WestpacTrust Lifts Floating Home Loan Rate
5 July 2002
WestpacTrust has lifted its floating rate for home loans today from 7.75% p.a. to 8.00% p.a. following the Reserve Bank’s decision to increase the Official Cash Rate (OCR) another 25 basis points on Wednesday.
Jane Anderson, WestpacTrust Public Relations Manager, said “continued brisk economic growth, with strong spending by households, is putting upward pressure on inflation and has prompted the RBNZ to raise the OCR. The latest OCR rise and likelihood of more rises this year will continue to keep pressure on funding costs.”
The rise in the floating home loan rate would see an increase on a $100,000 home loan of $9.60 per fortnight, or $250.00 per annum.
The new floating home loan rate takes effect from 26 July, 2002 for existing customers.