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,
currently 5.90%.

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

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