Mortgage rates cut
PA Wellington The United Building Society yesterday joined the latest round of interest rate cuts with a reduction in its existing first mortgage rates to 19 per cent. The lower rate applies to existing United mortgages now at 20.5 per cent or 21 per cent. Announcing the cut,
United’s corporate affairs manager, Mr Tony Kunowski, predicted the rates would fall lower than 19 per cent.
United has not cut its new lending rates which now range from 16.75 per cent to 19.75 per cent but yesterday’s cut included a 1 per cent reduction to 23 per cent on the United Visa card, applicable
from the next billing cycle in early March. Since launching its Visa last August, United had had a policy of setting the card rate several points below the rest of the market, Mr Kunowski said.
United would continue a 9 per cent deposit rate to its Visa card holders who had a credit balance.
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Press, 19 February 1988, Page 4
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160Mortgage rates cut Press, 19 February 1988, Page 4
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