Colonial launches new home loan products
Colonial State Bank has announced details of two new home loan products to coincide with the start of the spring property market season.
(1) 1 Year Special (Discounted) Rate Saver Home Loan priced at 4.99% pa (which is a discount of 0.91% off the Standard Rate Saver interest rate of 5.90% for the first year).
(2) 3 Year Special (Discounted) Rate Saver Home Loan priced at 5.59% pa (which is a discount of 0.31% off the Standard Rate Saver interest rate of 5.90% for the first three years).
Both rates are variable rates that are guaranteed to remain lower than the standard Rate Saver Home Loan rate by the specified % discount for the discount period. After the respective discount period has elapsed, the interest rate will revert to our standard Rate Saver Home Loan rate,
All other terms and conditions are the same as for existing Rate Saver home loan, viz;
1. Standard application fee of $600 (Either loan may be taken as a stand alone home loan if the customer wishes. A discount the application fee may apply if customers take insurance or other products (possible to pay $0 application fees)
2. Valuation fee of $150
3. Available for investment property and owner-occupiers
4. No early exit fees (standard $250 mortgage discharge fee)
5. Mortgage Reduction Facility available