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ASB Bank Reduces Variable Home Loan Interest Rate

Media Release
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.


- ENDS –

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