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INDEPENDENT NEWS

ASB Bank Reduces Variable Home Loan Interest Rate

By: ASB Bank
Published: Wed 14 Nov 2001 10:17 AM
Statement made by Barbara Chapman, Head of Retail Banking and Marketing, ASB Bank Limited
ASB Bank today announces a reduction in its variable home lending interest rate, from 7.20% p.a. to 6.70% p.a.
This reduction takes effect immediately for new home loans, and on or after 10 December 2001 for existing variable home loans.
On a table mortgage of $100,000 over a 20 year term, this equates to a reduction of $30.05 per month. This reduction, combined with the reductions announced in March, April, May and September, means that the cost of a $100,000 mortgage over 20 years has reduced by $110.55 per month in the past 8 months.
The reduction is a result of a reduction in the Reserve Bank Official Cash Rate announced today.
ENDS
ASB Bank
Helping you get one step ahead.
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.
Contact ASB Bank
Website:
www.asb.co.nz

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