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ASB Bank Cuts Fixed Home Lending Rates

8 December 2000

ASB BANK today announced reductions to its fixed home lending rates for mortgages of 2 to 5 years.

Bank customers will now be able to chose any term from 1 to 5 years and still pay the same rate: 7.95%. The new rates come into force on Saturday, 9 December 2000.

The changes are as follows:

Term Old Rate New Rate (from 9/12/00)
12 months 7.95% 7.95% (no change)
2 years 8.10% 7.95%
3 years 8.15% 7.95%
4 years 8.25% 7.95%
5 years 8.25% 7.95%

There is no change to ASB Bank’s floating rate.

“The new rates should be attractive to customers concerned about the possibility of wholesale rate rises in the New Year,” ASB Bank Chief Operating Officer Hugh Burrett said. “They can lock in a lower rate now to eliminate that risk.”

For more information, contact:

Hugh Burrett, ASB Bank Chief Operating Officer. Ph. (09) 374 8817 – 025 736 816.

Issued on behalf of ASB Bank by Network Communications (Peter Hallwright)
ph. (09) 306 5803 or 025 444 534

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