Bankdirect Variable Rate Now 8.25%

MEDIA RELEASE 30TH August 2000

http://www.bankdirect.co.nz
BANKDIRECT VARIABLE RATE NOW 8.25%

1 YEAR FIXED RATE DOWN TO 7.95%

Following a drop to its fixed rates earlier this week, BankDirect today announces a significant drop to its variable home loan interest rate from 8.45% to 8.25% and a further drop to its 1-year fixed rate from 8.10% to 7.95%.

"Our variable rate decrease, further undercuts even the most recent rate announcements by other trading banks. This further confirms BankDirect's commitment to providing home buyers and those wishing to refinance with a better option," says BankDirect General Manager James Mitchell.

"BankDirect's new rate, teamed with our current home loan offer of up to $1,000 towards legal fees and no loan application fee (for loans greater than $200,000) makes us a very attractive proposition," he says.

"Being a lower cost service provider, BankDirect consistently offers lower lending rates in the highly competitive home lending market. We are focussed on passing interest savings to our customers, and whenever possible offering a more competitive deal relative to other lenders," adds Mr Mitchell.

The drop in BankDirect variable interest rates will come into effect from tomorrow, 31 August 2000 for new customers and on 18 September 2000 for existing customers. The new 1-year fixed rate is effective immediately.

Ends

Prepared on behalf of BankDirect by Drum

For further information please contact:

James Mitchell Sarah Sparks BankDirect Drum General Manager Email: james_mitchell@bankdirect.co.nz Email: sarahs@drum.co.nz Ph: (09) 308 1001 Ph: (09) 914 6004 Mob: (021) 636 820 Mob: 021 318 813

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