Citibank Mortgage Plus Home Loan

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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.

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Expert review

Marc Terrano

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.

Expert review

If you’re taking out a mortgage with Citibank with an LVR between 80.01 and 85% you will have an extra 0.25% added to your interest rate.

About this loan

What are the features and benefits of the Citibank Mortgage Plus Home 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.


How to apply

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

Home Loan Offers

Important Information*
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Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

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St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).

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Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

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Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

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2 Comments

    Default Gravatar
    Allen
    January 11, 2015

    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?

      Avatarfinder Customer Care
      Marc
      January 12, 2015

      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.

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