CNB further reduces lending rates
Colonial National Bank General Manager, John Harper, has announced reductions in the bank’s lending rates.
The variable lending rate for residential clients and business clients will reduce by 0.25% p.a. effective from 25 April 2008.
A 0.25% pa reduction will also apply to Colonial’s MasterCard accounts, new Personal Loans, and to the 12 months fixed rate housing loan which reduces to 7.75% p.a.
Mr Harper stated this further reduction in lending rates had been possible due to reductions in the bank’s cost of funds.
Mr Harper added that for personal clients investing in term deposits rates would be held for the time being, with 2%p.a payable on deposits placed for terms of 9 months to 60 months.
The variable lending rate for residential clients and business clients will reduce by 0.25% p.a. effective from 25 April 2008.
A 0.25% pa reduction will also apply to Colonial’s MasterCard accounts, new Personal Loans, and to the 12 months fixed rate housing loan which reduces to 7.75% p.a.
Mr Harper stated this further reduction in lending rates had been possible due to reductions in the bank’s cost of funds.
Mr Harper added that for personal clients investing in term deposits rates would be held for the time being, with 2%p.a payable on deposits placed for terms of 9 months to 60 months.
