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Bank extends promo offering

by Steven Cross9 minute read
The Adviser

In a clear indication that competition remains strong for home loan business, one lender is extending its promotional rate and waiving almost $800 worth of fees.

Head of broker distribution at Citi Aaron Milburn revealed the initiative, which will run until the end of the month, while speaking with The Adviser.

“We communicated at the back of December that we would be open throughout the festive period, and we were rewarded with a volume to support that,” Mr Milburn said.

“We wanted to give something back, so from today until the 31st of January, if a broker hasn’t submitted a deal in the new year yet, contact your BDM, because not only on the Mortgage Plus is the app fee waived but I’m going to waive the first-year package fee as well.”

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While the 'welcome back' special is limited to one per broker, the promotional rate has been extended even further.

“We’ve extended our 4.79 promo rate until the end of February on the back of some fantastic feedback. There’s been a lot of noise around that and we’ve been getting great volumes from that,” he said.

The lender has also promised fast turnaround times.

“Our turnaround at the moment is around 24 hours, and while some people will just say ‘that’s because volumes are low’, that isn’t the case. Our volumes have remained solid over the festive period but our service levels haven’t slipped. 

“A large part, if not all of that comes from our ownership model where brokers have direct engagement with the credit officer: they can pick the phone up and have a conversation about that deal.

“It takes a massive amount of time out of the process and it’s a far more streamlined process,” Mr Milburn said.

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