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Bank launches product first

by Staff Reporter8 minute read
The Adviser

Staff Reporter

In a bid to set itself apart from the competition, one of Australia’s banks has launched the first fixed rate mortgage with combined personal line of credit.

Yesterday, Citibank said the new product, Ready Credit and Fixed Home Loan Package, will provide customers with the certainty of a fixed rate mortgage and the flexibility of a personal line of credit at a very competitive rate.

“Fixed rate home loans provide certainty in home loan repayments, but are quite inflexible. They don’t allow customers to transact or make changes should their circumstances change,” Citibank’s head of mortgages Vibha Coburn said.

“This product has been designed to provide a competitive fixed rate home loan, with the ability to access funds at any point of time using the Ready Credit product.”

Citibank’s current rate for a one-to three-year fixed rate home loan is 5.99 per cent.

The accompanying Ready Credit package offers a competitive introductory rate of 5.9 per cent for the first 12 months and provides access to up to $30,000 cash with a Visa debit card.

“There are no annual fees, monthly servicing fees and no cash advance fees ever for the accompanying Ready Credit Product. Customers can also enjoy access to rewards such as the Citibank Dining Program,” Ms Coburn said.

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