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.
| Product Name | Citibank Basic Variable Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $250,000 |
| Maximum Loan Amount | $4,000,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $399 |
|---|---|
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $250 |
| Discharge Fee | $350 |
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 settlement fee
- A discharge fee of $350 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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