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ASB support options

ASB has launched its home loan support service. They are handling queries via a ‘form’ on your internet banking, or via phone 0800 272 205.

Excerpt from ASB website. Updated 1 April 2020.

Access

For customers seeking greater access to savings and new credit we have introduced:

  • Access to emergency funds via a 90‐day temporary overdraft facility at a concessional interest rate:
    • Up to $5,000 for ASB home loan customers
    • Up to $1,000 for ASB personal customers
      ASB’s lending criteria and terms apply (subject to salary credited to ASB account before 1 March 2020).
  • Waiver of home loan application, top-up and re-documentation fees (Early Repayment Adjustment fees still apply).
  • Early access to term investment funds in cases of hardship for customers that are eligible.

Relief

For customers seeking relief from fixed financial commitments and interest costs, we have options available for you depending on your circumstances.

If your income has been impacted by COVID-19:

  • Interest only repayments on home loans for up to 6 months
  • Mortgage repayment deferral for up to 6 months (interest will still be added to the loan, meaning your loan balance will increase)
  • Interest only and repayment deferral options for personal loan customers

If you have been impacted by any other COVID-19 related reason:

  • Interest only repayments on home loans for up to 3 months
  • Mortgage repayment deferral for up to 3 months (interest will still be added to the loan, meaning your loan balance will increase)
  • Interest only and repayment deferral options for personal loan customers

Important note about mortgage repayment deferral: interest is still charged and added to the loan, meaning your loan balance will increase, and you’ll likely pay more interest overall. Afterwards your repayments will likely be higher unless the loan term is extended.

To understand your borrowing power calculations from ASB and other banks check out this page about mortgage calculations.

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