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Civic Permanent lifts rates
I Increases in interest rates on
deposits and housing loans were
announced fay Civic Co
operative Permanent Building
Society Ltd yesterday.
I The chief general manager of
Civic Permanent, Mr John Kirby,
said the increases would be effec
tive from tomorrow.
Canberra Co-operative Per
manent Building Society Ltd an
nounced interest-rate rises on Sat
urday and Capital Permanent Co
operative Building Society Ltd is
expected to announce rises this
week.
The rises arc a result of the
increase in the interest rale on the
Series 14 Australian Savings Bond
announced by the Government last
week.
The bonds compete dircctly with
building societies for deposits.
Mr Kirby said, "The increases
are the last thing we want, but we
just have to implement them to
compete".
Civic Permanent's new interest
rates are as follows: new and exist
ing passbook deposit rates rise
from 8 per cent to 8.5 per cent; the
rate on monthly deposits (mini
mum $5,000, a month's notice of
withdrawal) rises from 8.75 per
cent to 9.5 per cent; and the rate
on six-months deposits (minimum
55,000, a month's notice of
withdrawal) rises from 9.5 per cent
to 10.5 per cent.
Rates on loans would rise from
10.5 per cent to 11.25 per cent.
This will increase the average
monthly repayment on a housing
loan from Civic Permanent — that
is, the average loan of $25,000 over
30 years — by SI4 a month.
Mr Kirby said he did not expect
many people to suffer undue hard
ship from the increases but the
society was willing to consider
ways of helping anyone with prob
lems.
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