WestpacTrust Lowers Fixed And Capped Rate Rates

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

17 August 2000

WESTPACTRUST LOWERS FIXED AND CAPPED RATE HOME LOANS

WestpacTrust is lowering fixed interest rates for home loans by up to 0.30% per annum and capped rates by up to 0.45% per annum following the Reserve Bank’s decision on Wednesday to leave the Official Cash Rate unchanged.

The new rates take effect immediately.

WestpacTrust General Manager Retail Ross Aitken said: “The Reserve Bank’s decision to hold the OCR has resulted in longer term wholesale interest rates falling. We are changing our lending rates to reflect the lower cost of funding loans.

“With housing market activity at its lowest level since the 1998 Asian crisis, lower interest rates should help stimulate the housing market by giving customers increased confidence over the cost of borrowing,” Mr Aitken said.

ENDS

For further information, please contact:

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

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WestpacTrust Fixed Rate Home Loans

Loan term Interest rate (per annum) Change
6 months 7.95%
-0.30%
1 year 8.10% -0.15%
18 months 8.10% -0.15%

2 years 8.25%
-0.10%

3 years 8.30% -0.20%
4 years
8.35% -0.25%
5 years
8.40% -0.30%

WestpacTrust Capped Rate Home Loans

Loan term Interest rate (per annum) Change
1 year 8.50% -0.25%

2 years 8.65% -0.35%

3 years 8.80% -0.45%

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