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ASB Personal Loan

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Take out a $20,000+ secured loan with a fixed rate of 12.95% p.a., or an unsecured loan from $2,000.

Founded in 1847 as the Auckland Savings Bank, ASB offers personal loans which can be used for almost any purpose, including paying for travel arrangements or funding your education. With loan terms of six months to seven years, an ASB personal loan could also be a good choice to finance the purchase of an asset or for consolidating debts.

For debt consolidation and unsecured loans, the minimum amount you can borrow is $2,000. An interest rate will be determined based on your financial situation.

12.95% - 19.95%

Interest Rate (p.a.)


Minimum Credit Score


Product NameASB Personal Loan
Interest Rate (p.a.)12.95% - 19.95%
Min. Loan Amount$2,000
Loan TermUp to 7 years
Turnaround TimeApproval within 24 hours to two business days
More Info

Types of personal loans from ASB

  • Secured personal loans. With a secured personal loan, you’ll have a fixed interest rate of 12.95% for the term of your loan. A secured loan requires you to pledge an asset as collateral which the bank can use to recover an unpaid loan. Secured loans with ASB have a minimum amount of $20,000 and carry a one-time security registration fee.
  • Unsecured personal loans. An unsecured ASB personal loan can be approved in as little as 24 hours. You can borrow from $2,000 and repay your loan over a term of 6 months to 7 years, subject to the bank’s lending criteria. Unsecured personal loans can be used for almost any purpose and have an interest rate of 12.95% - 19.95%p.a.
  • Car loans. ASB offers financing for both new and used cars with terms of up to seven years. Car loans can be approved within 24 hours and you can make extra repayments at any time without charges or fees – handy if you want to sell your car later on.
  • Debt consolidation. Consolidate your debts into a single loan with ASB so that, depending on your credit profile, you may be able to reduce the overall amount of interest you pay.
  • Transaction account overdraft. Get some headroom for unexpected expenses with an overdraft on your ASB transaction account. There’s a $25 establishment fee for a new overdraft and a minimum monthly facility fee of $2.

Features of an ASB personal loan

ASB personal loans have all the essential features, including flexibility on repayment periods and no early repayment penalty.

  • Loan sizes. Borrow as little or as much as you need, with personal loans from $2,000 and up. You can repay your loan over an extended period of up to 7 years, or in as little as 6 months.
  • Repay early without penalty. You can reduce the interest on your ASB personal loan by repaying your loan earlier. Plus, you won’t be penalised for early repayment. Simply pay more than your monthly instalment to reduce your future interest charges or make a lump sum payment at any time.
  • Lower rates on secured loans. ASB charges a lower interest rate of 12.95% p.a. if your personal loan is secured against an asset, such as a car or motorbike. Secured loans are available on amounts of $20,000 and up.
  • Loan top-ups. You can top up an existing ASB loan, subject to the bank’s lending criteria. With an ASB personal loan, you can borrow a further amount without the need to make a brand new application. Just apply online with ASB’s FastNet Classic Internet Banking service to top up your existing loan.
  • Fast approval and pay-out. Loans can be approved within 24 hours. ASB will attempt to pay out the amount you borrowed within 48 hours, subject to your timely return of the loan documents.

How much does an ASB personal loan cost?

If you apply for an unsecured ASB personal loan, you will be given an interest rate of between 12.95% - 19.95% p.a. The rate you receive is based on your credit rating and financial situation. Secured loans have a fixed interest rate of 12.95%p.a.

You may be charged a loan processing fee of $99, and personal property security registration fee of $25 applies to secured loans.

What other products does ASB offer?

ASB is a full-service bank for personal and business customers, offering a range of financial products including:

  • Bank accounts. Choose from savings and everyday accounts at ASB, including different ways to make payments such as online banking and a debit card. The bank also features products suited to tertiary students and graduates.
  • Credit cards. ASB has a selection of Visa credit cards, with low-interest, business and rewards cards.
  • Savings and investment. Saving is easy at ASB, with a KiwiSaver scheme, term deposits and share trading options to consider.
  • Insurance products. The bank offers various insurance products, including home and contents, car, life and health and travel insurance.
  • Foreign exchange. ASB can help you with your forex needs, including instant access to currencies at any ASB branch in New Zealand. You can also make online payments to overseas bank accounts via FastNet Classic online banking.

How to apply for an ASB personal loan

Before applying for an ASB personal loan, compare what is on offer at other New Zealand lenders. If you’re ready to apply, head over to the personal loan page on the ASB website and click on ‘Apply for a loan’. The application will take 5-10 minutes to complete, but make sure you meet the eligibility requirements and have the appropriate documentation ready.

Eligibility requirements

  • Age requirement. Minimum age of 18 to apply.
  • Residency. Citizens and permanent residents of New Zealand can apply.
  • Minimum income. ASB requires a minimum income of $20,000 p.a.
  • Credit history. You need a credit record free of default and bankruptcy to apply.

Necessary documents and information

  • Photo ID. Valid photo ID such as your passport will be required if you’re not currently an ASB customer.
  • Proof of address. Applicants new to ASB will also need to provide proof of address, such as a utility bill or bank statement.
  • Income and expenses. You will be required to detail your current income as well as any regular expenses such as rent or mortgage payments.
  • Assets and debts. Make sure you have full details of your assets such as your home or investments, as well as debts including credit cards and other loans.
  • Next of kin. Have the details of your next of kin in New Zealand on hand, including their address and phone number.

Compare personal loans

Data indicated here is updated regularly
Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Establishment Fee
The Lending People Personal Loan
6.99% - 26.99%
1 to 7 years
$0 - $10 depending on lender
$50 - $695 depending on lender
Eligibility: Be 18+, an NZ citizen or permanent resident, in employment and earning at least $500 per week.
Secured and unsecured loans of up to $75,000 from a variety of reputable lenders.
LoanSpot Secured Personal Loan
8.95% - 27.95%
12 - 60 months
$0 - $10 depending on lender
$195 - $695 depending on lender
Eligibility: Must be 18+, be an NZ citizen/permanent resident, and have an income of least $400 per week.
Secured personal loans from $3,000.
Lending Crowd Personal Loan
5.03% -19.30%
2, 3 or 5 years
$200-$1,450 depending on the amount borrowed
Eligibility: Be an 18+ NZ permanent resident, have a good credit history and collateral/security.
Secured and unsecured personal loans from $2,000 to $200,000. 100% online with no paperwork or early repayment fees.
Better® Secured Personal Loan
6.95% - 23.95%
12-60 months
$0 - $10 depending on lender
$195 - $695, depending on the lender
Eligibility: Must be 18+, be an NZ citizen/permanent resident, and have an income of least $400 per week.
Secured personal loans from $3,000.
Harmoney Unsecured Personal Loan
6.99% - 24.69%
36 to 60 months
$200-$450 depending on loan size
Eligibility: Be a NZ resident/citizen and have a good credit score.
Apply for an unsecured personal loan up to $70,000 with no early repayment fees.
Max Loans Secured Personal Loan
8.35% - 27.90%
1 - 7 years
$0 to $10 depending on lender
$195 to $1,500 depending on lender
Eligibility: Be 18+, an NZ citizen/permanent resident, and have an income of least $400 per week.
Take out a loan before 24 December 2020 and be entered into a draw to win a trip to Queenstown for 2. Ts&Cs apply.
Nectar Unsecured Personal Loan
8.95% - 29.95%
6 months to 4 years
Eligibility: Must be 18+, an NZ citizen or permanent resident, have an income of $400 per week or more (after tax) and a stable credit history.
Unsecured loans from $1,000 with payouts made within one day of approval. Applications entirely online.

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