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Lender

Bank ramps up product offering

by Staff Reporter10 minute read
The Adviser

Jessica Darnbrough

Determined to set itself apart from its competitors, one of Australia’s non-major lenders has come to the market with a new and unique, competitively priced product.

Citibank’s head of marketing, product and strategy - mortgages, Belen Lopez Denis, told The Adviser the lender had “significantly” trimmed the interest on its six-month fixed rate product.

According to Ms Denis, the product, currently priced at 5.24 per cent, is at least 25 basis points below their variable rates.

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“This product gives borrowers some certainty in an uncertain economic environment,” she said.

“Borrowers are very savvy and they know that there are likely to be more rate cuts in the future, so they don’t want to lock themselves into an inflexible loan. Our six-month fixed rate product allows borrowers to lock in at a very low, extremely competitive rate immediately and move back into a variable rate as the rates start to fall again.”

Ms Lopez Denis said Citibank was one of the only lenders to offer such a compelling fixed rate offer.

Moreover, the lender can offer borrowers who wish to take advantage of the new rate conditional approval in under 24 hours if all relevant information is supplied.

“We are not just committed to providing our brokers and their borrowers with competitive products, but competitive service as well,” she said.

“We are hopeful that our competitive rate teamed with our unparalleled service will drive demand.”

The product can also be coupled with Citibank's unique 60-day free rate lock offering.

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