WestpacTrust Changes Interest Rates On Home Loans

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

24 May 2000

WESTPACTRUST CHANGES INTEREST RATES ON HOME LOANS

WestpacTrust is increasing its floating rate for home loans by 0.7% per annum to 8.8% per annum in response to increases in the Official Cash Rate of 0.75% by the Reserve Bank in the last month.

The new rate will be effective from 25 May 2000 for new customers.

WestpacTrust general manager retail Ross Aitken said: “The last two increases in the OCR have pushed up wholesale interest rates significantly in the last month. However, customers have a range of simple options that can significantly reduce the long term cost of their home loans, saving them up to 40% on their interest costs, which WestpacTrust is currently promoting.”

ENDS

For further information, please call:

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

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