Countrywide drops rate
The Countrywide Building Society has dropped its interest rate for new residential mortgages from 20.5 per cent to 19 per cent. The society’s chief executive, Mr Peter Martin, said yesterday that the move signalled Countrywide’s confidence in the New Zealand economy and the success of the Government in controlling inflation. “With inflation now running at less than 10 per
cent, I expect that interest rates will continue their downward trend. "We anticipate being able to review existing mortgages with effect from January 1, 1988.” Last week, Countrywide successfully filled its $56 million share issue, preceding its conversion to a bank — the Countrywide Banking Corporation — and listing on the Stock Exchange early next month.
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Press, 28 November 1987, Page 10
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116Countrywide drops rate Press, 28 November 1987, Page 10
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