ANZ Bank drops home loan rates
PA Wellington The ANZ Bank is again reducing its housing loan rates for new and existing customers 0.5 per cent a year for first mortgages. Most other lending rates including second mortgages are being cut 1 per cent a year. These latest interest rate reductions were designed to maintain the bank’s initiatives and commitment in the housing, rural and commercial sectors, said the bank’s managing director, Mr Brian Weeks.
ANZ first mortgage rates are now 17.5 per cent for new and existing customers who have met deposit support criteria and 18.5 per cent for others.
“We are also reducing 1 per cent a year the lending cost to the commercial and rural sector. “With effect from Monday, July 21, ANZ Bank’s index lending rate will reduce 1 per cent to 17 per cent. This rate covers term loans, fully drawn advances, overdraft and personal loans (including second mortgages),” Mr Weeks said. The Minister of Housing, Mr Goff, commended ANZ, saying that the bank’s mortgage advances in the last month alone represented a 500 per cent increase in its monthly home lending.
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Press, 17 July 1986, Page 3
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187ANZ Bank drops home loan rates Press, 17 July 1986, Page 3
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