ASB hikes floating rate by 0.25 per cent

Tuesday 14 September 2004

ASB Bank today announced it was hiking its floating mortgage lending rate by quarter of a percentage point to 8.5 per cent with immediate effect for new borrowers and from October 4 for borrowers with existing loans.

By The Landlord

ASB said the rise was in response to the Reserve Bank's lift in interest rates last week. The central bank lifted the Official Cash Rate by quarter of a percentage point on Thursday to 6.25 per cent.

On Friday, Westpac was the first bank to respond to the RB's move when it raised its floating rate by 25 basis points to 8.6 per cent.

ASB said its hike would cost a borrower with a 20 year $100,000 table mortgage $15.85 a month.

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