ASB cuts variable rate

The Reserve Bank have today reduced the OCR by 1.5%. ASB have taken the opportunity to bring our rates down by 1.5% in total with our previous variable rate cut of .75% cut in anticipation of this OCR reduction and then another .75% cut today.

Term Previous rate New rate
Variable: from 8.70%p.a. to 7.95%

All other terms remain the same.

These new home lending rates take place from 5 December for new borrowers and are effective as from 29 December 2008 for existing borrowers.


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Released by ASB Corporate Communications

www.asbsecurities.co.nz  www.asbbank.co.nz   www.commbank.com.au