Cairns Lockie Lowers Floating Mortgage Rates To 8%
Following yesterday's announcement by the Reserve Bank Governor, Don Brash, non-bank lender Cairns Lockie Limited today announced a reduction in floating mortgage rates.
The new floating rate becomes 8.00%, a reduction of 25 points, mirroring the Reserve Bank's move.
"This is the first time we have seem floating rates at 8% or below, since the middle of last year", Mr Lockie said, "floating rates are now following the recent trend seen in the reduction of fixed rates".
The company's line of credit rate moves down to 8.35%.
The rate changes are effective from 16 March 2001 for new borrowers and from 11 April 2001 for existing customers.
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