Citibank Basic Home Loan
Posted July 22nd, 2010
and last modified January 31st, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
If you’re looking to get a home loan that offers a low variable interest rate and flexible options so that you are able to handle any problems that may occur in the future then you should talk to Home Loan Finder about the Citibank basic home loan.
Features and Options of the Citibank Basic Mortgage
The Citibank basic home loan is a variable interest rate home loan and because variable interest rate loans are the most common in Australia banks offer the most options and features on them to remain competitive. Some of the option and features that are available on the Citibank basic home loan are as follows:
- Interest only option
The interest only feature allows the borrower to reduce their mortgage repayments by only having to pay the interest portion instead of both the principal and interest. This can be a really good option for people who don’t want to invest in residential property or if the home loan customer needs to free up some extra cash, the interest only option can be used for up to 5 years.
- Fees and interest rates
An application fee of $399
A settlement fee of $250
There are no ongoing monthly account keeping fees on this home loan
- Redraw option
The redraw option on the Citibank basic home loan allows the home loan customer to have access to any additional repayments or funds that have been deposited on their home loan if they need. This is a good option because it allows the customer to pay off their mortgages as fast as possible because they know that they are able to access these extra funds if they ever require them in an emergency.
- Who is this loan suited for
This home loan has terms up to 30 years and can be used by people that would like to borrow money to purchase residential property that’s valued between $50,000 and $4,000,000 the customer is able to borrow up to 90% of the property’s value with the use of mortgage insurance but can only borrow 80% of the value without mortgage insurance.
- Making your repayments
Repayments can be made on the Citibank basic home loan via one of the three choices that are available; these choices are monthly weekly fortnightly. With this choice you’re sure to be able to find an option that suits you and your financial situation.
- Splitting
Splitting is a useful option that allows the home loan customer to take advantage of options that may not be available on the loan they particularly want. An example of this is if you have a $380,000 home loan and you would like to reduce your exposure to interest rate rises you could split your loan into two parts and have $200,000 as a variable rate loan and the remaining $180,000 as a fixed rate home loan.
- Extra repayments.
If you are in the position to and you would like to reduce the balance of your home loan saving you interest costs and taking years off your home loan then you’re able to do so without penalty on the Citibank basic home loan this can be done by either making extra repayments or just increasing the amount you pay on your preferred payment frequency.
Read the Citibank Basic Variable Home Loan terms and conditions.
| Minimum Loan Amount | $50,000 | |
|---|---|---|
| Maximum Loan Amount | $4,000,000 | |
| Maximum LVR | 90% | |
| Maximum Insured LVR | 90% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Variable | |
|---|---|---|
| Interest Rate | 7.40% | |
| Comparison Rate | 7.45% | |
| Repayment Type | Principle & Interest | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $399 | |
|---|---|---|
| Service Fee | $0 | |
| Settlement Fee | $250 | |
| Exit Fee | $300 |
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
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 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
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 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.25% after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
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