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Cairns Lockie Mortgage Commentary

Cairns Lockie Mortgage Commentary

Issue 2005 / 10 17 June 2005

Welcome to the tenth Cairns Lockie Mortgage Commentary for 2005. 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

The Money Market

This evening (4pm on 16 June 2005) the money markets were at the following levels:

Official cash rate 6.75% (unchanged)
90 day bill rate 7.04 (up from 7.03)
1 year swap rate 7.03 (up from 6.93)
3 year swap rate 6.74 (up from 6.58)
10 year bond rate 5.81 (up from 5.65)
Kiwi dollar 0.7110 (up from 0.7089)

Former Prime Minister's House Makes a Record

Norman Kirk's ministerial house in Seatoun, Wellington's most fashionable suburb, sold recently for over $3.0 million. The former owner had bought it in 1992 for $400,000. Norman Kirk lived in the 1930's Forres Street house from 1972 until his death in 1974. He was believed to have intensely disliked the house for its poor insulation and nailed shut windows. Things must have improved since 1974.

Residential Property Forecasts

Mortgage insurer PMI has just released its mid year update on the outlook for NZ residential property. This review is produced in conjunction with Infometrics. The report notes that sales volumes are expected to slide over 2005 and 2006 after a strong finish to 2004, driven in part by the fixed rate mortgage war. On an annual basis, a recovery in house sales volumes is not expected until 2007. The report also looks at price forecasts by region. Price growth is expected in all regions in 2005, but the situation is more mixed in 2006. Small price growth is expected in Northland, Auckland, and Waikato/BOP, with price falls forecast for the remainder of the country. More information at

Refinancing to Cairns Lockie

We recently heard from a new customer who had come to us after attempting to refinance, just their mortgage, with a large trading bank. The trading bank required that they open a bank account from which the mortgage payments would be debited. There were to be monthly fees on that account. The bank could not offer them salary direct crediting to meet their mortgage payments. With a Cairns Lockie Home Loan, we do not insist that you open a bank account with us - because we do not offer them. We leave your existing banking relationships unchanged (cheque accounts and the like). We charge no monthly account fees. We also charge no fees for fixing your loan or re-fixing it. And we can offer salary direct crediting. So if you are looking at refinancing your mortgage, give us a go.

Mt Victoria Cottage

The small dwelling phenomenon is not restricted to recently built inner-city apartments. A renovated 1890's working man's cottage in Mt Victoria (Wellington), recently sold for $295,000, $85,000 above its rateable value. It measured just 62 square metres. The land agent described it as "architecturally redesigned in such a way that you don't notice its compactness… intimate but not claustrophobic".

Our current mortgage interest rates are as follows

Variable rate 8.65%

No Financials Home Loan 9.25

Jumbo Loan 8.65

Quick Start Home Loan 7.40

One-year fixed rate 7.83
Two-year fixed rate 7.79
Three-year fixed rate 7.54
Five-year fixed rate 7.44

Line of credit facility 8.75

William Cairns
James Lockie

Cairns Lockie Limited
321 Great South Road, Greenlane, Auckland
PO Box 74-212, Market Road, Auckland
Telephone (09) 526 2000
Facsimile (09) 579 7795


Cairns Lockie Limited is not a Registered Bank.


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