In Residence
by
Sarah Sands
three Institutions had moved their rates in the previous six weeks — Trust Bank Canterbury cut 0.75 per cent from its rate for non-customers (new rate 21.75 per cent); the BNZ cut 1 per cent from its first and second mortgage rates (new rates 20.5 and 24 per cent); the Countrywide Building Society cut 1.5 per cent from its first mortgage rate (new rate 20.5 per cent). In August, Labour won the election.
In October the sharemarket, which had been extremely buoyant for most of the year, suffered a dramatic fall. The following month, November, saw the beginning of a strong downward trend in interest rates, which then ranged from 18.5 to 21 per cent for first mortgages. 1987 appears to be ending the same way as 1986, with financial institutions predicting that “next year will be the year Interest rates drop.”
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Press, 2 December 1987, Page 16
Word Count
146In Residence Press, 2 December 1987, Page 16
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