What you need to know about the new direct marketing guidance note
Nadine Mather and Chloë Loubser
Bank cuts lending rate
First National Bank (FNB) will cut its prime lending rate by 1% from 13% to 12%. The new interest rate will be applicable to all new and existing prime-linked loans, including home loans, from Monday, 4 May 2009.
"We continue to urge borrowers to use declining rates as an opportunity to improve their financial position. Where possible customers with mortgages should maintain their payments at pre-cut levels, as this will significantly lower the overall cost of the mortgage," says Michael Jordaan, CEO of FNB.
"Falling rates have resulted in an improvement in overall consumer indebtedness from 78% to 76%. We expect that this figure will fall further after today's announcement," added Jordaan.
FNB's Investment Product House conducts weekly rates review meetings at which rates earned in investments are reviewed independently of the SARB's MPC announcements. Revised rates are communicated via rates boards in branches and on FNB's web site, www.fnb.co.za.
Useful Personal Banking Contacts:
FNB Telephone Banking and Pricing Line: 0860 11 22 44
FNB Debt Review Centre: 0860 36 20 02
On-line Fee Calculator: http://www.fnbweb.co.za/onlinecalculator/
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