Ten competitors were randomly selected for ASB's 'run down your rate' competition, where running times were converted to interest rates on a two-year fixed home loan.
Womens' Auckland Marathon winner Katie Kemp achieved a running time of 2 hours 42 minutes, securing a fixed mortgage rate of the same for two years, almost halving ASB's current fixed home loan rate for two years of 4.49%.
"I have a small family, three girls aged 7, 5 and 4," Kemp says. "We have chosen to have a parent stay home with our children which does come with financial challenges on one income. We think the girls are very lucky to have a parent at home with them.
"A lower interest rate will enable us to pay off our mortgage faster and be able to start putting money aside for the girls education and future needs.”
Another competitor from Ponsonby Peter Sygrove also secured a low interest rate for his mortgage with his time of 2:48, replacing his current home loan rate of 4.49% p.a.
Sygrove said the timing was perfect as he and his partner had just purchased their first house.
“This new home loan rate is going to help us out massively as we are stretched to the eyeballs given the property prices in Auckland,” Sygrove says.
ASB executive general manager marketing and communications Roger Beaumont said yesterday, “Congratulations to all of the ASB Auckland Marathon runners who have taken part this morning, completing that distance is a massive achievement. To our 10 ASB Run Down Your Rate runners, we hope your new home loan interest rates really make a difference to you and your families.”
The 10 competitors finished in times ranging between 2 hours 42 minutes and 4:13 and those that were locked into their home loan or didn’t need a mortgage had the option to gift it to a friend.