Cairns Lockie Limited Mortgage Bankers
Press Release 17 March 2000
Reduction in Fixed Mortgage Rate
Mortgage bankers Cairns Lockie Limited announced a further fall in its five-year fixed mortgage rate, effective
immediately (17 March 2000). The new five year rate becomes 8.90% (down 15 points from 9.05%).
Mr Lockie noted that the company's new rate was amongst the lowest in market.
The spread between the two-year fixed rate and the five-year fixed rate has narrowed to just 25 points having been a
wide as 100 points (1%) less than six months ago. The yield curve is now almost flat, indicating a cap on likely future
moves in floating rates.
Floating rates remain unchanged at a competitive 7.15%.
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
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