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Citibank Mortgage Plus Home Loan

Get a flexible variable rate package loan 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. In exchange for paying an annual package fee, you get the regular monthly fees waived off your home loan. 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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Marc Terrano
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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.

Expert review

With a Citibank Mortgage Plus Home Loan you can combine your loan with a credit card and other products.

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.

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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?

    Reply
      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.

      Reply
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