Citibank has cut the interest on its variable rate product.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
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.”