[fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=””][fusion_builder_row][fusion_builder_column type=”1_1″ spacing=”” center_content=”no” link=”” target=”_self” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_image_id=”” background_position=”left top” background_repeat=”no-repeat” hover_type=”none” border_size=”0″ border_color=”” border_style=”solid” border_position=”all” border_radius=”” box_shadow=”no” dimension_box_shadow=”” box_shadow_blur=”0″ box_shadow_spread=”0″ box_shadow_color=”” box_shadow_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” last=”no”][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=””]Citibank has reduced mortgage rates across its home loan product suite, effective for new business from 26 August.
The non-major lender is the latest in a spate of both majors and non-majors reducing their rates, in response to eased guidance from the banking regulator and all-time low cash rates set by the Reserve Bank.
Citi’s variable owner-occupied P&I home loan rates will now start from 3.21% (3.26% comparison rate), while its fixed owner-occupied P&I rates will now start from 2.99% (4.61% comparison rate). Its investment loans with interest-only terms will now start from 3.74% (3.88% comparison rate).
Earlier, Westpac’s subsidiaries (the Bank of Melbourne, BankSA and St.George Bank) also reduced fixed rates across their owner-occupied and investment home loan offerings. The Bank of Melbourne and St.George slashed rates by between 10 bps and 1.35%, with both banks’ owner-occupied fixed rates now starting from 2.94% and investment fixed rates from 3.64%.
According to Canstar’s finance analyst, Steve Mickenbecker, the cuts have come in response to a decline in wholesale funding costs.[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
