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


Cairns Lockie Mortgage Rate Reduction Early Movers

Cairns Lockie Early Mover in Mortgage Rate Reduction

Following yesterday's announcement by the Reserve Bank Governor, Alan Bollard of a reduction in the Official Cash Rate of 25 points to 5.25%, mortgage banker Cairns Lockie Limited today announced a reduction in floating mortgage rates.

In doing so Cairns Lockie becomes one of the first main stream mortgage lenders to pass this reduction in wholesale rates onto its borrowers.

The company's variable rate falls to a new low of 7.00%. This is one of the lowest rates, for a fully featured variable rate loan, in the market.

"In our Mortgage Commentary last week, we noted the unusual situation of the 90-day bill rate at 5.35% being below the Official Cash Rate of 5.50%", Mr Lockie said, "indicating that the market expected a lowering in rates. Yesterday the bill rate bounced around before settling at 5.20, confirming a lowering was expected. This prediction has been borne out".

Fixed rates have also been reduced to the following levels:
1 year 6.00%
2 year 6.31%
3 year 6.54%
5 year 6.71%

The bill rate firmed to 5.25 following the announcement to match exactly the revised OCR.

Cairns Lockie Limited is a mortgage banking company specialising in residential and residential investment lending. It has a strong internet presence through its site

© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>

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>>


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>>


CO2 And Water: Fonterra'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>>


Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>


Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>


  • Bill Bennett on Tech