Public Trust’s Fixed Mortgage Rate

29 September 2005

Public Trust’s Fixed Mortgage Rate Undercuts Major Bank Rates

Public Trust today increased its one year fixed mortgage rate to 7.70%, up from 7.60%. This new rate remains lower than those currently offered from the five major banks, and lower than Kiwibank and takes effect from today, Thursday, 29 September.

Public Trust’s variable rate for one year remains at 8.75%, and is also lower than those currently offered by the five major banks.

Pat Waite, Public Trust’s chief executive said, “With some economists suggesting that fixed mortgage rates will head above 8% and that the Reserve Bank Governor will raise the OCR, this is a good time to opt for a fixed rate mortgage.”

Public Trust home loan customers may repay lump sums without penalty. Customers with a variable or one year fixed rate can repay up to 25% of the total loan each year; those with a 2-5 year fixed rate may repay up to $5,000 every six months.

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 rates are advertised on footpath stands outside Public Trust’s 35 customer centres and 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.

ENDS

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