Society cuts lending rates
PA Wellington The Southland Building and Investment Society has cut its interest rates, and ; hinted at further reductions to the levels prevailing in 1982. j I The society, which announced an across-the-board reduction) of its interest rates last Christmas; issued a statement on Thursday saying it was making further cuts.
The rate for home; mortgages will drop from
between 18 and 19 per cent to 1? to 18 per cent from May 31. Other interest charges, Including those for second mortgages, farms and commercial loans will also be. reduced. 1
The general manager, Mr Ted! Cavanagh, said the society would be in a strong position to reduce its mortgage interest rates at least) 1 per cent, if customer support continued )at its present levels.
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Press, 5 April 1988, Page 2
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128Society cuts lending rates Press, 5 April 1988, Page 2
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