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Bank cuts interest rate

by Michael Masterman9 minute read
The Adviser

One of Australia's lenders has dropped its interest rate 5 basis points and set its sights on investors

Citi has cut its rate to 4.79 per cent and announced a limited offer available from now until November 29 on loans above $500,000 with an LVR of less than 80 per cent.

Belen Lopez Denis, head of marketing, product and strategy - mortgages, said the rate offers excellent value for the bank’s target market segment.

“It is a really good variable rate for the particular market segment we service, one which we hope fulfils a lot of their needs,” she told The Adviser.

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According to Ms Lopez Denis, the offer is aimed at affluent and globally-minded people like investors, the self-employed and those who travel for business.

“We decided to tweak our current offer to better meet the needs of investors,” she said.

Ms Lopez Denis said many investors are now taking advantage of favourable conditions to re-enter the market.

“We have seen a higher demand from investors who are getting into the market again,” she said.

According to AFG, 49.5 per cent of all home loans processed in NSW last month were for investors, representing the highest level of investor activity the company has recorded for any state.

Investors comprised 36.7 per cent of new home loans processed in Victoria; 35.8 per cent in Queensland; 32.9 per cent in South Australia; and 28.4 per cent in WA.

The Citibank Mortgage Plus package also offers customers additional products such as credit cards that allow customers to transfer points to a variety of rewards programs like QFF, Velocity and Emirates skywards miles.

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