Banks offer competitive mortgages for housing
Some trading banks in Christchurch are utfering> interest ra;es as low as 11.5 per cent on first mortgages lor housing. The deputy-general man-' ager of the Canterbury Sav-i ings Bank (Mr R. T. Bray); was reported last week as; saying .that, except for the Housing Corporation, the: bank's interest rate of 13j per cent on mc-tgages up to! $20,000 was still the cheap-! est of the recognised lenders in Canterburv.
Mr Bray said this week j that the bank was now lending at a rate of $4 million a month, a much higher fig-! ure than that of the trading banks. From his under i standing of the position the; trading banks wore not len-' ding at present.
Most of the banks had moved into term mortgages, where rates were as high as "something like” 16 per cent, he said.
But a spokesman for the; Bank of New Zealand in ;Wellington sMd that, apart; : from the Housing Corporat-i ion, the B.N.Z. was the big-1 ;gest lender for housing. The; ■bank at present offered an| interest rate of 11.5 per cent; ; on' first term mortgages. j
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Press, 15 July 1980, Page 5
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191Banks offer competitive mortgages for housing Press, 15 July 1980, Page 5
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