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

 


Cairns Lockie Mortgage Commentary 8 Sept 2006

Cairns Lockie Mortgage Commentary

Issue 2006 / 16 8 September 2006

Welcome to the sixteenth fortnightly Cairns Lockie Mortgage Commentary for 2006. We aim 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 (8.00 am on 8 September 2006) the money markets were at the following levels:

Official cash rate 7.25% (unchanged)
90 day bill rate 7.53 (up from 7.48)
1 year swap rate 7.56 (down from 7.59)
3 year swap rate 7.17 (down from 7.19)
10 year bond rate 5.89 (up from 5.85)
Kiwi dollar 0.6472 (up from 0.6338)


Housing Market Still Strong

The residential construction industry remains strong with new residential housing consents for July at $612 million for 2,145 separate dwellings, well up on last year's $495 million. In fact this is the highest July since 1990. This does not signal a new building boom, which peaked in 2004 with 33,000 separate dwelling consents being approved. This year it is expected to around 26,500. The importance of these figures is that the residential construction industry is slowing in a fairly orderly way rather than with a sudden drop. This is positive for the industry and all those associated with it.


Still a Demand for Quality Apartments

A block of luxury apartments under construction opposite Te Papa museum in Wellington is proving popular with buyers. The Portal development in Cable Street, will have thirty-six apartments and all but one are sold. Their prices range from $680,000 to $850,000. They are proving popular as they have good views, sun and are centrally located, with easy access to the Wellington CBD. They are going to be well finished we understand, with large balconies, nice kitchens and underground parking.


Second Mortgage Money Available

Through our subsidiary company, General Finance Limited, we have second mortgage funds available to lend. Second mortgages are handy in that you do not need to disturb your first mortgage arrangements. Funds can be used for a variety of purposes from financing section sales, home improvements, to business purchases. Bridging finance is also available through this source as well. On the other side of the ledger we are looking for deposits - there are a variety of terms and rates available with our flagship term being two years at 9.99%.


Spring Mortgage Broker Seminar Series

Over the next six weeks we are hosting seminars in the main centres for our wholesale introducers of business such as mortgage brokers and various financial advisors. The seminars are useful in updating participants on what is happening and what new products are becoming available within the mortgage markets. If you are a financial advisor and we have not already contacted you, you are welcome to attend - please do not hesitate to contact us. For members of the mortgage brokers association you earn two points for your professional training for attending our course and what's more, it is interesting. Contact your Cairns Lockie lending specialist for dates.


Our current mortgage interest rates are as follows:

Variable rate 9.20%

No Financials Home Loan 9.80

Jumbo Loan 9.20

Quick Start Home Loan 8.15

One-year fixed rate 8.58
Two-year fixed rate 8.28
Three-year fixed rate 8.08
Five-year fixed rate 7.93

Line of credit facility 9.30

Regards
William Cairns
James Lockie

Cairns Lockie Limited

Website http://www.emortgage.co.nz

--

Cairns Lockie Limited is not a Registered Bank.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news