BNZ rates increase
Bank of New Zealand’s base lending rate win rise from 17.5 per cent to 19 per cent from January 15, the bank announced. Existing housing loans would rise a percentage point to 18.5 per cent and 19.5 per cent, the bank’s group chief executive, Mr Bob McCay, said. New housing loans would be held to 18.5/19.5 per cent meantime. Home improvement and tail-end (second mortgages) loans would rise by 1.5 points, as would nontable term loans. The announcement comes after moves by Westpac Corp, which raised'its rate one point to 19 per cent, and the Rural Ranking and Finance Corp, which raised its commercial lending rates by 0.5 point The BNZ’s latest rise follows a 1.5 point rise by the bank annouced late December. Mr McCay said the BNZ had held down lending rates for as long as possible, but continued firming of interest rates paid on deposits had necessitated some further adjustments.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19870112.2.130.20
Bibliographic details
Press, 12 January 1987, Page 27
Word Count
156BNZ rates increase Press, 12 January 1987, Page 27
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.