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Cairns Lockie Mortgage Commentary

Issue 2000/17 8 September 2000

Welcome to the seventeenth 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 (9am on 8 September) the money markets were at the following levels:

Official cash rate 6.50% (unchanged from last fortnight) 90 day bill rate 6.68 (down from 6.72) 1 year swap rate 7.02 (down from 7.05) 3 year swap rate 7.28 (up from 7.26) 10 year bond rate 6.76 (up from 6.67) Kiwi dollar 0.4175 (down from 0.4285)

Loan Service Net, Cairns Lockie Customers get Wired

By the end of this month (and maybe as early as the end of next week) Cairns Lockie will have its internet banking service operational. This takes our existing telephone banking service to a new level of functionality allowing such things as funds transfers and online statements. Access will be available through the internet 24 hours a day, 7 days a week. If you require any further details please contact us.

New Product Aimed at First Home Buyers

Next week Cairns Lockie is increasing the maximum loan available from 90 to 95% of the proposed security. This product is specifically targeted at first home buyers. This offering puts Cairns Lockie on a par with the BNZ and National Bank who both have a 95% product. It is our aim to have as wide a product range as possible. Further details will follow shortly.

A Spring in the Residential Property Market?

According to figures recently released by the Real Estate Institute, 1,711 houses sold in the Auckland region during July. This was down from 1,845 houses in the previous month. At the same time last year the number was 2,219. This trend was similar in all regions, with house sale numbers being down. Despite this, median house prices have remained relatively stable. Over the past two weeks, we have noticed an increase in activity in the house market. Agents confirm this trend. This may be the beginning of the traditional spring lift.

Mortgage Rates in the UK Compared with NZ

A couple of clients, have asked us about mortgage rates in the UK. Two rates are often quoted, a nominal rate and a higher rate, which is called the APR rate. APR stands for annual percentage rate, and is higher than the nominal rate as it includes all the relevant fees. Below we quote both rates for loans under 100,000 pounds from a typical building society.

Term Nominal rate Typical APR

Variable 7.88 8.20 Two year fixed 6.69 7.90 Three year fixed 6.69 7.80 Five year fixed 6.69 7.60

The rates, like Australia, are only a little lower than our mortgage rates.

Our current interest rates are as follows

Variable rate 8.35%

One-year fixed rate 8.20 Two-year fixed rate 8.35 Three-year fixed rate 8.38 Five-year fixed rate 8.40

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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