ASB previously put its clients to work by getting them to accumulate as many likes as possible in return for lower mortgage rates. And for its latest campaign, the bank is again giving some of its Kiwis control of how low their interest rates might go—but this time they have to sweat for it.
As part of ASB's 'Run Down Your Rate' competition, ten lucky Kiwis, selected through a random prize draw, will be able to run down their interest rates during the ASB Auckland Marathon.
The runners' interest rates will be determined by how quickly they run, with the finishing time being converted into their two-year fixed ASB homeloan interest rate (for example, and finish time of three hours and 25 minutes would be a 3.25 percent rate).
The ten runners are currently listed on ASB's 'Run Down Your Rate' webpage, and each has set a target time, with fastest listed at two hours and 48 minutes.
The winners can gift the the home loan to a friend or use it for themselves.
ASB's special interest rates vary between 4.35 percent and 5.09 percent, while its standard rates lie between 7.00 percent and 4.65 percent—which in turn means that all of the runners in contention are in with a shot of getting a rate lower than any advertised on the website, provided that they meet their targets.
Each of the runners chosen have trained hard for the event, and fans (mostly family members) have been follow their progress online through the ASB website.
And while copious panting and physical exhaustion is to be expected during a marathon, let's just hope none of the runners push as hard as a Sacramento woman who died of water intoxication in an attempt to win a radio competition in 2007.
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