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.
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Press, 24 March 1988, Page 44
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412Borrowers should ‘shop around’ Press, 24 March 1988, Page 44
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