Citibank slashes 1 yr fixed rate to 5.69%

Citibank will offer a new one-year fixed rate home loan of 5.69 per cent – down from 5.79 per cent.

Citibank’s Head of Mortgages Strategy, Marketing & Product Belen Lopez Denis said, “Citibank’s fixed home loan rates continue to be lower than the average standard variable rate – and in some cases over 25 basis points under; which is an unusual phenomenon.”

“At the end of the day, to be truly competitive in this market, you need to go beyond price; you also need to look at service, policy and product. That’s the reason features like a free 60-day rate lock that gives certainty to customers at no cost are great value for brokers and their clients.”

According to Ms Lopez Denis, the bank is now passing those loans submitted as per the published check list through to conditional approval within 48 hours.

Source: The Adviser