14 September 2004
ASB Bank Increases Variable Home Loan Interest Rate
Statement made by Barbara Chapman, Head of Retail Banking & Marketing, ASB Bank Limited
ASB Bank today announces an increase in its variable home lending interest rate, from 8.25% p.a. to 8.50% p.a.
This increase takes effect immediately for new home loans, and on or after 4 October 2004 for existing variable home loans.
On a table mortgage of $100,000 over a 20 year term, this equates to an increase of $15.85 per month.
This increase follows the rise in the OCR announced by the Reserve Bank last week.