Postßank lowers mortgage rate
PA Wellington Postßank, which recently boosted its home mortgage interest rate to 20.5 per cent, yesterday announced a reduction in its base first mortgage rate for new borrowers from 20.75 per cent to 20 per cent. In addition, the bank’s existing customers with an appropriate savings record will be eligible for mortgages at a concessionary rate of 19.75 per cent Postßank recently
revised upwards the interest ratek on most of its existing mortgage portfolio to 20.5 per cent The bank’s chief executive, Lindsay Pyne, said that in the light of lower wholesale Interest rates the bank was monitoring the situation of existing mortgage holders. < “If the present trend continues, we hope to be able to lower rates in the first quarter of next year,” he said. The new mortgage rates will come into effect tomorrow. - ~
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Press, 1 December 1987, Page 8
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139Postßank lowers mortgage rate Press, 1 December 1987, Page 8
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