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ASB Increases Variable Home Loan Interest Rate

31 October 2005

ASB Bank Increases Variable Home Loan Interest Rate

Statement made by Ross McEwan, Head of Retail Banking & Marketing, ASB Bank Limited

ASB Bank today announces an increase in its variable home lending interest rate, from 9.00% p.a. to 9.25% p.a.

This increase takes effect immediately for new home loans, and on or after 21 November 2005 for existing variable home loans.

On a table mortgage of $100,000 over a 20 year term, this equates to an increase of $16.14 per month.

This increase follows the rise in the OCR announced by the Reserve Bank last week.

ENDS


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