Public Trust to build home loan business

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Public Trust has made an interesting move, chopping its floating home loan rate, despite the Reserve Bank leaving the official cash rate unchanged yesterday.

Friday, July 29th 2005, 6:42AM

The Public Trust has reduced its floating rate 0.15% to 8.75%. This rate is lower than those currently offered from the four major banks.

It says the rate is available for new customers from today.

Public Trust’s fixed rate for one year is 7.60% which is also lower than those currently offered by the four major banks, and lower than Kiwibank.

"Although Public Trust’s core business is based around 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," Public Trust chief executive Pat Waite says.

Public Trust offers customers no up-front establishment or application fees for loans that fall within Public Trust’s standard policy guidelines.

"We are building up our home lending business and this competitive rate signals to the market that we are looking for business. We want to lift Public Trust’s profile and being proactive in the home lending market is one way of encouraging people to come into Public Trust," Waite says.

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