TORONTO, March 6 /CNW/ - Scotiabank today announced a reduction to 5.25
per cent from 7.15 per cent in the interest rate for the Bank's 10-year fixed
rate, closed term mortgage. The pricing change - effective today - gives
homeowners an opportunity to benefit from historically low interest rates.
    "This is the perfect solution for customers who are looking for long-term
interest rate comfort," said Charles Lambert, Managing Director, Mortgages,
Scotiabank. "Prudent customers can now complement their borrowing strategies
with plans to be mortgage free within 10 years."
    Scotiabank, which offers a full suite of competitive mortgage products,
including the popular Scotia Total Equity Plan (STEP), also announced a rate
reduction to 3.25 per cent from 3.5 per cent for the Bank's Save Now, Save
Later product, a one-year fixed rate, closed term mortgage.
    For more about Scotiabank mortgage products, visit us on the Web at
http://www.scotiabank.com/cda/content/0,1608,CID349_LIDen,00.html .
    Scotiabank's new 10-year offer reflects the Canada Mortgage and Housing
Corporation's (CMHC's) recent expansion of the Canada Mortgage Bonds Program.
CMHC introduced the Canada Mortgage Bonds (CMB) program in 2001. It was
expanded to include 10-year CMBs in July 2008. The program's objective is to
benefit homebuyers and the housing industry by improving access to lower-cost
mortgages.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 69,000 employees, Scotiabank
Group and its affiliates serve approximately 12.8 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With more than $509 billion in assets (as at January 31, 2009), Scotiabank
trades on the Toronto (BNS) and New York Exchanges (BNS). For more information
please visit www.scotiabank.com.