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Fixed Mortgage Rates Rise, Floating Rates Held

Cairns Lockie Limited Mortgage Bankers

Press Release
4 February 2000

Fixed Mortgage Rates Rise, Floating Rates Held

Mortgage bankers Cairns Lockie Limited announced an increase in fixed mortgage rates effective 3 February 2000. The move follows recent moves in fixed rates by the trading banks and a firming of longer dated financial instruments.

Current fixed rates are Two year 8.45% Three year 8.75% Five year 9.15%

Mr Lockie noted that the company's floating rate remained at 6.80%. "We have not yet seen the need to follow recent rises by the trading banks to floating rates at the 7.60% level" he said.

Cairns Lockie Limited is a mortgage banking company specialising in residential and residential investment lending. It has a strong internet presence through its site www.emortgage.co.nz

-ENDS-

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