Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

WestpacTrust Customers Save $1.5 Million A Month

WestpacTrust customers will save about $1.5 million a month in interest costs following WestpacTrust’s decision to drop its floating home loan interest rate by 0.30% per annum.

The floating rate drops to 7.95% per annum and takes effect immediately for new customers. On a $100,000 home loan over 20 years, the 0.30% drop is a saving of about $19 a month. It maintains this year’s downward move in floating home loan rates begun by WestpacTrust in January when it lowered them by 0.25% to 8.25% per annum. That move has saved customers over $1 million a month.

WestpacTrust is also introducing a market leading one year fixed rate home loan of 6.75% per annum.

The new rates are in response to lower short term global wholesale interest rates and follows moves by the Reserve Bank and the United States Federal Reserve to reduce official interest rates.

WestpacTrust public relations manager Jane Anderson said: “WestpacTrust believes it is important to pass on the benefits of lower interest rates to our customers as soon as possible.”

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: