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If you are in the market for a home loan or want to change your current home loan, Citibank offers fixed mortgages that may work for you. These loan allows you to maintain a stable finance by keeping your interest rate constant. It never changes over the life of the fixed period. You also gain certainty knowing how much your repayment amount is each month so you can better budget your finances.
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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 rate is secure for sixty days once you apply for the loan. So the rate on the day you first apply for the loan is locked in — a feature which costs a substantial fee with other banks. This gives you sufficient time to get your loan approved without worrying about an increase in the interest rate.
You are also allowed to make extra payments of a specific amount each month without incurring any penalties — a great flexible feature. You can make repayments while your interest rate stays the same.
All financial securities are required to follow the standards of Citigroup credit. Legal fees may be applicable, depending on the bank establishment. There are applicable terms and conditions. You can receive information about these upon request. There are also applicable fees and charges. If the loan is approved within the sixty day fixed rate quote, the principal fixed interest rate will apply.
The application process takes about five minutes to complete. It offers an idea of how much you can borrow, depending on how accurate the information is that you provided.
When applying, you will need to select:
Once you enquire about this loan — Citibank provides an online calculator to work out how much you are qualified to borrow. You'll also learn how fast you can pay off your loan with extra repayment amounts as well as the fees and charges associated with your loan repayment, if any.