Media Release - 20 08 2012
Citibank launches first fixed rate mortgage with personal line of credit
Combines certainty of a fixed rate mortgage with the flexibility of a personal loan
Sydney, 20 August 2012: Citibank has launched the first fixed rate mortgage combined with a personal line of credit. Called the Ready Credit and Fixed Home Loan Package, it provides customers with the certainty of a fixed rate mortgage with the flexibility of a personal line of credit at a very competitive rate.
"Fixed rate home loans provide certainty in home loan repayments, but are quite inflexible. They don't allow customers to transact or make changes should their circumstances change," said Vibha Coburn, Head of Mortgages at Citibank Australia. "This product has been designed to provide a competitive fixed rate home loan, with the ability to access funds at any point of time using the Ready Credit product."
Citibank's current rate for a one to three year fixed rate home loan is 5.99 percent p.a. The accompanying Ready Credit package offers a competitive introductory rate of 5.9 percent p.a. for the first twelve months and provides access to up to $30,000 cash with a Visa debit card.
"There are no annual fees, monthly servicing fees and no cash advance fees ever for the accompanying Ready Credit Product. Customers can also enjoy access to rewards such as the Citibank Dining Program," Ms Coburn said.
The Citibank Dining Program entitles all Citibank cardholders to a free bottle of award-winning wine, every time they dine and use their card to pay, at hundreds of partner restaurants across Australia.
The bank also offers customers a 60-day rate lock at no charge so customers can cost-effectively guarantee the fixed rate for 60 days after application. Citibank is one of the only banks to offer this feature for free.
Credit criteria, fees, charges, terms and conditions apply for Citibank mortgages. For details, visit Citibank.com.au.
|Australia||Judy Hitchen||Tel: +61 2 8225 1643 +61 423 760 522|
|Belen Lopez Denis||Tel: +61 2 8225 3095|
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. In Australia, Citi serves over 1 million customer accounts and 1,000 corporate accounts. It has the most comprehensive offering and largest global reach of any bank with operations in Australia.
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