Mortgage interest rates
Sir,—Thanks to Rogernomics, and to the cupidity of avaricious investors, the interest payable on account of the recent Government stock tender was hiked up again on Friday. Quick to respond, the United Building Society upped its first mortgage interest rate to 23 per cent for non-members. Other lending institutions are also regularly raising their first mortgage rates. Mr Douglas did warn that his financial policies were going to hurt; but who is bearing the full brunt of his academic, albeit Treasuryinspired, financial experiments? Not the Joneses, the Brierleys or the “fat cats” with a few hundred thousand to play with. The “man in the street,” and the young farmers are slowly being eased out of their homes and off their farms. Last Friday a farm in Wairoa was grabbed for $115,000 (about one-third of its value) in a mortgagee sale. The Queen Street, Featherston Street and Hereford Street “farmers” have never had it so good, thanks to a self-styled Labour administration.—Yours, etc., LESLIE BOGREN. February 16, 1986.
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Press, 19 February 1986, Page 18
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170Mortgage interest rates Press, 19 February 1986, Page 18
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