Borrowers should ‘shop around’

Press, 24 March 1988, Page 44

Borrowers should ‘shop around’

Anyone planning to borrow money should shop around. That is the advice of one of Canterbury’s major lenders. Trust Bank Canterbury! P .’ j Rates, terms and contritions Can Jvary considerably; Without shbppinig around, a ; potential borrower can risk not.getting the best possible deal. In fact, they could end up by paying much more than is necessary.: J. P : The! ibank believes that with the very competitive financial ; market, borrowers should not be afraid! to go looking. During February and

March Trust Bank Canterbury approved more than 1200 l ousing loans totalling Sc 5 million. iMorigages can vary widely, between lending institutions,! both in their | rates and their terms.! ■ | i Trust Bank Canterbury claims, to be able to offer mortgage policies which are flexible, simple and tailored to suit variouscircumstances. I, For example, the bank prbvides a mortgage eligibility (certificate to show the extent, of the mort r gage offered to a potential borrower, i

! The certificate can, be used when looking fop a house tp show a real estate agent |the cash which J is available 'immediateliy. i i | i. The bank trys to avoid as many conditions and red tape las possible. Trust Bank Canterbury will even cbnsider] applications, ap'd lend] money to people , vyho do hot have a Trust Bqnk account. | The bank does not consider tpe purpose of a loan to pe necessarily (important except |n the case of a mortgage where obvious details are| required, i The (aim of Trust Bank

is .to be las flexible ] as possible i I and to provide terms which suit the various (circumstances. | As well] ias being a major lender in housing mortgages,' Trust Bank Canterbury is heavily involved pin commercial lending. I | , ] .-1 . “The | bank is ■ lending about $Bl million a month for commercial development,” jsays John Laird, the bank’s manager for new services. j At present the bank has aboht $142, million on loan in Canterbury commercial ventures (and many of them are-in Christchurch.

Mr Laird ! says ,[ that i Trust Bank I Canterbury : has been involyed in com- 1 mercial 1 i developments '! since the ( bank started I business 25( years ago. One of the more in- ] teresting recent develop- ] ments involving the bank j is the Canterbury Technology Park in Sheffield Crescent. ( ll' I | “Trust Bank Canterbury.! has a 25 per cent shareholding! in this idevelopMr Laird] says. ; The bank also has a variety i of lending. Competitive (options to suit the large commercial market.