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Citibank Mortgage Plus Loan

Features

The Citibank Mortgage Plus Loan is designed for borrowers who are eager to sign up to other Citibank services, since you will receive access to a Citibank credit card – linked to a rewards program with free international travel insurance – and a fee-free Citibank transaction account – with free ATM withdrawals and global transfers – in addition to establishing your home loan.

Through the Mortgage Plus Loan, you will be given the opportunity to combine any eligible home loan products, which allows you to exert a good deal of control over the structure of your loan.

The fixed and variable rates offered on this package deal are very to moderately low, unless you choose the line of credit option which has a moderate variable interest rate.

However, keep in mind that not every Citibank home loan product offers the same range of features. For example, the Standard Offset Mortgage offers a 100 per cent offset account which would allow you to offset the interest payable on your loan, but this benefit is not offered on the fixed rate home loan product.

You can choose how to shape your payments, including the ability to make interest-only repayments towards your loan for up to a maximum of five years as well as unlimited additional repayments free of charge.

And, the redraw facility gives you unlimited access to redrawing the funds from your early repayments, however this is available only on variable rate loans.

These options can help you to adapt your payments if you have an increase in income or otherwise changed circumstance. Although, it is mandatory to make your regular loan repayments through direct debit.

There is also a loan split option on the Mortgage Plus Loan, which can be split into up to four accounts, with a minimum amount per split. For families, businesses, or groups of investors, this offers some much needed flexibility in terms of distributing responsibility for payments and managing your loan more easily.

If you move during your loan term or want to switch which investment property your loan is secured against, you can take your Mortgage Plus Loan with you through the loan portability option.

You must be borrowing at least the minimum amount for this loan up to the allowed maximum capped at 90 per cent of your property’s value. This means only a small deposit is required, however deposits lower than 20 per cent means you will be paying for lender’s insurance as an added cost.

Who is the Citibank Mortgage Plus Loan good for?

Given the huge flexibility and range of features provided by the opportunity to choose any combination of Citibank’s eligible home loan products, the Mortgage Plus is likely to suit a wide range of buyers.

Unfortunately, however, the loan is only available as a package deal, and as such, because of the annual fees attached, any borrowers who would rather not sign up for a Citibank credit card and transaction account may wish to look at stand-alone products instead.

Review - What RateCity says

The Citibank Mortgage Plus Loan offers some very flexible options in terms of its structure and features since you package different Citibank home loan products with this offering at lower variable and fixed interest rates. This means you can pick the loan that suits their needs while taking advantage of the added benefits offered by this package.

However, if you won’t be taking advantage of the extra features of this package, it might be worth taking a look at individual home loan offerings since you will be paying an annual fee to have access to the additional offered Citibank products and services.

Citibank Mortgage Plus Loan Options

The Citibank Mortgage Plus Loan provides a variety of options for a range of loan sizes and can be researched further at the corresponding links below.

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Advertised rate
Comparison rate*
Monthly repayment
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Fixed Rates from

4.09%

Advertised rate

4.59%

Comparison rate

Variable Rates from

4.26%

Advertised rate

4.62%

Comparison rate
Pros
  • Very low to moderate fixed and variable interest rates available.
  • Interest-only option.
  • Loan split option.
Cons
  • Must have a Citibank transaction account unless under the variable offset option.
  • Features vary between loan options.
  • Minimum borrowing amount.
Eligibility

Must be able to verify income.

Must be at least 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $250 - $649
  • Discharge fees: $350
  • Ongoing fees: $350 annually

The only entry fee you’ll have to pay for the Mortgage Plus Loan is your settlement fee, which makes for an overall moderate upfront cost. However, the flexibility of this loan comes at the cost of a moderate ongoing annual fee.

A discharge fee will also be payable at completion of your loan when your loan amount has been paid off in full.

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

Citibank, founded in 1812, is the financial division of Citigroup, a multinational corporation offering financial services, offering insurance, credit cards and investment products, and has had some success with its online services division. Citibank has a few branch locations throughout Australia but offers telephone and internet banking services.

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