Money club to drop rate
A reduction of first-mortgage interest rates to 13 per cent in September by the Christchurch and St Albans Co-operative Money Club follows recent general reductions in mortgage interest rates. The money club has been operating for 96 years, the second oldest in Christchurch. A non-profit-making organisation, it has about 1000 members. The club’s secretary, Mrs Holland, said
it was a very conservative lending institution and it had only recently raised its maximum first mortgage loans to $50,000. The club does not lend more than two-thirds of the value of a property and members have to belong to it for a year before they can qualify for a mortgage. She is confident the present dividend of 11 per cent, on savings can be maintained until the end of the year.
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Press, 24 August 1988, Page 4
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134Money club to drop rate Press, 24 August 1988, Page 4
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