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The Citibank Basic Mortgage offers a simple home loan that features a low interest rate and no ongoing monthly fees. It’s ideal for anyone who just wants to focus on making regular repayments and paying down the mortgage balance without the hassle of additional linked banking products.
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Review by
Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.
The Citibank Basic Mortgage is ideal for personal residential use or for investment purposes. You can use it to purchase an existing home or to refinance a current home loan over from another lender.
You can nominate to change the standard monthly payments over to weekly or fortnightly if this suits your pay schedule better. You're also able to nominate to have your direct debit payments come out at amounts that are higher than the minimum amount due, if you want to pay a bit extra.
The interest rate offered on the Basic Variable Mortgage applies only to loans that are between 80.01% and 90% of the property value. Keep in mind that additional Lender's Mortgage Insurance fees will apply for any loan amounts exceeding 80% of the property value.
You're able to apply for the Citibank Basic Home Loan using their secure online web page. Click the "Go to site" button to be taken to the Citibank secure online form. Simply fill in your name and contact details, along with a little information about the loan amount you want. Remember to include a time that is most convenient for you on the form.
When you've completed the form, press the "Submit" button and you will be contacted by a Citibank representative within the times you specified were convenient for you. This lets you discuss your application in more detail and move the whole application process forward.