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Cairns Lockie Mortgage Commentary

Issue 2000/18 22 September 2000

Welcome to the eighteenth 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 22 September) the money markets were at the following levels:

Official cash rate 6.50% (unchanged from last fortnight) 90 day bill rate 6.66 (down from 6.68) 1 year swap rate 6.99 (down from 7.02) 3 year swap rate 7.23 (down from 7.28) 10 year bond rate 6.83 (up from 6.76) Kiwi dollar 0.4090 (down from 0.4175)

Flexibility at Cairns Lockie - Did You Know…

In excess of 70% of our clients are paying their mortgages on a monthly basis. Cairns Lockie does offer a fortnightly and weekly payment regime. If you are paid, say, weekly or fortnightly, then we can alter your mortgage payment frequency to reflect this.

Another service we offer that of security substitution. If you sell your property, we can arrange, under most circumstances, to transfer your mortgage to another property. This is certainly a cheaper option than going to another lender.

If we have assisted you in buying one house, we would like to assist with the purchase of another or an investment property. Please feel free to contact us if you want to discuss any of the above.

New Service Update

As discussed in our last newsletter, our internet banking service is now fully operational. All our current clients will have received information about it. Introducers and potential clients can test our demonstration model on our web site at http://www.emortgage.co.nz

Our second service, the 95% lending product is here. We have already received some applications.

Borrowing Funds for Business and Other Purposes

There is a perception in the market, that you can only use the proceeds of a residential mortgage for the purchase a residential or residential investment property. Nothing could be further from the truth at Cairns Lockie. While we will take only residential classed properties as security, the loan can have a much wider purpose. Valid loan purposes include, the purchase of shares, buying of boats and other pleasure crafts, purchasing of small businesses, cars and household furniture, as well as home renovations.

The Latest, an Internet Bank Robbery

Traditionally we have an image of a bank robber as someone who wears a mask, goes into a bank with a gun and then speeds off in a fast stolen car.

Last month it was revealed that an internet bank owned by Prudential Insurance in the United Kingdom, was targeted by frauders. Their modus operandi was to swindle thousands of pounds through setting up bogus accounts and obtaining credit cards. All those involved were caught. As a result, many more people are paying attention to internet security.

Users of our internet site can feel safe. For those technically inclined, our site uses 128-bit encryption security.

Our current interest rates are as follows

Variable rate 8.25%

One-year fixed rate 8.11 Two-year fixed rate 8.25 Three-year fixed rate 8.30 Five-year fixed rate 8.39

Line of credit facility 8.60

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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