ASB supports Government announcment on Christchurch

Media release
23 June 2011

ASB supports Government announcement with further Christchurch assistance

- ASB welcomes Government announcement for Christchurch homeowners
- Further support available for customers in the red zone

ASB Chief Executive Barbara Chapman says the Bank welcomes today’s announcement by Government, which outlines the next steps for homeowners in Canterbury.

“The announcement gives increased certainty for many people in Christchurch, many of whom have endured an anxious wait through the aftermath of the earthquakes.  It provides many homeowners in the worst hit areas with choice as they look to move on with their lives,” Mrs Chapman says.

“ASB’s $250 million support package announced after the February quake has been well received by our Christchurch customers and the community and we will continue to assist them wherever possible.

“We are pleased to confirm today that ASB customers living in the red zones announced by Government who choose to settle up their mortgages and look to relocate will be supported by ASB.  We’ve put in place new support measures targeting their unique and difficult circumstances.” 

For these ASB customers the following assistance will now be available:

- no early repayment adjustments if fixed rate mortgages are repaid;
- zero application fee for new home purchases;
- $500 towards professional fees related to the purchase; and
- no break fees on term deposits used to top up purchase amounts.

“We’ll be working with the Government, insurers and our customers over the coming weeks and months as the details of the Government’s plans become clearer.

“In the meantime we encourage our customers to contact us and talk through their options, whether they live within the red zone or elsewhere in Christchurch.  We are here to support and work with Cantabrians as they sort through their financial issues and take positive steps to re-build or re-locate.”

ENDS