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WestpacTrust joins BNZ

WestpacTrust has joined the BNZ in offering capital guaranteed term deposit, which has its return linked to sharemarket performance.

Thursday, August 8th 2002, 2:11AM

WestpacTrust has joined Bank of New Zealand and launched a capital guaranteed term deposit which pays a return linked to the performance of an offshore share index.

These sorts of funds have proved very popular with investors. Although BNZ has never formally disclosed how much money it has raised in its recent offerings, the figure is believed to be well into the 10s of millions of dollars.

WestpacTrust's Expand product is tied to the performance of the Australian Stock Exchange’s S&P/ASX200 index for the next three years.

If the ASX200 goes up during that period investors receive their capital plus 80% of the increase in the index. If the index should fall, investors still receive their initial capital back.

WestpacTrust says the Australian share market was chosen for its recent performance compared with other share markets, its proximity to New Zealand and New Zealand investor interest in the Australian economy.

WestpacTrust general manager marketing Tim Harrington says that Expand answers demands from New Zealand investors for exposure to international markets with minimal associated risk.

He says it enables investors the ability to take advantage of the recent volatility in global share markets while limiting their risk.

"As most people are aware, international equity markets are fairly volatile at the moment and a lot of people are hurting from investments made in American and European share markets in particular. We wanted to provide an alternative investment vehicle for people looking to grow their capital without exposing themselves fully to negative market fluctuations."

WestpacTrust is paying advisers brokerage of 1.75% on the product.

The minimum investment is $10,000.

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AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
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BNZ - Green Home Loan top-ups - - - 1.00
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China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
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Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
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Heartland Bank - Reverse Mortgage - - - -
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HSBC Premier 8.59 - - -
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Resimac - Specialist Clear (Alt Doc) - - 8.99 -
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Median 8.64 7.29 7.32 6.65

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