Media Release - 15 10 2012
Citibank drops fixed rates again to lowest in the market
Five-year fixed rate mortgages at 5.59% per annum
Sydney, 15 October 2012: Citibank has lowered its fixed rates mortgages again. Five year fixed rate mortgages are down 20 basis points to 5.59 per cent per annum, the lowest in the Australian market. One, two and three year rates are down 30 basis points to 5.35 per cent per annum.
Since September, Citibank has reduced its five-year fixed rates by a total of 65 basis points. In September, Citibank dropped rates on its five-year fixed rate mortgages by 35 basis points to 5.89 per cent per annum.
Vibha Coburn, Head of Mortgages at Citibank in Australia, said, "Consumer sentiment has worsened in recent months. With these lower fixed rates, there should be growing recognition that housing has become more affordable and consumer sentiment should begin to lift. A fixed rate home loan provides the benefits of lower fixed repayments, certainty of payment and an opportunity for consumers to improve cash flow management."
Ms Coburn also said this is a great time for customers to consider diversifying their loan by combining both fixed and variable rate options. "While a fixed rate loan provides low rates, the variable rate loan provides the ability to make additional repayments to pay off a home loan sooner," she said.
Citibank is also offering a free 60-day rate lock which allows customers to guarantee these low fixed rates for 60 days after application which typically lasts up until settlement.
"The fee 60-day rate lock is a unique feature and provides further certainty to customers in these changing times," Ms Coburn said.
Earlier in the year Citibank enhanced its packaged offering to provide more flexibility. Mortgage Plus allows customers to choose between variable, fixed, offset and line of credit mortgages, select the Citibank reward credit card of their choice and enjoy a truly fee-free transaction account.
Citibank is also currently providing a refund of application and switching costs for new to bank customers to up to $1,000.
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Citi, the leading global financial services company, 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.
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