Citibank Basic Home Loan

Rates and fees last updated on

Enjoy a no-frills basic home loan at discounted interest rates with the Citibank Basic Mortgage

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.

Interest Rate Max Insured LVR Max LVR
LVR <=80% (Investor, IO)
4.71% p.a.
Comparison Rate
4.76% p.a.
90% 80%
LVR <=80% (Investor, P&I)
4.56% p.a.
Comparison Rate
4.61% p.a.
80% 80%
LVR <=80% (Owner Occupier, P&I)
4.31% p.a.
Comparison Rate
4.36% p.a.
80% 80%
Product NameCitibank Basic Variable Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$4,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$399
Ongoing Fees$8 p.a.
Settlement Fee$250
Discharge Fee$300

Pros

  • Borrow up to 90% of the property value
  • Make extra repayments without penalty
  • Access extra payments by withdrawing them through the redraw facility

Cons

  • There is a $399 application fee
  • There is a $250.00 settlement fee
  • A discharge fee of $300.00 applies when you close your home loan account

You can make additional payments off the mortgage at any time without any penalties. This lets you nominate a payment amount that is higher than the minimum payment that you pay automatically each fortnight or month if you want. You can also transfer extra cash directly into the mortgage if you want to pay it off faster.

If you do make extra payments off the mortgage balance and you need them back again for other purposes, you can access those funds via the redraw facility. You can transfer those funds into your transaction account using the secure online banking portal at no charge. You can also access the redraw facility via phone banking or by fax. Be advised that a Manual Redraw Fee will apply if you choose to use the phone banking or fax options.

Features and options of the Citibank Basic Mortgage

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.


Applying for the Citibank Basic Variable Mortgage

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.


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This page was last modified on 23 March 2017 at 9:30am.

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Citibank Basic Variable Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $399 / $8

  • Max LVR

    80%

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