Institute calls for drop in interest rates
PA . Invercargill The Real Estate ■ Institute has called on.-lending institutions to lower mortgage interest rates to help people buy first homes. . Interest rates increased in the last two' months and property 1 sales dropped as a result, though housing values, remained constant or improved: slightly, said the institute’s president, Mr Peter Cook, of Christchurch, in Invercargill.
“If interest rates drop, properties will, become more affordable,” he said. People who could afford to buy now would be wise to do so, because there was a real chance housing values would increase if interest rates dropped. . The institute recognised that the best value remained in buying existing homes rather than buying new ones, as the value of building was still being adversely affected by GST, Mr Cook said.
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Press, 7 May 1987, Page 6
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133Institute calls for drop in interest rates Press, 7 May 1987, Page 6
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