Citi sharpens lending
(02 September 2010 – Australia) Citigroup yesterday trimmed 20 basis points of its Propack loan to 6.69 percent, as the bank opens the lending books post global financial crisis.
During the global financial crisis the lender considerably tightened its lending criteria, however has slashed the basis points signalling it is ready once again to lend.
The bank also lowered the pricing on its Basic loan in an effort to become more competitive with other home loan products on the market.
Peter Hayward, Citibank’s mortgages head of distribution, told The Adviser that the bank was committed to improving competition in the industry.
Not long ago we reduced the pricing on our fixed rate mortgages so that they were in line with, if not better than the rest of the marketplace. We even threw in a 60 day lock feature on our fixed rate products, Mr Hayward said.
Mr Hayward added that the bank was doing its bit to support competition in the industry. We want to let our brokers know that after working hard to support them through the global financial crisis, we are now motivated to lend and improve the broker offering in any way possible.
The bank also lowered the pricing on its Basic loan in an effort to become more competitive with other home loan products on the market.
Peter Hayward, Citibank’s mortgages head of distribution, told The Adviser that the bank was committed to improving competition in the industry.
Not long ago we reduced the pricing on our fixed rate mortgages so that they were in line with, if not better than the rest of the marketplace. We even threw in a 60 day lock feature on our fixed rate products, Mr Hayward said.
Mr Hayward added that the bank was doing its bit to support competition in the industry. We want to let our brokers know that after working hard to support them through the global financial crisis, we are now motivated to lend and improve the broker offering in any way possible.
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