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Cairns Lockie Increases Variable Rate to 7.65%

Cairns Lockie Limited Mortgage Bankers

Press Release 10 April 2000

Increase in Floating Mortgage Rate

Mortgage bankers Cairns Lockie Limited announced an increase in its variable mortgage rate, effective immediately (10 April 2000) on new loans and from 19 April for existing loans (with new payments on existing loans being effective from 1 May 2000).

The new floating rate becomes 7.65% pa.

Mr Lockie said that the company had been able to hold its old rate for 4 weeks longer than the trading banks. "This is the advantage of dealing with a non-bank lender", he said.

Cairns Lockie continues to receive most of its business from clients refinancing away from trading banks. Mr Lockie noted that clients switch lenders to take advantage of more flexible lending options with no ongoing fees.

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-

For further information contact: James Lockie Director Cairns Lockie Limited Phone 09 525 9711 Fax 09 579 7795 Email jlockie@emortgage.co.nz Web www.emortgage.co.nz



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