ASB Bank Reduces Variable Home Loan Interest Rate

Wednesday, 16 May 2001, 10:05 am
Press Release: ASB Bank

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 7.95% p.a. to 7.70% p.a.

This reduction takes effect immediately for new home loans, and on or after 11 June 2001 for existing variable home loans.

On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $15.85 per month. This reduction, combined with the reductions announced in March and April, means that the cost of a $100,000 mortgage over 20 years has reduced by $50.39 per month in the past 9 weeks.

The reduction is a result of a reduction in the Reserve Bank Official Cash Rate announced today.

- ENDS –

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