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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 7.70% p.a. to 7.20% p.a.

This reduction takes effect immediately for new home loans, and on or after Monday 8 October 2001 for existing variable home loans.

On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $30.52 per month. This reduction, combined with the reductions announced in March, April and May means that the cost of a $100,000 mortgage over 20 years has reduced by $80.50 per month in the past 6 months.

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


- ENDS –

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