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

 

General Finance Lowers Floating Mortgage Rates

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-


© 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: