i

COVID-19
Personal Banking FAQs

Support FAQs

How do I apply for COVID-19 support?

The New Zealand Government has released a support package for employees and beneficiaries. The package includes leave and self-isolation support, wage subsidies for eligible employers and boosts to Government benefit payments. Check here to see whether you can benefit from the package and to apply.

If you have been impacted by COVID-19 and would like to discuss financial support options with ASB, please contact us.

When will I receive my support?

Once we have determined the best support for your situation, this will be implemented as soon as possible for you. In some cases, you may be required to sign documentation.

I have both business and personal accounts with ASB. Can I access both business and personal support?

Yes.

Temporary overdraft FAQs

What will happen when my 90-day temporary overdraft facility ends?

If the overdraft isn't paid back by the end of the 90 days, the unarranged interest rate of 22.5% p.a. will apply. However we will work with you on what is appropriate for your circumstances.

Home Loans FAQs

Can I extend my loan term for more than 3 months?

If you require an extension on your home loan term please contact us

If I am in an interest only term now, can I also defer my mortgage repayments?

Yes. Please contact us

What will happen when my mortgage repayment deferral period ends?

When your mortgage repayment deferral period ends you will revert to paying both the principal and interest. Your repayment amount will be recalculated and is likely to be at higher than you were previously paying. If you need continued support, please contact us

Can I break my fixed term home loan?

If you chose to break your fixed term home loan, our current policy on Early Repayment Adjustments applies.  

What will happen when my interest only period ends?

When your interest only period ends you will revert to paying both the principal and interest.

If you also extended the term of your loan when you went on interest only, the repayment amount is likely to be the same as you were paying before the interest only period.

If you did not extend the term of your loan, your repayment amount will be recalculated and is likely to be at a slightly higher amount than you were previously paying. If you need to continue with interest only, please contact us

KiwiSaver and investments FAQs

Why is my KiwiSaver or Investment balance going down?

Unless you are invested in a cash or fixed interest fund, part of your KiwiSaver or Investment will be invested in the global sharemarkets. When the value of the sharemarket changes, this is reflected in your investment balance. The number of units you own has not changed, just their value. This is to be expected, and dips happen from time to time. Ups and downs in the sharemarket are all part of the cycles the market goes through.

What can I do about my KiwiSaver or Investment balance going down?

Our investment products are generally intended for long-term investment. These short-term events should not change your long-term investment strategy, namely your choice of fund. If you’re in the correct fund for your goal and investment timeframe, you don’t need to do anything. Doing nothing at a time like this can seem unnatural, but it’s important to understand that timing markets is hard, including trying to time when to exit and when to get back in. Selling shares or switching funds into cash funds may simply realise losses, particularly when markets have already dropped, and shuts off any chance of benefitting when markets eventually rebound.

Of course, ultimately it is your choice which fund you choose to invest in. If you understand the risks with trying to time the market but you are uncomfortable with these market movements and seeing your balance fall, you can choose to invest in a conservative or cash fund.

What do I need to keep in mind when thinking about my KiwiSaver or Investment during these volatile times?

Now is a good time to think about why you’re invested. Do you intend to use your savings in the short term, such as in a year or two to help you buy a home? Or will it fund your retirement in a few decades? The right fund for you will depend on the timeframe of your goal. Use our tools and webpages to help you ensure you’re in the right fund.

What are you doing to manage my KiwiSaver or Investment during this time?

Reacting to the short-term volatility is not part of the investment philosophy that ASB uses for our investment and asset allocation process.

We make investment decisions based on medium to long term expectations. We believe that decisions made with a long-term horizon will in the long term outperform decisions that are taken with a short-term view.

Trying to time the market over the short-term is not a sound investment strategy. As an example – both the local sharemarket and global sharemarket were very volatile in the fourth quarter of 2018, and our diversified funds all posted declines over that three-month period. At that time investors were worried about the US China trade tensions, US politics, and the political issues in the UK (Brexit). However, following that drop at the end of 2018, 2019 turned out to be the best year of returns for our diversified funds. Investment balances recovered, and investors who stayed invested went on to make significant gains over the course of the 2019 year.

What will happen next in sharemarkets during this time?

Nobody knows what will happen next and new developments are unfolding daily. Sharemarkets respond both positively and negatively to the developments that are happening.

It's important to remember that while uncertainty like this is never comfortable, it’s more important than ever to take a step back and consider your long-term goals and investment needs when making any investment decisions.

We do not recommend changing well-planned, long-term investment strategies because of the virus, or the current sharemarket volatility.

Where can I find out more about what is happening in the Economy?

We have an experienced team that prepare reports on a regular basis to keep you informed and up to date. Please visit our Economic Insights page to see the range of reports available, and you can also register to receive email updates.

Can I stop my KiwiSaver contributions?

If you're employed and have been enrolled in KiwiSaver for 12 months or more, you can apply for a savings suspension of between three months and one year. To apply for a savings suspension, please complete the 'KS6' application form, available at kiwisaver.govt.nz and send it to Inland Revenue. In circumstances of financial hardship, you may be able to apply earlier.

If you're self-employed or not employed, you can stop contributing at any time.

Can I access my KiwiSaver funds early?

You may be able to make a withdrawal from your KiwiSaver account if you are experiencing significant financial hardship. If you’re facing significant financial hardship, please call 0800 ASB RETIRE (0800 272 738) and we can talk about your circumstances and the withdrawal process.

When will my KiwiSaver or Investment Fund withdrawal request be completed?

We have standard time frames that we aim to process all transactions within.  Here are the timeframes for the most common requests:

  • Fund switch (KiwiSaver or Investment Funds): 3 to 5 working days
  • KiwiSaver first home withdrawal: within 10 working days
  • KiwiSaver retirement full withdrawal: within 15 working days
  • KiwiSaver retirement partial withdrawal: within 5 to 10 working days
  • Investment funds withdrawal: 5 to 7 working days

At ASB we provide KiwiSaver and investment solutions to over half a million New Zealanders and due to the widespread impact of the COVID-19, we can receive many different requests from many customers all in a short period of time. When we receive your request, it will go into a queue with all our other customers' requests for that same transaction type, and we will process your request as we work through the queue. Some requests require more work than others, and therefore can take longer.

Please keep in mind that KiwiSaver and our investment products are unitised products that are invested in funds. This means that there is a process where after we have received and interpreted your request, we need to wait for the current unit price to be determined, sell your units, manage any tax obligations, and then pay out/switch your funds. This is a more complex process than simply paying money out of a bank account, and this is why these transactions take longer.

I have requested to switch or withdraw my KiwiSaver or Investment Fund, what amount will I receive?

If you've requested a fund switch or a withdrawal from your KiwiSaver or investment account, it’s important to understand that the final dollar amount that will be paid to you or switched will not be identical to the balance that you see in FastNet Classic.

This is normal, and it is because these are unitised products, and the value of the units can change every day. The value of the unit price is based on the value of the underlying holdings that the fund is invested in, for example the bonds, shares, property and cash investments held by the fund. If the value of the underlying holdings goes down, for example as a result of a fall in the sharemarket, then the unit price will go down. If this happens, then the value of your investment will decrease.  If the value of the underlying holdings goes up, for example a rise in the sharemarket, then the unit price will go up, and the value of your investment.

After we have received your request, we need to wait for the current unit price to be determined, sell your units, manage any tax obligations and fee deductions, and then pay out/switch your funds. This means the unit price and value of your investment may have moved, possibly up or down, depending on how markets have performed.

Travel Insurance FAQs

Will I be covered if COVID-19 impacts my travel plans?

Take a look at the latest ASB Travel Advisory to keep up to date on how COVID-19 could impact your cover.

How do I make a Travel Insurance claim?

If you need to make a claim, contact us on the below numbers:

  • If you are overseas and need emergency assistance contact First Assistance: +64 (4) 890 4974
  • For non-emergencies while overseas contact Cigna on +64 (4) 890 4954
  • If you are home and need to make a claim contact Cigna on 0800 660 141

For further details on the claims process, refer to the Travel Insurance Claims Guide.

General and Business Insurance FAQs

Is my ASB General or Business Insurance impacted by COVID-19?

No, your insurance policy is not impacted by COVID-19. Our partner, IAG, is open for business; however, you may experience some delays due to staffing levels while we all find our feet with the impacts Covid-19 is having on us as a nation.

Am I still able to claim on my ASB General or Business Insurance policy?

Yes. If your claim is not urgent please consider contacting us about your claim at a later date, alternatively you can email us on asbclaims@iag.co.nz with details of your claim and we will contact you as soon as possible.

For urgent claims, contact us as soon as possible, on 0800 200 242. IAG’s interim opening hours are Monday to Friday, 8:00 AM to 6:00 PM.

Personal Insurance FAQs

Is my ASB Insurance policy underwritten by AIA impacted by Covid-19?

Underwriters of ASB personal insurance products, AIA New Zealand, have confirmed that COVID-19 has no impact on a customer’s cover with us.  

Our personal insurance products do not contain exclusions for pandemics. If you need to make a claim related to COVID-19, as with any other claim, you will simply need to meet the eligibility requirements for your type of cover.

If you need guidance on how to make a claim, contact us on 0800 500 195.

Click here for more information from our underwriters, AIA NZ about COVID-19.

Fraud FAQs

I received an ASB email about COVID-19 which could be phishing. What should I do?

Be extra aware of scams circulating in relation to COVID-19. Remember, ASB will never ask you to log into internet banking from an email or txt message. Please forward all suspicious emails to phishing@asb.co.nz

Branch FAQs

Are your branches staying open?

All branches are closed today but a small number will be available during reduced hours on Tuesdays and Thursdays starting next week, and only to provide essential banking services for customers that can’t use ATMs, phone or online banking. We will constantly review our service and may adapt branch availability in the coming weeks. Check back here for the most up-to date information.

What are you doing to increase hygiene in your branches?

We've increased frequency of cleaning in branches, provided additional hand sanitizer and encouraged a focus on good hygiene, including handwashing as recommended by the Ministry of Health.

Can I wear a protective face mask when visiting your branches?

If you feel more comfortable wearing a mask, then you are welcome to do so. We may ask you to raise the mask briefly if we are unable to complete customer identification and verification procedures while you are wearing your mask.

I have seen that some of your branches are open and others are not. Why have you chosen these branches to open?

These branches cover a wide geographic spread of New Zealand to give as many of our customers access to a branch for critical banking services should it be required.

What are critical banking services?

Services and transactions that cannot be completed online, or those with an urgent deadline. We ask that you try to complete your banking requirements online before coming to visit the branch.

I need to withdraw cash, should I go to the branch?

You do not need to visit a branch to withdraw cash in most cases. You can use any bank's ATM to withdraw cash with no fees (credit card withdrawals will incur a fee).

Will ASB observe physical distance requirements?

Yes, our team will observe physical distance requirements and all other guidance set out from the Ministry of Health. We will also have controlled entry limiting the number of customers in the branch at the same time.

Contact us

Have a critical or urgent query?

Our contact centre is open from 8:30am - 5:00pm seven days to assist customers with critical banking requirements or urgent queries

Call us

Have a general question?

Our team will get back to you as soon as they can.

Ask now

Ready to apply for support?

If you are registered for ASB internet or mobile banking you can complete our online support request form and our team will get back to you as soon as they can.

Apply for suport