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ASB Bank Reduces Variable Home Loan Interest Rate


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 7.30% p.a. to 7.05% p.a.

This reduction takes effect immediately for new home loans, and on or after 25th August 2003 for existing variable home loans.

On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $15.20 per month.

Our current lending rates for fixed rate home loans are as follows:

6 months 5.99% p.a.
1 year 6.20% p.a.
2 years 6.50% p.a.
3 years 6.75% p.a.
4 years 6.95% p.a.
5 years 7.00% p.a.

This variable rate reduction is a result of a reduction in the Reserve Bank Official Cash Rate announced last week.

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