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Cairns Lockie Mortgage Commentary

Cairns Lockie Mortgage Commentary

Issue 2003/10

Welcome to the tenth 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 13 June 2003) the money markets were at the following levels:

Official cash rate 5.25% (down from 5.50%)
90 day bill rate 5.25 (down from 5.27)
1 year swap rate 4.95 (down from 5.04)
3 year swap rate 5.13 (down from 5.32)
10 year bond rate 5.06 (down from 5.38)
Kiwi dollar 0.5790 (up from 0.5775)

Further Advances Made Easy

A number of borrowers are seeking further advances to improved their homes or purchase other assets. We have improved our top up procedure to make this easier and faster. If the amount required is under $100,000, the borrower has been in their current job for a year and there is good repayment history, we can dispense with the normal application form. We have a much shorter one, which we pre-complete, removing the need for an updated statement of position or payslips etc. We have also removed the need for new valuations, if the last one is less than 2 years old. If you or your clients would like a further advance, give us a call.

NZ Wealth is Improving

In the past year, the net worth of New Zealanders, (the difference between assets and debt) improved by $13.3 billion to $224.3 billion, according to Westpac's latest savings indicators. This is good news for the country. The increase was largely due to an increase in housing values, which in most parts of the country have been appreciating over the past 12 - 18 months. Bank call and term deposits increased as well. The increase in our net worth would have been higher had it not been for the considerable outflows and the decrease in asset values in the managed funds area. These are the main savings and superannuation vehicles for a number of people.

New Zealand Rates Compared With Australia

A large number of Kiwis have properties in Australia particularly in locations such as Queensland. The biggest difference between Australia and here is that most mortgages there are written at the floating-rate, which is little different from the fixed rates. The average bank floating-rate is around 6.57% whereas a number of non-bank players are offering floating-rates from 6.03% to 6.25%. There are a number of specials on at the moment at under 6.00%. Three-year fixed rates range from 6.09% to 6.45%

Self-Employed and Having Trouble Getting a Home Loan?

Many self-employed people have trouble getting a home loan. Generally it is because they have difficulty showing that there is surplus income. When a small business is growing, most available cashflow, is being used to fund business expansion. Our solution is the "No Financials" home loan. All the borrower has to do, is self-certify their income and we can proceed with the loan. This home loan has all the bells and whistles that you would expect. This includes redraw facilities, lines of credit, fixed and floating rate options, interest only terms (up to 10 years) and we can structure it to be tax effective. Please call us for more details

Our current mortgage interest rates are as follows

Variable rate 7.00% (new)

No Financials Home Loan 8.00 (new)

Jumbo Loan 7.00 (new)

Quick Start Home Loan 5.90 (new)

One-year fixed rate 6.21 (new) Two-year fixed rate 6.32 (new) Three-year fixed rate 6.44 (new) Five-year fixed rate 6.51 (new)

Line of credit facility 7.10 (new)

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