New Home Loan Product Targeted at First Home Buyer

Cairns Lockie Limited Mortgage Bankers

New Home Loan Product Targeted at First Home Buyers

Cairns Lockie Limited today released its 95% Designer Home Loan targeted at first home buyers. The 95% loan allows purchasers to borrow up to 95% of the property's value. Refinancing loans will be available in limited circumstances.

Mr Lockie noted that the product was being released as a result of growing customer demand for higher LVR (loan to value ratio) borrowing. "We remain keen to preserve our reputation for quality lending", he said, "and so lending criteria will be somewhat stricter than for regular loans". Loans will be restricted to the 21 main cities and towns in New Zealand, with loans of up to $300,000 being available.

As with the trading banks, 95% loans from Cairns Lockie Limited will attract a low equity fee, although Cairns Lockie will not be charging an additional interest margin, unlike a number of the trading banks.

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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