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ASB Bank Reduces Variable Home Loan Interest Rate

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 7.60% p.a. to 7.30% p.a.

This reduction takes effect immediately for new home loans, and on or after 30 June 2003 for existing variable home loans.

On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $18.31 per month.

The reduction is a result of a reduction in the Reserve Bank Official Cash Rate announced last Thursday.

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