How to instantiate projectile at the right height?

My problem is quite simple I believe, but I’m a complete noob. I’m doing a third person shooter and I needed a very simple shooting script which lets my character shoot a prefab projectile out of its body. Well, it does that but the projectile instantiates at the foot of the character. I need it to be higher, at the level of the arms. If anyone could help me out with that, I would greatly appreciate it. Here’s my script:

var projectile : Rigidbody;
 var speed = 10;
 var fireRate = 0.11;
 var damage = 40;
 private var lastShot = -10.0;
 function Update () {
     if(Time.time > fireRate+lastShot){
         clone = Instantiate(projectile, transform.position, transform.rotation);
         projectile.tag = "Bullet";
         clone.velocity = transform.TransformDirection( Vector3 (0, 0, speed));
         lastShot = Time.time;
 Destroy(clone.gameObject, 3);

Something easy would be tweaking the 10th row. Check this:

clone = Instantiate(projectile, transform.position + new Vector3(0.0f, 1.5f, 0.0f), transform.rotation);

Thank you so much! You are a life savior! It worked beautifully!