CNB reduces variable rate on home loans
NEWS RELEASE
Friday 10 July 2009
Colonial National Bank reduces variable interest rates on home loans
Colonial National Bank will reduce the variable interest rate on personal home loans by 0.25 percent to 9.25 percent per annum on Monday 13 July 2009. The 12 month fixed rate will remain at 7.50 percent per annum.
Colonial’s Head of Banking and Group Marketing, John Harper said “the variable interest rate reduction will be a welcome relief to customers in light of recent increases in the cost of living.”
This adjustment continues the trend of reductions of interest rates which commenced in October 2007 after the bank last increased its interest rates in January 2007.
The new variable housing rate at 9.25 percent per annum is 3 percent below the rate in January 2007 which saves an average household $125 per month on a $50,000 mortgage.
The bank will maintain its current savings and deposit rates to allow customers to enjoy both reduced lending rates as well as good rates on their investments.
“We are also encouraging customers to grow their savings by offering a term deposit at the rate of 5 percent per annum for a 9 month deposit for a limited time,” said Mr Harper.
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