19 April 2001
ASB BANK REDUCES VARIABLE HOME LOAN INTEREST RATE
Statement made by Barbara
Chapman, Group GM Marketing and
Human Resources, ASB Bank Limited
ASB Bank today announces a reduction in its variable home lending interest rate, from 8.25% p.a. to 7.95% p.a.
This reduction takes effect immediately for new home loans, and on or after 14 May 2001 for existing variable home loans.
On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $24.66 per month. This reduction, combined with the reduction announced on 14 March 2001 means that the cost of a $100,000 mortgage over 20 years has reduced $45.21 per month in the past 5 weeks.
The reduction is a result of a reduction in the Reserve Bank Official Cash Rate announced today.
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