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Public Trust floating Mortgage Rate

28 July 2005

Public Trust floating Mortgage Rate now Below Major Bank Rates

Public Trust announced today a reduction of 0.15% in its home loan floating rate, taking the new rate to 8.75%. This rate is lower than those currently offered from the four major banks.

This new floating interest rate is available for new customers from Friday, 29 July.

Public Trust’s fixed rate for one year is 7.60% which is also lower than those currently offered by the four major banks, and lower than Kiwibank.

“Although Public Trust’s core business is based around family trusts, estates, Wills and charitable trusts, we have had a long-standing involvement in home financing, conveyancing and other specialist services based around home ownership,” says Pat Waite, Public Trust’s chief executive. “As an established trustee organisation our customers feel particularly comfortable having us take care of their home loan.”

With these competitive rates, Public Trust offers customers no up-front establishment or application fees for loans that fall within Public Trust’s standard policy guidelines

The rates are advertised on footpath stands outside Public Trust’s 35 customer centres and on Public Trust’s website – www.publictrust.co.nz

Public Trust is New Zealand’s leading trustee company; it administers and manages over 6,000 estates per year. The organisation is a long-standing provider of home mortgage finance. It sells, on behalf of deceased estates, more real estate than any other single vendor-entity.

“We are building up our home lending business and this competitive rate signals to the market that we are looking for business. We want to lift Public Trust’s profile and being proactive in the home lending market is one way of encouraging people to come into Public Trust,” says Pat Waite.

ENDS

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