Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


ASB Increases Variable Home Loan Interest Rate

Media Release
4 February 2004

ASB Bank Increases Variable Home Loan Interest Rate

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

ASB Bank today announces an increase in its variable home lending interest rate, from 7.25% p.a. to 7.50% p.a.

This increase takes effect immediately for new home loans, and on or after
1 March 2004 for existing variable home loans.

This increase is due to rises in the key 90 day bank bill rate following the 25 point rise in the OCR announced by the Reserve Bank last week.

As a consequence of increases in wholesale interest rates, ASB Bank’s variable home loan interest rate has increased from 7.05% p.a. to 7.50% p.a. (45 basis points) since early August 2003. These increases have also been passed on to depositors with the Bank’s key 6 month term investment rate for deposits of $10,000 or more increasing by 75 basis points over the same period.

On a table mortgage of $100,000 over a 20 year term, this increase in variable loan interest rate equates to an increase of $15.21 per month or $3.51 per week.

- ENDS –

© Scoop Media

Business Headlines | Sci-Tech Headlines


CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>


Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>


Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>