreed overdraft limit. The interest will be calculated daily on the overdrawn amount, or the amount in excess of the arranged limit, at the Unarranged Overdraft interest rate until paid in full. This also applies when the balance owing on your Orbit or Orbit FastTrack loan account exceeds the limit or the reducing limit.

p.a.

     Rates and fees are current as at
     Rates and fees are subject to change at any time.

HomePlus fees and current interest rates are available here.

Home Lending Terms and Conditions
Home Lending General Terms and Conditions
Business and Rural General Lending Terms and Conditions
Mortgage Memorandum

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