Interest rates cut by Heritage Building Society

Heritage Building Society has announced that it has reduced its fixed-rate home loan interest rates to 6.35 per cent.

John Minz, chief executive officer of the firm, observed that the changes to its products place the rates lower than those offered by the big four banks, reports the Chronicle.

"We are always looking for ways to deliver even greater benefits to our customers, and reducing the interest rates on these fixed-rate home loans will certainly do that," he stated.

He observed that as the company is owned by its members, it works to offer the "most competitive interest rates that [it] can".

As well as reducing the three-year fixed rate home loans, the building society has also pushed its five-year rate down to 6.69 per cent.

Earlier this month, the organisation announced that it plans to change its name to Heritage Bank, which it claimed would better reflect the role the firm plays in the lives of its members.

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