Citibank Standard Variable Loan

Features

Citibank’s Standard Variable Loan is packed with features, giving you the flexibility to create a home loan that suits your needs.

Split loan options allow you to choose between a combination of fixed and variable interest rates, saving you money if interest rates rise, while building your savings if interest rates drop.

This loan does have a relatively high interest rate however so you will be paying a significant amount more in interest repayments than if you took out one of the lowest rates on the market.

The loan offers a redraw facility and a 100 per cent offset option, so if you’ve got a bit of extra cash lying around this will help you reduce the overall interest payable on the loan.

The Citibank Standard Variable Loan gives you the flexibility of paying interest-only for five years on both fixed and variable loan options. This can be a good option for investors or renovators, but as you’re only paying the interest portion of the loan, your debt is not decreasing.

Extra repayments can be made on the variable portion of the loan at any time, however on the fixed portion of the loan, additional payments over $1000 may attract break charges.

Who is the Citibank Standard Variable Loan good for?

The Citibank Standard Variable Loan is a versatile finance option for owner-occupiers, first home buyers and refinancers The 100 per cent offset is an appealing feature  if you have spare savings up your sleeve while the redraw facility also gives you flexibility to withdraw funds out of your mortgage if you are ahead on your repayments.

This loan allows you to borrow up to 90 per cent of the purchase price with Lender's Mortgage Insurance, which is an appealing option for those looking to get into the market however anyone looking for a low interest home loan is likely to be deterred by the high rate.

Review - What RateCity says

The Citibank Standard Variable Loan gives you the flexibility to tailor your home loan around your needs, including the option of creating four split accounts, which is a nice touch for those looking for a little more certainty in their repayment amounts.

The main downside of this home loan is its relatively high interest rate which has the potential to add thousands on to your mortgage costs.

That said, if you’re someone looking for flexibility you may be willing to overlook the high rate and moderate upfront fees, while borrowers with a big deposit and a relatively large borrowing amount may be able to negotiate a better rate with Citibank.

Citibank Standard Variable Loan Options

The Citibank Standard Variable Loan gives you the flexibility to choose between a variable or fixed rate, or a combination of both. With a loan that’s all about flexibility, click below to find out more about each loan option.

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Variable Rates from

5.50%

Advertised rate

5.64%

Comparison rate
Pros
  • 100 per cent offset.
  • Redraw facility.
  • Up to 5 years interest-only.
Cons
  • High interest rate.
  • Moderate discharge fee.
  • Significant upfront fees.
Eligibility

Must meet minimum loan amount.

Must meet serviceability criteria.

Australian citizenship is required.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $649.00
  • Discharge fees: $350
  • Ongoing fees: $8 monthly

The Citibank Standard Variable Loan has an upfront application fee and a settlement fee as well as an ongoing monthly fee for the life of the loan. A mortgage discharge fee applies when your loan finishes or you refinance with another lender. There are packaging options available on this home loan which allow you to link a Citibank credit card to your account with zero or reduced annual fees.

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

Citibank was the first foreign bank to be given a license in Australia in 1985. With over 200 million accounts in over 160 countries and an online presence means that wherever you are, you’ll find access to your accounts.

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