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ASB Bank Announces Interest Rate Changes

Media Release
14 March 2005

ASB Bank Announces Interest Rate Changes

Statement made by Peter Hall, Head of Interest Rate Committee, ASB Bank

ASB Bank today announces an increase in its variable home lending interest rate, from 8.75% p.a. to 9.00% p.a.

This increase takes effect immediately for new home loans, and on or after 4 April 2005 for existing variable home loans.

On a table mortgage of $100,000 over a 20 year term, this equates to an increase of $16.02 per month.

The interest rate for FastSaver, ASB Bank’s high interest savings account for electronic and phone banking customers, will increase from 6.2% to 6.45% from 16 March 2005.

These changes reflect ASB Bank’s commitment to provide fair and competitive rates across lending and saving products.

The increases follow the rise in the OCR announced by the Reserve Bank last week.

- ENDS -

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