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Cairns Lockie Mortgage Commentary

Issue 20
29 October 1999

Welcome to the twentieth issue of the Cairns Lockie Mortgage Commentary. 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

We are a little late today, as I have just returned from Wellington. Apologies for this. Will be back on time next issue.

The Money Market

This morning (8am on 29 October) the money markets are at the following levels:

Official cash rate 4.50%

90 day bill rate 5.24

1 year swap rate 6.12

3 year swap rate 7.38

10 year bond rate 7.09

Kiwi dollar 0.5115

We Have Started TV Advertising!

That's right! Cairns Lockie has started advertising on television. We are running a series of advertisements on Prime TV over the next few weeks. We like the content of Prime, so we thought it was a good place on which to advertise. We are targeting those who are thinking of refinancing. There are huge savings to be made from switching from trading banks' floating rates of 6.75% (or their higher fixed rates) to our floating rate of 5.85%.

Further Enhancements to our Website

In conjunction with our television advertising we have added another calculator to our website. It goes beyond just working out your monthly payments, or how much you can borrow, to working out how much you will actually save if you refinance with Cairns Lockie. You can try out our new calculator at

Why have the Banks put up their Floating Rates

Several people have asked us why have the banks been putting up their rates when the overnight cash rate remains unchanged. We are aware that the swap curve has moved outwards which explains the increase in fixed rates. However we cannot fully explain why their floating rates have increased. This may be the banks just increasing their margins. Please note our floating rate remains at 5.85%.

Cairns Lockie Continues to Expand

We welcome a new staff member, Phil Blain. Phil will join us, on Monday, in a lending role. He was previously with AMP/ERGO as credit manager. Prior to this he was with the National Bank for several years as a branch manager and in other senior lending roles. You can contact Phil at

Fraudster Article Picked Up by Good Returns Mortgage News

Last fortnight we noted the increase in fraudulent mortgage applications. This was picked up and expanded on, by the financial journalists at Good Returns. You can see their full article at

Our current interest rates are as follows

Variable rate 5.85%

Two-year fixed rate 7.80

Three-year fixed rate 8.30

Five-year fixed rate 8.75

Line of credit facility 6.25

Regards William Cairns James Lockie

Cairns Lockie Limited PO Box 74-212, Market Road, Auckland Telephone (09) 525 9711 Facsimile (09) 579 7795

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If you know anyone who may find this newsletter useful we would be happy for you to forward it on.

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