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ASB Bank Reduces Variable Home Loan Interest Rate

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.

- ENDS –

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