No reduction
Building socieites will not follow the lead of New Zealand’s five trading banks which have reduced their interest charges on home mortgages by up to 0.75 per cent, according to the secretary of the Building Societies’ Association, Mr Robin Clulee.
Although New Zealand's 30 or so building societes made their own decisions about interest rates, he knew of none which had any intention of lowering rates, he said. Interest on first mortgages is now between 12 and 14 per cent. But Mr Clulee said’ that all the banks were doing in lowering their rates was lengthening the queues of people who wanted home mortgage money. There was, therefore, no danger that building societies would lose savings by not dropping their rates.
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Press, 29 June 1981, Page 2
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123No reduction Press, 29 June 1981, Page 2
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