Asb Bank Reduces Variable Home Loan Interest Rate
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 7.85% p.a. to 7.60% p.a.
This reduction takes effect immediately for new home loans, and on or after 19 May 2003 for existing variable home loans.
On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $15.50 per month.
The reduction is a result
of a reduction in the Reserve Bank Official Cash Rate