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ASB Reduces Floating Home Lending Interest Rate

ASB Bank Reduces Floating Home Lending Interest Rate

Statement made by Hugh Burrett, Chief Operating Officer, ASB Bank Limited

In response to a change in the official cash rate, ASB Bank today announces a decrease in its floating home lending interest rate.

The floating rate will reduce to 8.25% per annum (from 8.5% per annum) effective immediately for new customers and on or after 9 April 2001 for existing customers. This reduction applies to customers with a floating rate home loan, and Orbit customers.

On a $100,000 home loan over a 20 year term this reduction equates to a saving of $15.85 per month.

- ENDS –

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