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Citibank Mortgage Plus Standard Variable Offset >$750K
Posted August 3rd, 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 want your hard-earned money to work hard for you, you will be interested in an offset mortgage that will save you money on home loan interest charges.
The features and benefits of Citibank Mortgage Plus Standard Variable Offset >$750K
An offset mortgage allows you to offset the savings in your bank account against the balance of your mortgage. If you deposit all of your income into the offset account then withdraw day to day expenses as needed, you pay less interest on your home loan and can pay off the loan sooner.
The other main features of Citibank Mortgage Plus Standard Variable Offset >$750K are:
- Loan splitting facility is available. Up to four separate accounts with a minimum split amount of $20,000 per account may be set up. The loan can be combined with Citibank’s Mortgage Power line of credit home loan or with a standard Citibank mortgage product. Part of your loan can be at fixed interest rates so that you have the benefit of regular unchanging repayment amounts on the fixed portion of the loan if you want to plan your budget accurately or if you want to avoid higher monthly repayments.
- Flexible repayment frequencies are available, weekly, fortnightly or monthly as suits your income schedule.
- Interest only repayment terms are available. Borrowers may choose interest-only repayments for up to 5 years. This option reduces the repayment amount to only the interest component, and is popular with investors who wish to improve cash flow by minimising repayments.
- Extra repayments are allowed without penalty. If you have spare funds they can be paid into your loan account and help to repay your loan even sooner. If you have made additional repayments you can redraw the extra funds in the variable rate portion of your loan if you need them.
- Who is eligible to apply for the loan? The loan is available for owner occupiers or investors wishing to borrow between $750,000 and $4,000,000 for up to 30 years. Up to 85% of the property’s value can be borrowed without lender’s mortgage insurance, or up to 85% of its value with lender’s mortgage insurance.
- What are the fees and charges? The “Mortgage Plus” package costs $350 per year and is payable upfront and then annually on the anniversary of the loan. There is an upfront settlement fee of $250 and an ongoing account keeping fee of $8 per month.
- What are the fees for paying out the loan early? There is a discharge administration fee of $300 if the loan is paid out early, and deferred establishment fees are payable if the loan is paid out within three years of settlement. Deferred establishment fees are $1,000 when the loan is paid out within one year, $900 when the loan is paid out during the second year, and $800 when the loan is paid out during the third year.
Citibank Mortgage Plus Standard Variable Offset >$750K will save interest on your home loan and help you to pay off the loan sooner. The offset loan can be combined with other Citibank loan products to provide a mix of flexible features to make the most of your money.
Read the Citibank Mortgage Plus Standard Variable Offset >$750K terms and conditions.
| Minimum Loan Amount | $750,000 | |
|---|---|---|
| Maximum Loan Amount | $4,000,000 | |
| Maximum LVR | 85% | |
| Maximum Insured LVR | 90% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.67% | |
| Comparison Rate | 6.99% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $0 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $350 | |
| Settlement Fee | $250 | |
| Exit Fee | $300 |
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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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