Citibank Standard Variable Loan
Posted July 22nd, 2010
and last modified January 31st, 2012
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- 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 are looking for a fully flexible variable interest rate home loan then you should talk to home loan finder about the Citibank standard variable mortgage. This home loan has a good interest rate and range of features which gives the home loan customer a good balance between flexibility and stability.
Options Available on the Standard Citibank Variable Mortgage
Being a variable home loan Citibank is able to offer the full range of features that are listed below on their standard variable mortgage:
- Making repayments
You get the option of being able to make the Citibank standard variable home loan repayments either weekly monthly or fortnightly having such a range of payment frequencies means that there is sure to be one suitable for you, when selecting your payment frequency it’s important to remember that if you choose to pay your home loan weekly it will reduce the length of your loan and save you money.
- Self certified
Citibank offers a self certified or low doc version of this home loan for customers that are self employed or new Australian citizens and who currently don’t have traditional documentation to verify their income.
- Making extra repayments
If you’re in the position to make extra repayments to reduce the balance of your home loan and build up equity then you can do so with the Citibank standard variable mortgage without incurring any fees. Making payments or simply paying a little bit extra is a great way to save you interest and years off your home loan because any additional payments come straight off the balance of your home loan.
- Interest only
If for one reason or another you find yourself in a situation where you need to free up some extra cash then you can use the interest only option that Citibank offers on their standard variable mortgage this option allows you to reduce your repayments because you only have to pay the interest portion of your home loan repayments. This option can be used for up to 5 years and it’s important to remember that if you are using this option that you will not be reducing the balance of your home loan.
- Fees and charges
The following fees and charges are applicable on a Citibank standard variable mortgage:
a $399.00 application fee
a $250.00 settlement fee
and an $8.00 ongoing monthly fee
- Redraw
If in the future something unforeseen happens and you find yourself short of cash it’s good to know that you are able to access any of the extra funds that you have paid on your Citibank standard variable mortgage. This is a good option because it allows you to make payments on your home loan with the security of knowing that you will be able to have access to the funds if you need them in the future.
- Home loan suitability
The Citibank standard variable mortgage is suitable for any person that would like to purchase for themselves or invest in residential property that has a value between $50,000 and $4,000,000, and the can be repaid over a period of 30 years. You can borrow up to 85% of the property’s value without having mortgage insurance or up to 85% if you pay the mortgage insurance, keeping in mind that mortgage insurance protects the lender not the borrower and to insure your own repayments will be an additional cost again.
Read the Citibank Standard Variable Loan terms and conditions.
| Minimum Loan Amount | $50,000 | |
|---|---|---|
| Maximum Loan Amount | $4,000,000 | |
| Maximum LVR | 85% | |
| Maximum Insured LVR | 90% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | Yes | |
| Fixed Interest Option | No |
| Interest Rate Type | Variable | |
|---|---|---|
| Interest Rate | 7.62% | |
| Comparison Rate | 7.75% | |
| Repayment Type | Principle & Interest | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $399 | |
|---|---|---|
| Service Fee | $8.00 | |
| Settlement Fee | $250 | |
| Exit Fee | $300 |
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