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Citibank slashes variable rates

finance-advice
1 minute read

Citibank slashes variable rates

by Phillip Tarrant 27 June 2012 1 minute read

Citibank has cut the interest on its variable rate product.

June 27, 2012

The lender now boasts a standard variable rate of just 5.89 per cent on loans greater than $150,000 with an LVR less than 80 per cent.

 

The promotional rate cut complements the lender’s Mortgage Plus product expansion, which gives borrowers access to range of flexible and feature-rich credit cards.

Citibank’s head of mortgages strategy, marketing & product Belen Lopez Denis said the Mortgage Plus enhancements teamed with the promotional discounted variable rate meant the lender was now one of the most

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competitive in the market, both in terms of price and product offering.

“We know that to be competitive in this market, you need to be well priced and flexible in terms of product – this promotion achieves just that,” she said.

“At the end of the day, you need to be competitive on price because if we are not, we will not be on the shopping list for many brokers and their customers. That said, to be truly competitive in this market, you need to go beyond price, you also need to look at service, policy and product.

“I am happy to say we are competitive in all of these areas.”

Citibank slashes variable rates
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About the author

Phillip Tarrant

Phillip Tarrant

Phillip Tarrant is executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for... Read more

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