Mortage rate cut
PA Wellington Rural and commercial mortgages from the Public Trust and the Accident Compensation Corporation will have interest rates reduced to 11 per cent on review, the Government announced yesterday. The new rates for Public
Trust mortgages would apply from the next sixmonthly interest instalment date, said the Minister in Charge of the Public Trust, Mr Young. “For those mortages now on three or five-year review, the 11 per cent decision will be made on the basis of the mortgagee accepting the review period being reduced to an annual one,” he said. The Minister of Labour, Mr Bolger, said the A.C.C.’s interest rates were based on those applied by the Public Trust Office. The new A.C.C. rates would also apply from the next six-monthly interest instalment date, he said. Similarly, those with three or five-year reviews could opt for an annual review.
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Press, 19 May 1984, Page 3
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145Mortage rate cut Press, 19 May 1984, Page 3
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