Citibank Basic Home Loan

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.

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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.

Expert review

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.

About this loan

What are the features and benefits 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.


How to apply

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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