Fixed rates Fall - Has the Market Peaked?

Cairns Lockie Limited Mortgage Bankers

Press Release 15 June 2000

Fixed rates Fall - Has the Market Peaked?

Mortgage bankers Cairns Lockie Limited announced a 10 basis point reduction in all fixed rate mortgage products, effective 16 June 2000. The move follows a move down yesterday by the Westpac on the back of an easing in longer dated wholesale rates.

Mr Lockie said that Cairns Lockie had a policy of being the last to put rates up in a rising market and the first to reduce them in a falling market. Our recent rise in floating rates lagged the trading banks by up to three weeks he said. This fall in fixed rates was amongst the first in the market.

Fixed rates are now (from 16 June 2000)
Two year fixed 8.65
Three year fixed 8.75
Five year fixed 8.89

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

-ENDS-

For further information contact: James Lockie Director Cairns Lockie Limited Phone 09 525 9711 Fax 09 579 7795 Email jlockie@emortgage.co.nz Web www.emortgage.co.nz

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