Mortgage rates increased
PA Hamilton Trusteebank Waikato on Tuesday raised its mortgage interest rates — just over a month after cutting them. The bank has increased rates for new residential first mortgages from 17.75 per cent to 19.5 per cent and ’second mortgages from 19 per cent to 21 per cent Rural, cultural and commercial lending rates all go up 1 per cent to between 20 per cent and 23 per cent. Personal loans will now cost between 19.5 per cent and 23 per cent. The general manager, Mr Ross Mcßobie, said rates for existing mortgages were likely to go up in the “very near future.” The bank dropped its rates for existing mortgages only last month, first mortgages falling from 19 per cent to 17.75 per cent and second mortgages from 20 per cent to 19 per cent
Mr Mcßobie said the bank felt “most uncomfortable” about raising its rates so soon after reducing them but had been one of the last institutions to make the move.
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Press, 23 February 1987, Page 2
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167Mortgage rates increased Press, 23 February 1987, Page 2
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