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ASB Bank Reduces Fixed Home Loan Interest Rates

ASB Bank Reduces Fixed Home Loan Interest Rates

Statement made by Barbara Chapman, Head of Retail Banking & Marketing, ASB Bank Limited

Further to the announcement at lunchtime today to reduce ASB Bank’s home lending variable interest rate from 7.85% pa to 7.60% pa, the Bank is also reducing fixed home lending interest rates as follows:

New Rate Old Rate (% pa) (% pa)

6 months fixed 6.50% 6.85% 12 months fixed 6.50% 6.75% 2 years fixed 6.75% 6.90% 3 years fixed 6.95% 7.05% 4 years fixed 7.10% 7.25% 5 years fixed 7.20% 7.35%

“We have watched the wholesale market’s response to today’s Reserve Bank OCR announcement very closely and believe there is sufficient stability across the yield curve to enable us to reduce our fixed rates as well as our variable rate” Ms Chapman said.

The Bank has also reduced Term Deposit interest rates as a consequence of the lower wholesale market rates.

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