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Citi s BNPL offering Spot to launch in October

Mortgage Business Citi’s BNPL offering ‘Spot.’ to launch in October By Annie Kane 05 August 2021 Pre-registrations have opened for Citi’s upcoming buy now, pay later offering, Spot., which will launch in October. Citi Australia (Citi) has announced that its ‘interest-free’ buy now, pay later (BNPL) product will go live in October under a new brand, Spot.. As previously reported, the bank is launching the new proposition to enable customers to pay for goods up to the value of $1,000 using the digital card, which can then be repaid in four fortnightly instalments.  For purchases of $200 or more, customers will also have the option to pay a $10 flat fee to break the payments into eight smaller fortnightly payments, should they so wish.

Former CBA exec launches brokerage

Mortgage Business Former CBA exec launches brokerage By Sarah Simpkins 05 August 2021 True Savings, a new online brokerage headed by former CBA executive Pete Steel, has entered the Australian mortgage market. Mr Steel, former CBA chief digital officer, has taken the lead as chief executive and founder of the new platform, which offers ongoing automated assessments of users’ mortgages and remote broker advice. After 16 years with the big four bank, he told Mortgage Business that he had a “big itch”, watching customers struggle with the complexity of home loans. “The whole time, I could see that banks, they put people in homes, which is wonderful, but they don’t really focus on helping those customers save on their home loan year after year. That’s how they make money, by excess margin there,” Mr Steel said.

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