BankDirect Drops Interest Rates

Thursday, 24 April 2003, 5:13 pm
Press Release: ASB Bank

Media Release
24 April, 2003

BankDirect Drops Interest Rates

Responding swiftly to today’s official cash rate announcement from the Reserve Bank, BankDirect has announced drops to both its Variable and FlexiLoan interest rate.

Old Variable / FlexiLoan Rate 7.55%
New Variable / FlexiLoan Rate 7.30%

"At 7.30% p.a. our new Variable rate is an excellent alternative to the Big Banks," says Head of BankDirect, Kevin Leith.

"BankDirect’s interest rate has been consistently 30 points less than the Big Banks, offering mortgage seekers or those seeking to refinance with significant interest savings."

The new rate takes effect immediately for new customers and on Monday 19th May for existing BankDirect mortgage holders.

In addition to lowering its Variable rate, BankDirect has cut fixed home loan interest rates to:
Old Rate New Rate
6 Months 6.75% 6.40%
1 Year 6.45% 6.30%
2 Year 6.75% 6.60%
3 Year 6.85% 6.70%
5 Year 7.25% 7.10%

These new fixed rates come into effect immediately.

* Big Banks is defined as ANZ, ASB Bank, BNZ, National Bank and Westpac

Ends.

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