SBS slashes floating rate by 1.95%
4th Dec 08, 10:13am
by
Southland Building Society, New Zealand's newest bank, has responded to today's 150 basis point cut in the OCR by slashing its variable mortgage rate by 1.95% to 7.2%. "SBS Bank is able to pass on the full benefits of the OCR reduction and more because we are not affected by the increased cost of borrowing offshore, which has been a result of the global credit crunch," SBS Bank chief executive Ross Smith said.
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