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Cairns Lockie Lowers Floating Rate 35 Points

Cairns Lockie Limited Mortgage Bankers

Press Release 18 May 2001

Cairns Lockie Lowers Floating Mortgage Rate 35 Points

Following yesterday's announcement by the Reserve Bank Governor, Don Brash, mortgage banker Cairns Lockie Limited today announced a reduction in floating mortgage rates.

The company's variable rate falls to a new low of 7.40%. This is one of the lowest rates, for a fully featured variable rate loan, in the market.

"The Reserve Bank moved 25 points", said Mr Lockie "but we have decided to lower our floating rate by 35 points, to re-establish our position at the lower end of the main stream mortgage lenders"

Fixed rates remain unchanged.

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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