Citibank Mortgage Plus Mortgage Power $200-$500K

Packages that can be added to a flexible mortgage can make your money management so much easier as well as saving money on fees and interest. If you are looking to use the equity in your home for further investments or other purposes, you may be interested in Citibank’s mortgage deal that combines a home equity line of credit with a package of useful financial products.

Features and benefits of Citibank Mortgage Plus Mortgage Power $200K-$500K

Mortgage Power is a home equity loan with a line of credit that allows you to use the equity in your home for projects like building up an investment portfolio. Mortgage Plus is a package of financial products that provides savings on home loan interest with an offset account and allows you to access funds with a fee-free Citi Gold credit card. Among the main features of Citibank Mortgage Plus Mortgage Power $200k-$500K loan are:

• Loan funds are in a revolving line of credit with a credit limit set when the loan is approved. You can access the funds as you need them, by electronic transfers, your Citi Gild credit card, or cheques. The funds are available when the loan is settled and can be drawn down as you need them.
• The loan can be split into up to 4 different accounts with a minimum split amount of $20,000 per account. The separate accounts can be used for different projects and you have separate statements and cheque books for each account. This allows you to keep track of finances in the way that suits you best: for example, you might want to keep two accounts, one of business investments and one for personal investments, or you might want to split the loan into separate accounts for different projects such as an investment property, school fees and home improvements.
• The loan can be split into different combinations of loan types. The separate loan accounts may be structured into different Citibank home loan products including standard variable, standard fixed or standard offset mortgage. For example, if you wished to avoid rising repayment amounts on one account you might select a standard fixed rate loan for that account so that it is not affected by fluctuations in the prevailing interest rates. The offset account provides savings on interest by applying any surplus in your account to the balance of the loan when interest is calculated on a daily basis.
• Interest only option is available. You can choose to make interest only repayments for up to 7 years so that repayment amounts are minimised for that period. This option is often chosen by property investors who want to maximise return on their investment while keeping ongoing costs as low as possible.
• Flexible repayment arrangements are available. Repayment frequencies may be weekly, fortnightly or monthly, whichever suits you best.
• You can make additional repayments at any time without penalty. If you deposit any spare funds into your account the balance of the account is reduced so that the loan is repaid more quickly and you save on interest.
• Extra repayments can be redrawn as needed. If you have deposited extra repayments into your account the funds are still accessible if you need them.
• The Mortgage Plus package saves fees by consolidating your credit card with your mortgage and discounting or waiving loan costs such as establishment charges. Citi at Work customers receive a discount of 1% per annum off the standard variable interest rate.
• Who is eligible for the loan? Owner occupiers or investors wishing to borrow between $200,000 and $499,999 for up to 30 years are eligible to apply for the loan.
• How much can be borrowed? You can borrow up to 85% of the property’s value without lender’s mortgage insurance. With lender’s mortgage insurance up to 85% of the value of the property can be borrowed.
• What are the fees and charges? There is an upfront settlement fee of $250 and the package fee for Mortgage Plus is $350.00 is payable upfront and then annually on the loan anniversary.
• What are the charges if the loan is paid out early? If a loan is paid out early a discharge administration fee of $300 is payable. If the loan is paid out in full within three years of settlement, deferred establishment fees are payable: the fees are $1,000 for loans paid out within the first year, $900 for loans paid out during the second year, and $800 for loans paid out during the third year.

The Citibank Mortgage Plus Mortgage Power $200K-$500K is a powerful combination of home loan and other financial products that could make it easy for you use the equity in your home for further investments.

Read the Citibank Mortgage Plus Mortgage Power $200-$500K terms and conditions.

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