BSP Fiji | Colonial reduces lending interest rates

Colonial reduces lending interest rates

Colonial National Bank is delighted to announce reductions in its key lending rates.

The variable lending rate for home loans will reduce to 9.5% pa while the business base rate will be reduced to 9.2% pa. The secured personal lending rate will reduce to 14.5% pa. This represents a reduction of 0.25% pa.

Our new 12 month fixed home loan rate will be decreased to 7.5% pa, whilst the new reduced credit card rate will be 20.5% pa.

In addition to the reduction in the lending rates, Colonial National Bank is also pleased to announce that they will maintain the interest rates on retail savings and term deposits accounts.

"We are pleased to be passing on to our borrowing clients the recent reductions in our cost of funds”, said the General Manager Banking, John Harper. “I’m sure this will be welcomed by our clients in light of recent increases in the prices of fuel and food.”

“The reductions are designed to help our business clients and stimulate investments which will benefit all of Fiji”, he added.

The reduced fixed home loan rates will become effective on Monday 7 July 2008 while the new variable interest rates for existing borrowings comes into effect on Monday 4 August 2008.