WestpacTrust Lowers Interest Rates On Fixed Rate

23 March 2000

WESTPACTRUST LOWERS INTEREST RATES ON FIXED RATE LOANS

WestpacTrust is dropping its interest rates for most fixed and capped rate home loans. The decrease follows a flattening of the yield curve which has seen longer term wholesale interest rates fall. The new rates take effect immediately.

One, two, three, four and five year fixed rates will drop between 0.10% per annum and 0.15% per annum. One two and three year capped rates will drop between 0.05%per annum and 0.15% per annum. Six month fixed rates will rise 0.35% per annum, reflecting the increase in short term wholesale interest rates.

WestpacTrust Public Relations Manager Jane Anderson said: “With medium and longer term interest rates falling, WestpacTrust believes it is important that we pass these decreases on to our customers as soon as possible.”

ENDS

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WestpacTrust is the New Zealand division of Westpac Banking Corporation, which is incorporated in New South Wales, Australia

WESTPACTRUST FIXED RATES
6 months 1 year 2 years 3 years 4 years 5 years
Old rate 7.60% 8.10% 8.70% 8.80% 8.95% 9.00%

New rate 7.95% 7.95% 8.55% 8.70% 8.80% 8.90%

Change +0.35% -0.15% -0.15% -0.10% -0.15% -0.10%

WESTPACTRUST CAPPED RATES
1 year 2 years 3 years

Old rate 8.65% 9.25% 9.50%

New rate 8.60% 9.10% 9.35%

Change -0.05% -0.15% -0.15%

For further information, please call:

Jane Anderson
WestpacTrust Public Relations Manager
04 498 1657
025 502 325

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