Lender Name

CITIBANK

Product Name

BASIC MONTHLY VARIABLE RATE LOAN

Product Type

BASIC VARIABLE

Interest Rates

Latest Interest Rates

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Redraw Facility

Free redraws.

Offset

Not available.

Fees

Establishment Fee: $399 (includes  the cost of first valuation to  the value of $500)
Settlement Fee $250 (displayed as Mortgage Prep Fee)
Deferred Establishment Fees
For loans discharged < 12 months after settlement: $1500.
For loans discharged > 12  < 24 months after settlement: $1200.
For loans discharged > 24 < 36 months after settlement: $1000.

LVR

Owner Occupier Maximum LVR 100%
Investment Maximum LVR 95%
Construction Maximum LVR N/A
Refinance Maximum LVR 90%
Security location & LVR the maximum LVR is dependent on the property type and security. Refer ww.mortgagebroker.citibank.com.au  Broker Guide or BDM for further information.

Repayment Type

Principal and Intererst and Interest Only
The interest only facility is available for a maximum of 5 years after which the  repayments will convert to principal & interest
Citibank will now allow Basic mortgages to be combined with a Fixed Rate Standard mortgage within the same facility.

Repayment Options

Principal & Interest - Weekly,fortnightly or montly repayments.

Repayment Method

Direct Debit (Easipay) only.
Calculated and paid monthly in arrears and will be deducted from a nominated bank account.

Extra Repayments

Additional Payments can be made at any time.

Special Offers

Term

Minimum: 1 year
Maximum term 30 years.

Loan Size

Minimum: $ 50K
Maximum: $4 Million

Mortgage Insurance

Available up to 100% on new purchases (max loan $500K on 100% LVR)-owner occupied only.
LMI required for LVR's over 80%.

Acceptable Income

PAYG Full-time or permanent part-time, Casual, Self Employed.

Product Change

Yes available fee of $300 applicable.

Statements

Issued 6 monthly.

Portability

For a fee of $450, the loan can be transferred to another acceptable residential, saving on loan establishment charges and loan stamp duty.
Valuation charges still apply and transfers are subject to Citibank's approval.

Split Loan Facility

Yes available may be split into a maximum of 4  accounts per facility Basic loans may be combined with Standard Fixed product.

Special Notes

Target Market

For clients who are looking to enter the property market with a low interest rate and lower repayments. A no frills mortgage for home or investment purposes.