If you’re an ASB customer you can now transfer money directly from your bank account onto your variable home loan through ASB’s FastNet Classic online banking service. Even small additional payments can make a big impact on loans over time.
You’ll be able to log in to FastNet Classic, view all available account balances and make extra payments directly onto your home loan, giving you new flexibility in managing your finances.
“Customers wanting to reduce their home loans can now choose to put extra household money directly towards paying off their home loan without having to email, call or visit a branch,” says Shaun Drylie, ASB General Manager of Product and Strategy.
“When it comes to home loans, even the small payments can add up. We want to give our customers the freedom to put the small extra amounts they have towards paying off their home loan.”
On a $250,000 loan with an interest rate based on a standard floating rate of 5.75% per annum, a single $1200 payment per year, roughly the cost of a cafe-bought coffee per day, for the 30 year life of the loan would save over $46,000 in interest and take four years off the term of the loan.*
* ASB Bank Limited’s terms and conditions apply. Scenario: $250,000 loan, interest rate of 5.75%, based on the standard variable rate. $1200 payments made once per year for the 30 year life of the loan would see total interest savings of $46,331.16 and a total time saved on the loan term of 52 months. These indicative potential interest savings and reduction of loan term are based on a 30 year loan term, current variable rate and minimum repayment amounts. Interest rates are subject to change. Any changes to the applicable interest rate may change your future repayments and how fast you can pay off your loan.