Wgtn bank drops rate
PA Wellington Trusteebank Wellington has joined a growing number of home finance companies in lowering its new home mortgage interest rates.
The bank has cut its interest rate 1.5 per cent to 20 per cent, only one month after increasing the rates for existing mortgages the same amount.
The general manager, Mr Murray Jensen, said the interest rate on new first mortgages was cut on May 26. But he said existing mortgage interest rates would not be cut yet. He believed such cuts would happen within a few months so long as interest rates on deposits continued to drop. The Trusteebank has made four adjustments to some of its deposit rates this month. The bank has also made reductions on interest rates for personal and term loans and overdrafts.
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Press, 31 May 1986, Page 32
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133Wgtn bank drops rate Press, 31 May 1986, Page 32
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