ASB Increases Variable Home Loan Interest Rate

Friday, 22 March 2002, 11:53 am
Press Release: ASB Bank

ASB Bank Increases Variable Home Loan Interest Rate

Statement made by Barbara Chapman, Head of Retail Banking and Marketing, ASB Bank Limited

ASB Bank today announces an increase in its variable home lending interest rate, from 6.70% p.a. to 7.20% p.a. The increase is a result of increases in the 90-day bank bill rate, off which housing mortgages are priced.

This increase takes effect immediately for new home loans, and on or after 15 April 2002 for existing variable home loans.

On a table mortgage of $100,000 over a 20 year term, this equates to an increase of $30.05 per month.

Fixed rate home loans have also increased over the past few weeks to reflect changes in the wholesale interest rate market. ASB Bank’s fixed home lending interest rates current as at today are:

6 months fixed 6.95% p.a.
12 months fixed 7.35% p.a.
2 years fixed 7.90% p.a.
3 years fixed 8.25% p.a.
4 years fixed 8.40% p.a.
5 years fixed 8.60% p.a.

Term investment rates are also set to rise off the back of these movements in wholesale interest rates.

- ENDS –

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