Citigroup's fixed interest rate plummeted by 40 points to try to compete with major Australian banks
2014-01-29 12: 11: 54
Editor in charge: Catherine
(From this newspaper) After the National Bank (NAB)/Homeside and Westpac successively cut fixed interest rates, non-large lending bank Citibank also slashed its fixed interest rates by 40 basis points.
Arun Balakrishnan, Director of Mortgage Products at Citibank, said: "Recently, we have found that the market demand for fixed-rate mortgages has increased. Citibank's fixed-rate mortgages provide customers with definite and competitive interest rates."
Recent data shows that consumer demand for fixed-rate mortgages has reached the highest level in the past six years. In December last year, more than one-third of new mortgages chose fixed-rate loans. Jessica Darnbrough, a spokesperson for Mortgage Choice, said the surge in demand for fixed-rate mortgages is not surprising. "More and more borrowers are pouring into the fixed-rate mortgage market, aiming to lock in more secure products to make mortgage repayments more certain."
"In the current economic environment, the Reserve Bank of Australia (RBA) did not clearly disclose its next move, so many borrowers choose safer fixed-rate mortgages, which is expected." Darnbrough added.
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