Citibank Mortgage Plus Mortgage Power

Rates and Fees verified correct on December 6th, 2016

With these two combined Citibank products, you can reduce annual fees and enjoy better rates on your line of credit.

Having the flexibility to use the equity in your home when you want gives you the freedom to invest, go on a holiday, carry out home improvements, or do whatever else you like with your money. Citibank's Mortgage Power line of credit allows you to do this,and comes with a range of features to make this process easier. When combined with a home loan package such as the Citibank Mortgage Plus, you can bundle your transaction accounts and credit cards with your line of credit and get discounts on the rates you pay, as well as the fees. This means you get lower rates and waived or lower fees for certain products.

Interest Rate Max Insured LVR Max LVR
>$500K LVR <80% (Investor)
5.04% p.a.
Comparison Rate
80% 80%
>$500k LVR 80 to 90% (Investor)
4.74% p.a.
Comparison Rate
80% 80%
≥ $500,000 LVR ≤ 80% (Owner Occupier)
4.84% p.a.
Comparison Rate
80% 80%
≥ $500,000 LVR 80% to 90% (Owner Occupier)
4.54% p.a.
Comparison Rate
90% 80%
$150,000 to < $500,000 LVR ≤ 80% (Investor)
5.09% p.a.
Comparison Rate
80% 80%
$150,000 to < $500,000 LVR ≤ 80% (Owner Occupier)
4.89% p.a.
Comparison Rate
80% 80%
$150,000 to < $500,000 LVR 80% to 90% (Owner Occupier)
4.59% p.a.
Comparison Rate
90% 80%
$150k to $500k LVR 80 to 90% (Investor)
4.79% p.a.
Comparison Rate
80% 80%
Product NameCitibank Mortgage Plus Mortgage Power
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Amount$4,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR80%
Loan Redraw FacilityYes
Split Loan FacilityYes
Suitable for InvestmentYes
Available as equity loan/line of creditYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Ongoing Fees$350 p.a.
Settlement Fee$250

Pros

  • This loan comes with split loan facilities.
  • There is a $350 service fee to pay.
  • You can redraw any extra payments from your mortgage accounts at no charge.

Cons

  • There is a settlement fees of $250 applies.

Things to consider about this loan

The Citibank Mortgage Plus can be used for both personal residential and investment purposes. It's a package loan so you pay a package fee each year. In return for this you save money on the fees of your home loans and credit cards and get interest rate discounts.

It should be noted that the Citibank Mortgage Plus can be taken out with up to four Citibank home loans exceeding $150,000 and can be used as a base to group a variety of products and services. This review explains the features, rates and fees of the Mortgage Plus combined with the Mortgage Power line of credit.

The following section will further expand on the features of this product.

Features of Citibank Mortgage Plus Mortgage Power (LOC) 70 - 80% LVR

The Citibank Mortgage Plus Mortgage Power has a range of features and benefits due to the fact that it's a package loan.

  • Maximum LVR - This review is for loans taken out with a minimum LVR of 70% and a maximum of 80%. It should be noted that this loan has a maximum LVR of 80%, but this will come with a higher interest rate and Lender's Mortgage Insurance (LMI) costs too.
  • Repayment flexibility - The Mortgage Power line of credit loan requires no minimum amount for your monthly repayments. You have the power to decide the amount to pay off for yourself, granted your loan balance stays within the credit limit approved for your application. Should there be extra available money at any times, you can make lump sum additional repayments to get your loan paid off quicker too.
  • Interest-only payments - This option is available with the Mortgage Power loan. You are given up to seven years to pay only the interest on the principal amount.
  • Redraws - The Mortgage Power works like a credit card in that you can repay outstanding amounts and then redraw these amounts up to your approved limit.
  • Splitting - The loan can also be split with a Citibank Standard Variable, Standard Fixed Standard Offset Mortgage to give you even more flexibility.
  • Interest rate discount - As mentioned above, in return for paying the annual package fee, you get a discount on the Mortgage Plus interest rate. A lower interest rate means you pay less on any amounts you borrow.

Fees

The Citibank Mortgage Plus Mortgage Power comes with some fees you can avoid and others which you can't.

Fees you can avoid

  • Application fee. $399. This fee is waived as part of the Mortgage Plus package. It should be known this also includes a valuation worth up to $500.
  • Monthly account-keeping fee. $12 per month. This fee is charged to maintain your loan account and is also waived as part of the Mortgage Plus package.

Fees you can't avoid

  • Annual package fee. $350 per year. You will be charged an annual package fee of $350 which is payable upfront. This will cover a maximum of four loans within the same package.
  • Settlement fee. $250 This is charged to organise the movement of funds to your account.

Applying for this loan

The Citibank Mortgage Plus with Mortgage Power is a competitive package line of credit loan which offers discounts and rewards that result in lower costs. If you feel that this bundled package is for you, add it to your comparison today.

Large investments may be high risk, but with Citibank Mortgage Plus and Mortgage Power, home loan customers are assured a great combination of products and features. Not only will you get discounts and deductions in fees by paying for a bundled package, you also get rewards for entrusting your loans to Citibank.


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Citibank Mortgage Plus Mortgage Power Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 18 May 2016 at 22:13.

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Citibank Mortgage Plus Mortgage Power

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $350

  • Max LVR

    80%

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