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Cairns Lockie Mortgage Commentary - 13th Issue


Cairns Lockie Mortgage Commentary

Issue 2000/13 14 July 2000

Welcome to the thirteenth issue of the Cairns Lockie Mortgage Commentary for 2000. This is a fortnightly electronic newsletter which aims to keep you informed on developments at Cairns Lockie, Mortgage Bankers and the mortgage market in general. Previous issues of this commentary can be found on our website http://www.emortgage.co.nz/newsletters.htm

The Money Market

This morning (9 am on 14 July) the money markets were at the following levels:

Official cash rate 6.50% (unchanged from last fortnight)
90 day bill rate 6.82 (down from 6.90)
1 year swap rate 7.12 (down from 7.23)
3 year swap rate 7.30 (down from 7.38)
10 year bond rate 6.77 (up from 6.76)
Kiwi dollar 0.4620 (down from 0.4685)

Cairns Lockie Lowers its Rates Again Again

We announced, late yesterday, a reduction in all our fixed rates. Our new rates are as follows (with old rates in brackets):

2 years fixed - 8.35% (8.55%)
3 years fixed - 8.45% (8.65%)
5 years fixed - 8.60% (8.79%)

This is good news for all our borrowers. We endeavour to pass on any favourable changes in mortgage rates, as quickly as possible.

Friday Settlements - Why?

Years ago, house purchases, were settled on Fridays. The rational was that it allowed you to move in on the weekend. Solicitors worked under often stressful situations to complete last minute settlements. Home purchasers should realise that settling a property on a Friday is only a tradition, it is not a formal rule, laid down in stone. In fact, you can settle on any working day. We suggest that you settle on any day, except Friday. Occasionally, with a settlement, something may go wrong, such as, a caveat appears on the title, an old caveat needs to be removed, or there are difficulties with insurance. Any of these things can hold up settlement. Our advice is to aim for settlement on say a Thursday, and if a problem arises and it takes a day longer, you can still move in for the weekend. Remember you can negotiate to settle early. Your solicitor will tell you how you can do this.

Banks in the Headlines Again

Most of the recent press comment on banks (articles and letters to the editors) has been negative. As a result of this publicity, The Consumers' Institute has launched a website called Consumer Bankcheck. This site which can be located at http://www.consumer.org.nz/banks and covers various topics such as, the latest mortgage rates, saving money on your mortgage, cutting your bank fees and so forth. It is well worth a visit.

The Ministry of Consumer Affairs has also joined the picture. They are operating a telephone hotline for people wishing to complain about unsatisfactory experiences with their banks. The service will operate initially for one month (until 5 August 2000). The phone number is 0800 434 443.

How Our Mortgage Rates Compare with Australia

Quite a number of New Zealanders own property in Australia. Mortgage rates are a little lower across the Tasman. Floating rates are around 7.20-7.40% for the non-banks and most of the banks are at 7.80%. The longer dated rates, say three-year fixed, range from around 7.60 to 8.20%. If you want to follow Australian mortgage rates in detail a good website is www.cannex.com.au

20 Ways to Save Money on Your Mortgage

Now on our website at http://www.emortgage.co.nz/save.htm

Our current interest rates are as follows

Variable rate 8.35%
Two-year fixed rate 8.35 (down)
Three-year fixed rate 8.45 (down)
Five-year fixed rate 8.60 (down)
Line of credit facility 8.70

Regards William Cairns James Lockie

Cairns Lockie Limited PO Box 74-212, Market Road, Auckland Telephone (09) 525 9711 Facsimile (09) 579 7795 Website http://www.emortgage.co.nz Email mailto:wcairns@emortgage.co.nz mailto:jlockie@emortgage.co.nz mailto:gslade@emortgage.co.nz mailto:sgasson@emortgage.co.nz mailto:plange@emortgage.co.nz

If you know anyone who may find this newsletter useful we would be happy for you to forward it on.


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