To celebrate the traditionally busy spring selling season, one of Australia’s non-major lenders has launched a competitive new mortgage campaign.
From this week onwards, Citibank will refund all borrowers that take out a new home loan with the lender up to $1,000 to cover set up and switching costs.
Speaking to The Adviser, Citibank’s head of mortgages, strategy, marketing and product Belen Lopez Denis said the $1,000 refund basically means Citibank will absorb all of the application fees, package fees, settlement fees and any additional property fees.
“From our own customer research as well as conversations with our broker partners, we discovered that many borrowers do not like the fees that are associated with taking out a new home loan or refinancing to another bank. Often, these fees are stopping them from making the switch. We wanted to remove that barrier to entry,” she said.
“We also wanted to strengthen our broker proposition and we believe this new campaign does just that.”
Mrs Lopez Denis said the new campaign teamed with Citibank’s other recent product enhancements meant the lender was now truly competitive in the mortgage space.
“In addition, our turnaround times continue to be quick and consistent, which is good news for brokers. At the moment, we are consistently turning all package deals around within 48 hours,” she said.