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New 20% down rule brings dream of owning a home closer for more Canadians TORONTO, April 25 /CNW/ - With the new legislative changes implemented by the federal government, TD Canada Trust is able to change its minimum down payment requirements, allowing Canadians to purchase a home with as little as 20% down without mortgage default insurance. Those wishing to refinance a mortgage can also take advantage of this change and have access to an additional 5% equity in their home, without mortgage default insurance. In the past, banks were not able to provide a mortgage for more than 75% of the value of the property unless mortgage default insurance was obtained. The new legislation permits TD Canada Trust to raise that loan to value ratio to 80%. "This is great news for home buyers," says Joan Dal Bianco, Vice President Real Estate Secured Lending, TD Canada Trust. "The new rule means that homeowners will only need to obtain mortgage default insurance when the loan exceeds 80% of the value of their home. Not only will purchasers save on the premiums, but the lower down payment requirement of 20% means many will not have to turn to other, more expensive, means of financing to make a larger down payment." At TD Canada Trust, the new mortgage default insurance changes take effect immediately and apply to new applications on fixed and variable rate mortgages as well as home equity lines of credit. "For many Canadians, the dream of owning their own home has just moved closer to becoming a reality," adds Dal Bianco. TD Canada Trust will rebate or cover the cost of mortgage default insurance for high ratio mortgage customers who would not require mortgage default insurance under the new guidelines, and are in the process of closing. The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group serves more than 14 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking through TD Banknorth; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading on-line financial services firms, with more than 4.5 million on-line customers. TD Bank Financial Group had CDN$408 billion in assets, as of January 31, 2007. The Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under the symbol "TD", as well as on the Tokyo Stock Exchange. For further information: Kelly Hechler, TD Bank Financial Group, (416) 982-2469,

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