Citibank Basic Variable Loan


The Citibank Basic Variable Loan is set up to give borrowers control over how they manage their loan. It offers unlimited additional repayments for borrowers who are hoping to pay off their loan as quickly as possible, but also allows for interest-only payments for up to a maximum of five years.

The additional payments can be accessed through a redraw facility, helping borrowers to choose exactly how they manage their finances while paying off their loan.

The Basic Variable Loan also offers borrowers the opportunity to split the loan and its repayments between up to 4 accounts, which have to be split into portions of at least the minimum allowed amount.

The Citibank Basic Variable Loan is also portable, which means borrowers could trade up without having to change mortgage providers.

Additionally, the loan can be combined with Citibank’s Standard Fixed Rate Mortgage to create a loan split between variable and fixed rates.

Who is the Citibank Basic Variable Loan good for?

The Basic Variable Loan will suit borrowers who want a range of flexible features to adapt their mortgage management to changing circumstances. Its potential for split accounts, portability, and loan increase mean that it can adapt to many needs that families or businesses may encounter when purchasing property and growing their income.

Review - What RateCity says

The Citibank Basic Variable Loan is a versatile loan with some strong options for borrowers in terms of both establishment and ongoing management. The option of having an interest rate split between fixed and variable lets borrowers decide what they would like to expect in terms of payment over time.

The loan additionally offers a number of other features that provide control over how borrowers manage their mortgage, including additional repayments, a redraw facility, and portability options.

Citibank Basic Variable Loan Options

The Citibank Basic Variable Loan offers a number of options with a low interest rate.

Variable Rates from


Advertised rate


Comparison rate
  • Unlimited additional repayments.
  • Split rate option.
  • Loan portability.
  • No offset account.
  • Split rate requires combination with another loan.
  • Upfront fees.

Australian Resident.

At least 18 years of age.

Minimum deposit.

Proof of income.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $649
  • Discharge fees: $350
  • Ongoing fees: $0

Borrowers signing up to the Citibank Basic Variable Loan will pay no ongoing fees, but will need to pay some quite large upfront fees. A discharge fee will also be payable on termination of the loan.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Citi

Citibank is the financial division of Citigroup, a multinational financial services corporation. Citibank was founded in 1812 as the City Bank of New York. It offers insurance, credit cards, and investment products.

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