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Bank cuts rates

by Staff Reporter9 minute read
The Adviser

Staff Reporter

Citibank has sweetened its $750 cash back deal even further, with the lender trimming the interest on its two- and three-year fixed rate products.

Yesterday, the lender announced it would cut its Citibank Mortgage Plus fixed two-year home loan rate to 4.99 per cent.

In addition, the lender said it would trim the interest on its three-year fixed rate to 5.14 per cent.


The announcement coincides with the lender’s cash back offer.

Until the end of this month, customers who refinance their current home loan with Citibank will have their $750 application and switching fee refunded.

Citibank’s head of marketing product and strategy, mortgages, said the lender has reduced its two- and three-year fixed rate mortgages by 20 basis points and 15 basis points respectively since October 2012.

“Based on recent research, we know that nearly one in three new borrowers locked in a fixed rate on their home loan during March 2013,” she said.

“As a result, our new two- and three-year fixed rates provide customers with even more home loan options and a greater level of certainty and security.”

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