Southern Cross Building Society cuts floating mortgage rate to 6.25% to line up with CBS Canterbury and other banks
24th Jan 11, 6:02pm
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Southern Cross Building Society, which has just merged with CBS Canterbury and Marac Finance in a drive to become a bank, has cut its floating mortgage rate to 6.25% from 6.95%.
This brings Southern Cross' mortgage rate into line with CBS Canterbury and that of the major banks, which are grouped around 6.1% to 6.2%.
The newly merged group, known as Building Society Holdings Ltd, is hoping to win a banking licence and recently was awarded an investment grade credit rating of BBB- by Standard and Poor's.
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