ASB Personal Loans

ASB is a New Zealand-based bank, which provides personal loans, home loans, credit cards, accounts, insurance and investments.

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The table below displays a snapshot of ASB’s secured and unsecured personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in Auckland.

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What personal loans does ASB offer?

ASB currently offers three personal loans at the time of writing. These personal loans can be both secured and unsecured with the option of both variable and fixed interest available. You can make early repayments (up to the full value of the loan) at any time, at no extra cost.

Related article: Secured vs Unsecured Personal Loans – What’s the Difference?

ASB secured loan

  • Rates starting from 12.95% p.a.
  • Minimum loan amount $20,000
  • Security registration fee of $25
  • Terms from 6 months to 7 years
  • No charge for extra repayment

ASB unsecured loan

  • Rates from 13.95%p.a. to 19.95%p.a.
  • Minimum loan amount $2,000
  • Terms from 6 months to 7 years
  • No charge for extra repayments

 

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ASB FAQs

A personal loan with ASB can be used for many important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with ASB could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from ASB to see what you can and can’t take out a personal loan for.

ASB personal loans can be taken out for a minimum of six months and a maximum of seven years. The minimum secured loan amount is $20,000, whilst the minimum unsecured loan amount is $2,000. ASB has no set maximum loan amount; this limit will be determined by your individual circumstances such as credit history, income and expenses.

There are a number of fees to be aware of when taking out a personal loan with ASB:

  • Loan processing fee (may apply): $99
  • Personal property security registration fee: $25
  • Monthly unarranged overdraft fee
  • Unarranged overdraft interest charges

See this article for a look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see how ASB’s fees compare.

Yes, ASB personal loans require minimum monthly repayments – your minimum payment amount will be determined by the loan amount, current interest rate and repayment frequency.

Applying for an ASB personal loan is straightforward; you can do it on the ASB website after comparing your options using Canstar’s comparison tables. If you’re an existing ASB customer, you can apply for a loan by logging into FastNet Classic online banking. When applying for a personal loan with ASB, you generally need to meet the following criteria:

  • You must be 18 years or old
  • You must live in New Zealand
  • You must be a New Zealand or Australian citizen or a non-resident holding a Temporary Residency VISA
  • Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
  • Show an ability to afford your loan repayments
  • Take out a loan of at least $2,000
  • Have an income of at least $20,000 per year

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for ASB if you’re an existing member.

ASB (or Auckland Savings Bank) is New Zealand’s first savings bank, and opened back in 1847. Over the last 170 years, it continues to push the boundaries of modern-day banking, evolving in a digital age. The company is a subsidiary of Australia’s Commonwealth Bank, and currently serves more than 1.3 million personal and business customers throughout New Zealand.

ASB’s main pledge is to serve its customers, encouraging them, and all kiwis to grow. By inspiring its customers to strive for success, it is also pushed to strive for success.

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Written by: Sam Bloom | Last updated: December 13, 2018

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