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Non-major slashes variable rates

by Staff Reporter10 minute read
The Adviser

Staff reporter

Proving Australia’s non-majors can go toe-to-toe with the big four on price, Citibank has cut the interest on its variable rate product.

The lender now boasts a standard variable rate of just 5.89 per cent on loans greater than $150,000 with an LVR less than 80 per cent.

The promotional rate cut complements the lender’s Mortgage Plus product expansion, which gives borrowers access to range of flexible and feature-rich credit cards.

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Speaking to The Adviser, Citibank’s head of mortgages strategy, marketing & product Belen Lopez Denis said the Mortgage Plus enhancements teamed with the promotional discounted variable rate meant the lender was now one of the most competitive in the market, both in terms of price and product offering.

“We know that to be competitive in this market, you need to be well priced and flexible in terms of product – this promotion achieves just that,” she said.

“At the end of the day, you need to be competitive on price because if we are not, we will not be on the shopping list for many brokers and their customers. That said, to be truly competitive in this market, you need to go beyond price, you also need to look at service, policy and product.

“I am happy to say we are competitive in all of these areas.”

According to Ms Lopez Denis, the bank is now passing those loans submitted as per the published check list through to conditional approval within 48 hours.

“Our turnaround times are not just quick, they are now consistent and in this volatile market consistency is crucial to brokers and their clients.”

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