WestpacTrust drops rates
WestpacTrust has announced it is dropping its interest rate for fixed and capped home loans over two years.
Wednesday, June 14th 2000, 12:00AM
by Paul McBeth
WestpacTrust Spokesperson, Jane Anderson, said the decrease follows a flattening of the yield curve which has seen longer term wholesale interest rates fall.
The new rates take effect immediately.
Two, three, four and five year fixed rates will drop between 0.10 percent per annum and 0.20 percent per annum.
Two and three year capped rates will drop between 0.10 percent per annum and 0.15 percent per annum.
Anderson said medium and long term interest rates are falling, and WestpacTrust wants to pass the decreases on to customers as soon as possible.
About three weeks ago WestpacTrust increased its floating rate for home loans along with other major banks by 0.7 percent per annum to 8.8 percent, in response to increases in the Official Cash Rate (OCR) of 0.75 percent by the Reserve Bank.
There has been no change to floating rates.
Paul is a staff writer for Good Returns based in Wellington.
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