Reduce interest costs and save money with a discounted home loan rate from Citibank
The Citibank Mortgage Plus Standard Variable home loan gives you the opportunity to package up your banking and save money on a range of fees as well as taking advantage of a reduced interest rate. In exchange for paying an annual package fee, you get the regular monthly fees waived off your home loan, your transaction account and your offset account. You can also get your Citibank credit card annual fees waived under this package. They also allow you to link a 100% offset account to the home loan to reduce interest costs.
You're also able to make additional payments into the mortgage at any time. Those extra payments can be withdrawn if you need them again using the redraw facility.
Investment lending
A loading of 0.20% is applied to all Citibank home loans that are used for investment purposes.
Overview of the Citibank Mortgage Plus Standard Variable Home Loan
| Product Name | Citibank Mortgage Plus Standard Variable Rate |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum Loan Amount | $4,000,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | Yes |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Lender's Legal Fee | $0 |
| Valuation Fee | $0 |
| Ongoing Fees | $350 p.a. |
| Settlement Fee | $250 |
| Discharge Fee | $350 |
Pros
- There are $0 application fees
- You can make as many additional payments as you want without penalty
- You can withdraw excess funds from the mortgage account via the redraw facility
Cons
- There is a $250 settlement fee
- There is a $350 per year annual package fee
- A discharge fee of $350 applies when you close your home loan account
Features and benefits of this loan
- Flexible uses. The Mortgage Plus Standard Variable Home Loan is suitable for personal residential use or for investment use. You can use this loan type to purchase a home, refinance a current mortgage from another bank, or construct a new dwelling.
- High maximum LVR. This loan allows you to borrow up to 90% with Lender's Mortgage Insurance, but it should be noted that the promotional interest rate is not available for Loan to Value Ratios above 80%.
- Your choice of repayments. You can leave your repayments on the standard principal and interest payments if you wish, or you can elect to change them to interest-only payments for up to a maximum of five years.
- Split loan options. If you want to avoid any future interest rate increases, you can choose to split your loan so that some of it is fixed in. The remaining portion stays on the standard variable rate to give you access to the flexible features.
- Redraw facility. You can redraw any extra payments from your mortgage accounts at no charge if you make the transfer via Citibank's secure online banking portal. However, if you choose to action your redraw request by fax or over the phone, a Manual Redraw Fee will apply. You can avoid this by using the online banking system instead.
- 100% offset account is available. An offset account helps you reduce the interest available on your home loan.
Linked credit and transaction accounts
The Citibank Mortgage Plus package also lets you link a Citibank credit card to your account. As this is part of the package, you get to enjoy zero annual card fees on some credit card accounts or greatly reduced annual fees on other types of credit card accounts. It will depend which account you choose.
Your Citibank credit card will also give you access to a range of complimentary travel-related insurance policies that cover you if you pay for your trip using your card.
You're also able to link a totally fee-free Citibank Plus, or everyday account, to your Mortgage Plus package. This gives you the ability to make an unlimited number of fee-free withdrawals from your account at more than 3,000 Citibank ATMs right across the country. The Citibank Plus account also offers free international ATM withdrawals, foreign transactions and international money transfers.
On top of this, Citibank is happy to reward Mortgage Plus customers with a free bottle of wine each time you dine at any of their partner restaurants. This is part of their Citibank Dining Program, and you can qualify for this by paying for your meal with their credit card or the attached Citibank Plus everyday account.
Applying for the Citibank Mortgage Plus Standard Variable home loan
Once you click the 'Go to Site' button below - you will be taken to a secure Citibank apply page. You can then apply or request a call back to find out more.
If you're applying you'll need to supply be eligible for the loan, which means:
- You're 18 years old or older
- You're an Australian citizen or permanent resident
- You have an Australian residential address
To apply for this loan you'll need to supply personal information about your assets and liabilities. This includes:
- Information about your job
- Recent pay slips
- Recent bank statements
Enquire about this home loan
Is the 4.68% interest rate still valid for the Citibank Mortgage Plus Standard Variable Rate loan, some areas of this web site says that it ended 2 Jan?
Does the 100% offset account mean that I would pay the same monthly payments for a $500,000 loan with $50,000 in an offset account as I would a $450,000 loan?
If I was to pay off early, would I incur penalties, would I pay the same interest or would the interest be adjusted to the advanced payment, saving me money?
Hi Allen,
thanks for the question.
This offer has been extended to the 30th January 2015, thanks for bringing this to our attention.
Yes, you would be making the same repayments with a 100% offset account, only more of it would be going towards paying off the principal rather then the interest due, which is where the benefit would come from.
There’s a $350 Discharge Administration Fee charged by this loan when it’s fully discharged. If extra repayments were made, you would be paying the same amount of interest, but as is the same case as the 100% offset account, more of your repayment would go towards the principal (the loan amount), which would help to pay your loan down sooner. Paying your loan off sooner means less interest would be payable over the length of the loan.
I hope this helps,
Marc.