Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Cairns Lockie Mortgage Commentary


Cairns Lockie Mortgage Commentary

Issue 2003/7 2 May 2003

Welcome to the seventh Cairns Lockie Mortgage Commentary for 2003. 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 (8am on 2 May 2003) the money markets were at the following levels:

Official cash rate 5.50% (down from 5.75%) 90 day bill rate 5.51 (down from 5.79) 1 year swap rate 5.30 (down from 5.58) 3 year swap rate 5.60 (down from 5.90) 10 year bond rate 5.83 (down from 5.96) Kiwi dollar 0.5630 (up from 0.5575)

Cash Rates Down

The market was caught slightly unawares last week when the Reserve Bank dropped the Official Cash Rate by a quarter of a percent down from 5.75% to 5.50%. This resulted in most prime rate mortgage lenders lowering their floating rates by the same percentage. The Reserve Bank attributed the reduction to a slowing in the domestic economy. They also cited an easing in retail sales, SARS virus implications, potential power shortages that will effect industrial output and the recent droughts in some areas. A number of commentators have indicated that there may be a further two or three cuts this year. This will result in further falls in mortgage rates, particularly at the shorter end of the market with the impact to be largely on floating rates.

Lifestyle Blocks Continue to be Popular

There is speculation that farm prices should be declining due to falls in the commodity prices and the rising New Zealand dollar. This is not yet evident and many estate agents report considerable buoyancy in the rural sector, particularly as regards lifestyle blocks. Purchasers are seeking to combine country living with the benefits of an urban working life. Lifestyle properties have always been found around the major cities but they are now becoming popular in the provincial cities such as Palmerston North, Napier and Hastings. Lifestyle blocks near the sea or on coastal stretches of land are even more actively sought.

Top Ups Made Easier

Existing borrowers often want to top-up their mortgage to fund home improvements or to use as a deposit to purchase another property or business. We have now considerably streamlined our top-up process to make it simpler and quicker. In most cases you will not need to go and see your lawyer. If you are interested in topping up or extending your existing mortgage please do not hesitate to contact your lending manager.

Cairns Lockie on the Move

We have moved premises further up Great South Road. For over four and a half years we were located at 666 Great South Road in the Ellerslie Central Park complex. We are now located on the first floor at 321 Great South Road, Greenlane. There is visitors' car parking available. All staff has direct telephone numbers. Our main telephone number has changed but our fax and email addresses remain the same. Our contact details are listed below.

Our current mortgage interest rates are as follows

Variable rate 7.25% (new)

No Financials Home Loan 8.25 (new)

Jumbo Loan 7.25 (new)

Quick Start Home Loan 6.20 (new)

One-year fixed rate 6.51 (new) Two-year fixed rate 6.72 (new) Three-year fixed rate 6.89 (new) Five-year fixed rate 7.11 (new)

Line of credit facility 7.35

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra (And Dairy NZ)'s Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO: