TSB drops two-year fixed rate
TSB Bank has reduced its 2 year fixed-rate home loans to a nationwide low of 5.99%.
Thursday, June 18th 2009, 8:57AM
Managing director Kevin Rimmington said the bank remained unaffected by the comings and goings on worldwide financial markets – and was determined to pass the benefits of this on to New Zealanders.
“TSB Bank’s ownership, funding and investment strategy means it has been effectively shielded from the flow-on effects experienced by many of the multinational banks.”
“All our funding is obtained from within New Zealand – we rely on the deposit support of our customers. Right now, we’re experiencing record levels of funds growth.” Rimmington said
TSB Bank’s investment strategy had always been somewhat conservative - and largely home loan focused.
“Most of our investments, up to 65% of our assets in fact, go into providing home loans to every-day New Zealand families. We’ve been doing so for more than 150 years, now – this rate reduction is simply continuation of that commitment.”
| « ANZ profit falls; mortgages sold to new branch | BNZ mortgage book grows, profit falls » |
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