6 May 2002
Cairns Lockie New Line Of Credit Rate One Of The Lowest
Mortgage bankers Cairns Lockie Limited announced a reduction in its Line of Credit rate, effective immediately for new
borrowers (6 May 2002).
The new Line of Credit rate becomes 7.20% pa, a reduction of 25 points.
Mr Lockie said that the new rate brings the Cairns Lockie Line of Credit below all of the Trading banks, in some cases
by a significant margin. "The move was possible", he said "due to the popularity of the Line of Credit product."
A Line of Credit is often added to a mortgage facility to give borrowers the ability to come and go as they please,
without the need to seek additional approvals.
Mr Lockie noted that "the primary difference between the Cairns Lockie Line of Credit and that offered by the banks,
apart from price, was that the Cairns Lockie product had no ongoing fees, whether for utilisation or non-utilisation"
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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