26 Jul 2007

Fiji home loans in take a nose dive

10:49 am on 26 July 2007

A leading Fiji bank says the home loans market in the country has suffered a drop of between 20 and 30 per cent in the last six months.

The Fiji Times quotes the general manager of the Westpac Banking Corporation, John Cashmore confirmed the drop in the home loan market while announcing a further reduction in interest rates on loans by 0.5% from August the 1st.

Mr Cashmore says the reduction is the fourth announced by the bank after considering market conditions and the increase in the amount of cash held by the bank.

He says interest rates are expected to decrease further in the next six months .