Statement made by Barbara Chapman, Head of Retail Banking and Marketing, ASB Bank Limited
ASB Bank today announces a reduction in its variable home lending interest rate, from 7.20% p.a. to 6.70% p.a.
This reduction takes effect immediately for new home loans, and on or after 10 December 2001 for existing variable home loans.
On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $30.05 per month. This reduction, combined with the reductions announced in March, April, May and September, means that the cost of a $100,000 mortgage over 20 years has reduced by $110.55 per month in the past 8 months.
The reduction is a result of a reduction in the Reserve Bank Official Cash Rate announced today.