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ASB Increases Variable Home Loan Interest Rate
11 June 2004
ASB Bank Increases Variable Home Loan Interest Rate
Statement made by Barbara Chapman, Head of Retail Banking and Marketing ASB Bank
ASB Bank today announces an increase in its variable home lending interest rate from 7.75% per annum to 8.00% per annum.
This increase takes effect immediately for new variable rate loans, and on or after 5 July 2004 for existing variable home loans.
On a table mortgage of $100,000 over a 20 year term, this equates to an increase of $15.49 per month.
This increase is in response to yesterday’s increase in the Reserve Bank Official Cash Rate, and ongoing upward pressure on wholesale interest rates.
The Bank will review fixed home lending interest rates next week, and expects these also to rise.
ENDS
ASB Bank
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In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
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