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Bank slashes interest rate

by Staff Reporter8 minute read
The Adviser

Staff Reporter

One of Australia’s non-major lenders has slashed the interest on its two-year fixed rate product, making it one of the most competitively priced products on the market.

Yesterday, Citibank announced it would cut 30 basis points from its two-year fixed rate, taking it to 4.89 per cent.

Citibank’s head of marketing product and strategy, mortgages Belen Lopez Denis said research shows that rates are now reaching the lower band of the Reserve bank’s target, increasing speculation that rate increases could be on the cards.

“As a result, there has never been a better time for customers to consider fixing their home loan providing them with a new market leading two-year fixed rate and an even greater level of certainty and security,” Ms Lopez Denis said.

Customers also have the opportunity to split their home loan, combining the security of fixed repayments with a variable rate that provides access to a greater range of features such as the ability to make additional repayments.

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