Citibank Mortgage Power
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 would like to access the equity in your home, a line of credit home loan might be the solution you’ve been looking for. Citibank Mortgage Power offers a revolving line of credit loan at a variable interest rate of 8.0% per annum.
Features and benefits of Citibank Mortgage Power
This loan is a line of credit that combines a home loan with a transaction account. A line of credit loan allows you to access the equity in your home but, rather than a lump sum as is borrowed with a mortgage equity loan, the loan funds are available as ongoing credit in your loan account. When the loan is approved a credit limit is set, secured by your property, and you can draw down and repay the funds available within that credit limit. You access the funds as they are needed through the transaction account online or with a cheque book.
Some of the main features of a Citibank Mortgage Power loan are:
- The line of credit is available for any purpose. It is particularly useful for funding the purchase of investment properties, allowing the borrower to take advantage of investment opportunities quickly because the funds are easily accessible without a lengthy application and approval process.
- It can be split between fixed and variable interest rate components, with up to four splits. You can choose fixed rate terms for the portion of the loan where you require unchanging repayment amounts, and variable rate terms when you want to take advantage of falling interest rates.
- Flexible repayment periods are allowed: weekly, fortnightly or monthly according to your income pattern
- There is an interest only repayment option, for periods up to 7 years. This option is attractive to investors as it minimises repayment amounts.
- Extra repayments may be made when you have spare funds. Extra repayments into your home loan account reduce the length of the loan and save on interest costs. Any extra repayments can be redrawn when you need them.
- Who can apply for the loan? The loan is available for owner occupiers or investors wishing to borrow between $50,000 and $1,000,000 for up to 30 years.
- How much can I borrow? Up to 90% of the value of the property can be borrowed, or up to 90% of the property’s value with mortgage insurance.
- What are the fees and charges? A “Mortgage Plus” package fee of $350 is payable upfront and annually on the anniversary of the loan and there is a settlement fee of $250, plus an ongoing monthly account keeping fee of $12.00. Excess transaction fees of $2 per transaction are payable when there are more than 15 credit transactions and/or more than 15 debit transactions within a statement cycle.
- Are there charges if the loan is paid out early? If a loan is paid out in full there is a discharge administration fee of $300. Deferred establishment fees are payable if the loan is paid out within three years: the fees are $1,000 for loans discharged within 12 months of settlement, $900 for loans discharged between 13 and 24 months after settlement, and $800 for loans discharged between 25 and 36 months after settlement.
Citibank Mortgage Power allows you to tap into the equity in your home to finance further investment or improve your lifestyle.
Read the Citibank Mortgage Power terms and conditions.
| Minimum Loan Amount | $50,000 | |
|---|---|---|
| Maximum Loan Amount | $1,000,000 | |
| Maximum LVR | 90% | |
| 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 | 7.99% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $399 | |
|---|---|---|
| Service Fee | $12.00 | |
| Settlement Fee | $250 |
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