Interest rates
Sir,—We now see the Govern ment finance act coming into effect with reduction of interest rates on term loans, first mortgage rates with C. 5.8., being reduced from 12.75 per cent to 11 per cent, term loans from 18 per cent to 11 per cent and 14 per cent. This will affect 11,750 borrowers. Another instance: the Oxford council sewerage scheme cost saving of $16,000 a year because the interest rate on the loan was reduced from 14.7 per cent in 1982 to 12 per cent in 1984. I now wonder how the members of Parliament. Mr Quigley and Miss Richardson, who voted against the Government on such a cost-saving measure, feel. Mr Quigley is conducting a party of his own, the latest is on .youth rates. Ms Waring crossed the floor to vote against youth rates, the same as Mr Quigley and other members on the interest rates. Members elected to the National Party should not act as independents, even if they do not like the coach. — Yours, etc.,
G. CHISNALL, Hawarden. June 11, 1984.
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Press, 14 June 1984, Page 20
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178Interest rates Press, 14 June 1984, Page 20
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