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ISCOVER
Staff Reporter
One of Australia’s non-major lenders has vowed to pay any customer who refinances with them within the next three months.
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Yesterday, Citibank announced it would give $750 to customers who refinance with the bank between 4 February and 30 April 2013.
Citibank’s head of marketing, product and strategy for mortgages, Belen Lopez Denis, said this allows borrowers greater flexibility, removing one of the hurdles to choosing the most attractive offer in the market.
“Based on RFi research, we know that one of the biggest objections customers have to switching lenders is the fee involved in the process. Our new offer provides an opportunity for brokers and customers to make switching easier,” she said.
The offer follows the bank’s recent ramp-up of its product offering with the introduction of a new-to-market and competitively priced short-term fixed rate product.
Currently priced at 5.24 per cent per annum, at least 25 basis points below the bank’s variable rate, the six-month fixed rate can be used in conjunction with the new $750 offer.
“This is the only six-month fixed rate in the market, designed for borrowers who don’t want to lock themselves into an inflexible loan if they believe more rate cuts are likely this year. Borrowers can lock in at a very low, very competitive rate immediately and move back into a variable rate if rates fall again.”
