16 August 2002
ASB Bank Reduces Variable Home Loan Interest Rate
Statement made by Peter Hall, Head of Institutional Banking, Treasury and ASB Securities, ASB Bank Limited
ASB Bank today announces a reduction in its variable home lending interest rate, from 8.00% p.a. to 7.85% p.a.
This reduction takes effect immediately for new home loans, and on or after 9 September 2002 for existing variable home loans.
On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $9.40 per month.
This reduction reflects the recent declines in the 90 day wholesale bank bill rate.