TORONTO, ONTARIO - May 26, 2014 /CNW - Until June 7, Scotiabank is offering the following special rates on full feature residential mortgages*:

• Fixed rate: 2.97% for a 5 year term
• Variable rate: 2.47% for a 5 year term

"Most low-rate mortgages come with restrictions that lock you in with fine print that can keep you in your mortgage longer than you'd like, or be expensive if you need to change things. Life doesn't happen in five-year increments," says David Stafford, Scotiabank's Managing Director of Real Estate Secured Lending. "The most expensive aspect of a new mortgage in this market is time, not rate, and you need the flexibility to increase payments or make extra payments to put these rates to work for you, shorten your mortgage, and save thousands in interest costs in the process."

When considering mortgage options, take a closer look at not just the mortgage rate but also at the features and flexibility. With the right advice and mortgage, you can own a home not a mortgage sooner than you thought.

Visit www.scotiabank.com/mortgagerates to see how small changes can make a big difference to becoming mortgage-free faster.

About Scotiabank
Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $783 billion (as at January 31, 2014), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using CNW. For more information please visit www.scotiabank.com.

* Special offers may be changed, withdrawn or extended at any time without notice. Other restrictions apply.

For further information:

Gordon Smith
Scotiabank Media Communications
416-933-3056
gordon.smith2@scotiabank.com