12 Mar 2009

Cook Islands banks announce rate reductions

10:18 am on 12 March 2009

Banks in the Cook Islands have announced a reduction in interest rates from the start of this week.

"Westpac has reduced rates by 0.25 percent on various products ranging from housing ( now 10.5%) to secured personal loans ( 16.25%)."

However, the rate of 10.7 percent on an overdraft will remain for the time being.

The interest rate at ANZ on a standard variable home loan has been decreased from 11 to 10.7 percent per annum, while the business lending rate was cut by the same margin to 10.5 percent.

A reduction of 1% has been applied to all forms of personal loans.

At the Bank of the Cook Islands, individual home and business loan interest rates have been reduced by quarter of a per cent, effective from March the first.