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Citibank slashes variable rates

27 JUN 2012 • By Phillip Tarrant • 2 min read • Finance

Citibank has cut the interest on its variable rate product.

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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.

 

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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

 
 

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.”

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Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is one of Australia’s leading property commentators, with more than a decade at the forefront of conversations shaping the nation’s property investment market.

As the long-time host of the Smart Property Investment Show and a regular commentator across property, finance and business, Phillip has interviewed thousands of investors, economists, advisers, brokers, agents and industry leaders, giving him a unique perspective on the trends, policies and market forces influencing Australian property.

Beyond property commentary in the media, Phillip is an active property investor himself, with first-hand experience building and managing a diversified property portfolio across multiple markets and cycles. His insights combines this practical investor perspective with deep exposure to the broader property and financial services ecosystem.

Phillip is also CEO and co-founder of Managed, an Australian property payments and technology platform transforming the way property managers, landlords and tenants manage rental payments and property transactions.

Through his writing, podcasts and industry engagements, Phillip focuses on cutting through market noise, challenging conventional thinking and helping investors make more informed, strategic decisions. His commentary regularly explores property markets, lending, taxation, regulation, investment strategy and the changing dynamics of Australia’s housing sector.

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