EXACT search on a custom field instead of LIKE
Hi from across the ditch. 

Not clear if your custom field is text or select. Assuming Text (which raises the question of why isn't it select)

You can use Search Builder for this. Search > Search Builder.

Select contact type that your custom fields apply to. Set operator to =

Outcomes:

No matches found for:
Contact Type = 'Individual' ...AND...
electorate freehand = East

1 Contact
Contact Type = 'Individual' ...AND...
electorate freehand = Eastern Metropolitan

Does that help?

Fields are on http://d46.demo.civicrm.org/civicrm/contact/search/builder for the next x(&lt;24) hours