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Floating Mortgage Rate Rises


Cairns Lockie Limited Mortgage Bankers

Mortgage bankers Cairns Lockie Limited announced an increase in its floating mortgage rates effective 14 February 2000. The new floating rate becomes 7.15%.

The move follows recent increases in the 90 day bill rate and the Reserve Bank's increase of the OCR. (Official Cash Rate)

Fixed rates remain unchanged.

Mr Lockie noted that the company had been able to hold its floating rate much longer than the trading banks who increased their rates some weeks ago. "We remain 45 points under the banks after this latest increase" he said "we believe that we can preserve this margin for the foreseeable future"

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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