ASB Bank Reduces Variable Home Loan Interest Rate

Thursday, 31 July 2003, 11:50 am
Press Release: ASB Bank

ASB Bank Reduces Variable Home Loan Interest Rate

Statement made by Peter Hall, Head of Institutional Banking, Treasury and ASB Securities, ASB Bank Limited

ASB Bank today announces a reduction in its variable home lending interest rate, from 7.30% p.a. to 7.05% p.a.

This reduction takes effect immediately for new home loans, and on or after 25th August 2003 for existing variable home loans.

On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $15.20 per month.

Our current lending rates for fixed rate home loans are as follows:

6 months 5.99% p.a.
1 year 6.20% p.a.
2 years 6.50% p.a.
3 years 6.75% p.a.
4 years 6.95% p.a.
5 years 7.00% p.a.

This variable rate reduction is a result of a reduction in the Reserve Bank Official Cash Rate announced last week.

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