Citibank has introduced a new product offering with a variable interest rate of 4.79% for loans over $500,000.

The rate applies for loans with a LVR less than 80%.

The offer will run until November 29, as long as the loans are settled by February 28, 2014.

The current 4.84% (5.19% comparison rate) offer will continue for loans between $150,000 and $500,000.