After considerable tightening on lending throughout the GFC, Citibank is once again ready to lend – increasing the competitiveness of its mortgage pricing.
Yesterday, the second tier lender slashed 20 basis points from its Propack loan, to sit at 6.69 per cent.
The bank also trimmed the pricing on its Basic loan in a bid to make it more competitive with other home loan products on the market.
Citibank mortgages head of distribution Peter Hayward told The Adviser that the bank was committed to improving competition in the industry.
“Not long ago we reduced the pricing on our fixed rate mortgages so that they were in line with, if not better than the rest of the marketplace. We even threw in a 60 day lock feature on our fixed rate products,” Mr Hayward said.
“We are doing our bit to support competition in the industry. We want to let our brokers know that after working hard to support them through the global financial crisis, we are now motivated to lend and improve the broker offering in any way possible.”
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