General Finance Lowers Floating Mortgage Rates

Thursday, 17 May 2001, 11:51 am
Press Release: Cairns Lockie Limited

General Finance Lowers Floating Mortgage Rates To 7.70%

Following yesterday's announcement by the Reserve Bank Governor, Don Brash, property financier General Finance Limited today announced a reduction in floating mortgage rates.

The new floating rate becomes 7.70%, a reduction of 25 points, mirroring the Reserve Bank's move and similar trading bank lenders.

On a table mortgage of $150,000 over a 25 year term, this equates to a reduction of $24.69 per month. This is on top of savings flowing from rate reductions in March and April.

"We are pleased to be able to pass the benefits of lower wholesale rates onto our customers" Mr Lockie said

The rate changes are effective from 17 March 2001 for new borrowers.

In addition to regular home loans General Finance Limited offers both a No Financial Home Loan and a Construction Facility. The No Financial Home Loan is particularly well suited to the self-employed with good equity and clean credit, but unable to produce satisfactory accounting information for one reason or another. The Construction Loan is targeted at individuals who wish to build using quality builders.

Other lending rates are

One year fixed 6.85%
Two year fixed 7.20%
Three year fixed 7.50%
Four year fixed 7.65%
Five year fixed 7.80%

Line of credit 7.95%

No financials 8.70%
Construction 7.70%

General Finance Limited is a property financier based in Auckland.

-ENDS-

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