Latest news with #AdamBoyd
RNZ News
2 days ago
- Business
- RNZ News
ASB joins other major banks on 4.79% mortgage interest rate
ASB joins the list of major banks who have dropped their one-year fixed mortgage interest rate to 4.79 percent. Photo: Unsplash/ Li Rezaei All the main banks have now dropped their rates, ahead of an expected 25 basis point cut in the official cash rate next week. ASB said on Friday it was joining Westpac, ANZ, BNZ and Kiwibank with a one-year rate of 4.79 percent. It will drop its one-year and 18-month rates to 4.79 percent, its six-month rate to 5.12 percent and its two-year rate to 4.89 percent. ASB's executive general manager of personal banking Adam Boyd said tens of thousands of customers were due to refix on to lower rates in 2025. "By Christmas, around 90 percent of customers holding a fixed home loan are likely to be on a rate less than 6 percent." ASB also reduced some term deposit rates by between 5 and 15 basis points. Its economists are forecasting a 25bp cut to the OCR next week, to 3 percent. They said the central bank was likely to maintain a bias toward more easing but would make this conditional on medium-term inflation looking as though it would remain in the target band. There was extra uncertainty at play, they said. But they said with few other catalysts that would kickstart a domestic economic recovery, it was likely that the OCR would drop below 3 percent by the end of the year. ANZ economists agreed the big focus next week would be on the OCR forecast and hints about where it would go from here. "The big quarterly data (CPI, GDP, unemployment) since the last OCR review in July have been much as the RBNZ expected (or stronger) but the timelier growth indicators have been very soft. "We've also seen some mixed inflation data. All up, a ready reckoner approach justifies perhaps 10-15bp off the OCR track, with a trough of 2.7 percent to 2.75 percent implying one more 25bp cut. "Like in May, we expect the RBNZ will publish a track that is non-committal about the timing of that. "Our big-picture view is that we expect the RBNZ to pivot more dovish and ultimately cut the OCR to 2.5 percent as the soft high-frequency data increasingly shows up in the hard data. "But next week is likely too soon for a lurch in that direction." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
12-07-2025
- Business
- Scoop
ASB Offers Support For Customers Affected By Severe Weather
With the effects of severe weather being felt across much of the country, ASB is offering a range of support options for customers impacted by weather this weekend. Tailored support for personal, farming and business customers affected by weather will be offered on a case-by-case basis, with options including: Deferring loan repayments for up to three months or interest only for three months. Immediate consideration of requests for emergency credit card limit increases and overdraft facilities. Tailored solutions for eligible ASB business and rural customers including access to working capital of up to $100,000. ASB Executive General Manager for Personal Banking Adam Boyd says ASB wants to hear from any customers needing financial assistance or support. 'It's concerning to see Nelson Tasman being challenged again, with locals already dealing with the fallout from recent weather events. We understand this is a very tough time for the region. We encourage any personal, business or farming customers who are worried about money as a result of this weekend's storms to please get in touch. Our teams have practical options available and we're here to help.' Personal customers needing support should call ASB's contact centre on 0800 803 804. Alternatively, customers can email hardship@ Affected ASB business and rural customers should speak to their relationship manager or call 0800 272 287. Further detail on available support is available at Extreme support l ASB. More information and full terms, fees and charges can be found on ASB's website. 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.
Scoop
30-06-2025
- Business
- Scoop
ASB Offers Relief To Upper South Island Customers Affected By Severe Weather
ASB will support customers affected by severe weather across Nelson, Tasman and Marlborough with tailored packages, including suspension of home loan repayments and emergency overdraft facilities for personal, business and rural customers. ASB Executive General Manager for Personal Banking Adam Boyd says ASB's team is here to help any customers who require financial assistance or support. 'We understand this is a really hard time for the region, as communities focus on the huge clean-up effort, while preparing for the potential of further heavy rain later this week. To take some pressure off, we're activating our relief packages and our teams are ready to talk through practical ways we can help customers facing weather damage to their homes, businesses or farms.' ASB's emergency assistance can be offered to personal, farming and business customers on a case-by-case basis, including: Option to suspend home loan principal repayments for up to three months. Immediate consideration of requests for emergency credit card limit increases and overdraft facilities. Tailored solutions for eligible ASB business and rural customers including access to working capital of up to $100,000. Mr Boyd says weather events such as these are a good reminder for customers to check they have the right insurance cover in place. 'We encourage property owners to check their polices are up to date and their coverage is sufficient, particularly if there have been renovations to the property.' Personal customers needing support should call ASB's contact centre on 0800 803 804. Alternatively, customers can email hardship@ Affected ASB business and rural customers should speak to their relationship manager or call 0800 272 287. Further detail on available support is available at Extreme weather support l ASB. More information and full terms, fees and charges can be found on ASB's website. 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.
Time of India
23-06-2025
- Business
- Time of India
ASB drops rates on popular home loans; what it mean for homeowners
ASB has reduced four key fixed mortgage rates , bringing them in line with cuts made by other major New Zealand banks. The six-month fixed home loan rate dropped 16 basis points, from 5.45 per cent to 5.29 per cent. The one-year fixed rate fell 6 bps to 4.89 per cent, now matching rates offered by BNZ, Westpac, and Kiwibank. Three-year and four-year rates also fell by 6bps and 10bps, to 5.09 per cent and 5.49 per cent, respectively. The bank is also lowering some term deposit rates by 5 to 20 bps. ASB's executive general manager for personal banking, Adam Boyd, said the move would support both current mortgage holders and new buyers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Cooling Tech Making Ductless ACs Go Mainstream [take a look] Keep Cool Click Here Undo He noted that the one-year rate is now 2.5 per cent lower than 18 months ago; if you have a $500,000 loan, that translates to a savings of $12,500 per year. 'We know many New Zealanders are looking to refix or become homeowners, and we're pleased to support them with lower rates,' Boyd said. Live Events This follows recent cuts by BNZ, which trimmed its six-month rate to 5.29 per cent and its one-year rate to 4.89 per cent. The wave of cuts comes after the Reserve Bank lowered the Official Cash Rate ( OCR ) by 25 bps to 3.25 per cent in May, its third consecutive cut. The OCR has now dropped 225 bps since August last year. Economists expect further reductions this year, possibly down to 2.75 per cent or even 2.5 per cent by December. The Reserve Bank will make its next OCR decision on July 9. FAQs: Understanding the ASB Mortgage Rate Cuts What is a 'fixed mortgage rate'? A fixed mortgage rate means your interest rate stays the same for a set period (e.g., 6 months, 1 year). This protects you from rate increases during that time. What does a 'basis point' mean? One basis point (bps) = 0.01 per cent. So, a cut of 16 bps means the rate dropped by 0.16 per cent. Why are banks cutting interest rates now? The Reserve Bank of New Zealand ( RBNZ ) has cut the Official Cash Rate (OCR) to support the economy. Banks usually reduce mortgage rates when the OCR drops to make borrowing cheaper. How much will I actually save? If you have a $500,000 loan, a 2.5% lower interest rate (compared to 18 months ago) means you'll save about $12,500 per year on interest.
1News
23-06-2025
- Business
- 1News
Another bank cuts home loan interest rates
ASB has cut four fixed home lending rates in the latest round of interest rate drops hitting the market. The cuts target some of the bank's most popular mortgage terms, with the six-month rate dropping 16 basis points from 5.45% to 5.29%. One-year fixed rates fell six basis points to 4.89%, three-year rates dropped six basis points to 5.09%, and four-year terms were reduced 10 basis points to 5.49%. The bank also cut some term deposit rates by between five and 20 basis points. The six-month and one-year fixed home loan offerings are now largely in line with the other major banks. ADVERTISEMENT ASB personal banking executive general manager Adam Boyd said the reductions would help existing borrowers and first-home buyers. "We know there are many New Zealanders looking to refix their mortgage or take on the significant title of homeowner this year, and we're pleased to support them with lower rates," he said in a media release. ASB Bank (file image). (Source: 1News) "Those considering our 12-month fixed home loan will be paying 2.50% less interest than they would have been 18 months ago. "On a loan of $500,000, this reduction in interest translates to an extra $12,500 a year, which will make a real difference to many households across the country." The rate cuts come as banks compete for mortgage business amid a turbulent economy. BNZ last week lowered several of its fixed rates alongside other banks earlier this month. ADVERTISEMENT It cut its fixed six-month rate from 5.35% to 5.29%. Its one-year fixed rate was also lowered from 4.95% to 4.89%. A low equity interest rate premium also applies to those with less than 20% equity. The official cash rate was also cut to 3.25% last month, the lowest rate since October 2022. The Reserve Bank's Monetary Policy Committee will next meet on July 9.
