Public Trust’s Fixed Mortgage Rate
16 February 2006
Public Trust’s Fixed Mortgage Rate Undercuts Major Bank Rates For One Year Term
Public Trust today dropped its one year fixed mortgage rate to 7.99%; down from 8.30%. This new rate for a one year term undercuts those currently offered by the five major banks, and is lower than Kiwibank. The new rate takes effect from today, Thursday, 16 February.
Public Trust’s competitive variable rate remains at 9.25%, and is also lower than those currently offered by the five major banks.
Pat Waite, Public Trust’s chief executive said, “This move gives borrowers the opportunity to fix the greater part of their home for a shorter term and at a competitive rate, given that recent trends indicate that interest rates may have peaked. This is a very sharp rate which enables borrowers to fix their costs and take advantage of any rate reductions in 12 months time.”
Public Trust customers with a variable or one year fixed rate can repay up to 25% of the total loan each year, without penalty.
Public Trust offers customers no up-front establishment or application fees for loans that fall within Public Trust’s standard policy guidelines.
“Although Public Trust’s core business is 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. As an established trustee organisation our customers feel particularly comfortable having us take care of their home loan,” Mr Waite said.
The home loan rates are advertised on Public Trust’s website – www.publictrust.co.nz
Public Trust is New Zealand’s largest and most enduring trustee organisation; it administers and manages around 2,500 estates per year. It drafts over 20,000 Wills annually and holds over 330,000 New Zealanders’ Wills. The organisation is a long-standing provider of home mortgage finance.