ASB Recruiting 80 Home Ownership Specialists To Prepare For Refixing Surge
Press Release – ASB
With many Kiwi having locked in short-term rates when interest rates were higher, Adam Boyd, Executive General Manager of Personal Banking says ASB is already seeing a change in customer behaviour, with people starting to fix for longer terms.
ASB is on a hiring drive to recruit 80 additional home ownership specialists as it prepares for a surge in home loan applications. 80 percent of New Zealand homeowners are expected to refix their home loan within the next year, according to the Reserve Bank of New Zealand. While most of the 80 full time specialists have now been recruited, there are still some roles being advertised. The specialists will work across the bank's in-house home ownership team and mortgage adviser-led business.
With many Kiwi having locked in short-term rates when interest rates were higher, Adam Boyd, Executive General Manager of Personal Banking says ASB is already seeing a change in customer behaviour, with people starting to fix for longer terms. 'As a result of falling rates, we expect 55 percent of our home loan customers will have locked in rates under 6 percent by December this year, compared to 40 percent in March 2025.'
ASB is also simplifying its refinance process so that Kiwi coming to the end of their fixed rate term at another bank can receive a decision on moving to an ASB loan quicker and more easily. For its mortgage adviser-led business, ASB has introduced a system to improve the quality of applications being submitted so they can be processed more quickly.
ASB was named Canstar's 2025 Bank of the Year – Home Loans Award winner. The award recognised that ASB delivers mortgage products that combine 'the best features with the lowest costs, plus provides great customer service at every stage of the mortgage journey'. ASB also won Canstar's Outstanding Value Awardsin four categories – Home Lender, Investment HomeLender, Fixed Home Lender, and Investment Fixed Home Lender.
'We are seeing elevated demand for our home loans. By growing our teams and enhancing our refinance process, we'll be able to turn around applications faster, both for our customers and the mortgage advisers we work with, while continuing to deliver great service,' says Boyd.
'We continue to offer competitive pricing, having dropped fixed rate mortgages six times this year. Our one-year fixed term rate is currently joint market leading, at 4.99 percent.'
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