Lender Name

CITIBANK

Product Name

MORTGAGE POWER

Product Type

LINE OF CREDIT/EQUITY LINE

Interest Rates

Latest Interest Rates

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Redraw Facility

Yes - Anytime except during the fixed  rate term.

Offset

 NA

Fees

Establishment Fee:$399 (includes $500 towards cost of valuations)
Settlement Fee $250 (displayed as Mortgage Prep Fee)
Additional withdrawals $2 each
Mortgage Power
Account keeping fee $12/month per account
15 free withdrawals per month
15 free deposits per month
Additional withdrawals $2 each
Free Cheque Banking
Greater than  $500 Cash/Coin deposits at NAB, clients incur a cash handling fee of 1%, all other types of deposits can be made free of bank charges.

LVR

Owner Occupier Maximum LVR 90% with LMI, otherwise 80%
Investment Maximum LVR 90% with LMI, otherwise 80%
Construction Maximum LVR 90%
Refinance Maximum LVR 90% with LMI, otherwise 80%
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.

Self Certified  LVR
Self Certified 70 - Maximum LVR 70% only unregulated loans
Self Certifier 80 Maximum LVR 80% regulated and unregulated loans

Maximum LMI exposure to a borrower (new loan plus any existing insured loan) $2.5M.

Repayment Type

Interest Only.

Repayment Options

Daily, Weekly, fortnightly or monthly repayments.

Repayment Method

Payment Methods Direct Credit, Direct Debit, Australia Post PAYG Customers, National Australia Bank PAYG and Self Employed customers, Internet banking ( www.citibank.com.au ), Telephone banking (132484), or Mail.
Repayments Minimum monthly payment is Interest Only for the first 7 years, thereafter payments will be made up of interest and 0.25% of the credit limit. Repayments are calculated daily on the outstanding balance and charged monthly in arrears.

Extra Repayments

May be made at anytime - No minimum amount & no penalty.

Special Offers

Mortgage  Plus Power Discount Rates for Mortgage Power
0.50% >$200K < $300K
0.60% >$300K < $500K
0.70% > $500K
Mortgage Plus Package is available for personal borrowers, company and trust borrowings under fully verified and self-certified option. Facility: min.$200K, must have min. primary income of $35Kand Citibank Visa Credit Card (based on credit cards assessment criteria).
Mortgage Plus professional pack offers your clients greater flexibility and value.
With Citibank, your clients can enjoy free access to any ATM in Australia with their Mortgage Power account (within their allowed transaction limit).
Mortgage Power - 15 deposits, 15 withdrawals  free transactions per month.
One simple annual fee of $350
Nil Establishment (Application) fee
No account keeping fees
No annual Gold Visa card (credit card lending criteria applies) fee (applies to primary or additional card holders)
No mortgage variation fees for additional split accounts or line increases if within Mortgage Plus package
For Mortgage Plus customers no fee for switching product  within the same package.

Term

Maximum term 30 years.

Loan Size

Minimum Mortgage Power $50K
Minimum Mortgage Plus $ 200K
Maximum: $4 Million
Self Certified Minimum $50K - maximum $2.5M aggregate borrowings   for Category 1 locations.
Category 2  $750K & Category 3 $500K ( up to 80% LVR ) all states
WA & SA & Tas & NT Maximum $750K (per 1 security) anything outside of this range please refer to BDM.

Mortgage Insurance

Required where the LVR >80%. Can go up to 90%.  LMI premium can be capitalized. All Self Certified loans are fully mortgaged insured however all LMI premium on loans up to $1 Million is paid by Citibank.

Acceptable Income

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

Product Change

Yes $300 per request. No fee if product change within Mortgage Plus package eligibility.

Statements

Issued monthly with payment required by due date.

Portability

For a fee, the loan can be transferred to another acceptable security, saving on loan stamp duty and loan establishment charges. Mortgage documentation and valuation charges still apply, and transfers are subject to Citibank's approval.

Split Loan Facility

Minimum split $20K. Maximum 4 splits. Multiple splits of one option available.
Fully verified: May be combined with one or more of the following: Standard Variable, Standard Fixed.
Self Certified: May be combined with one or more of the following: Standard Variable, Standard Fixed.

Special Notes

Key Benefits
An account which allows for all income to be deposited directly into it to
reduce the principal, or increase the available credit while still providing
accessibility to those funds. Interest only option (for a maximum of 7 years), with the ability to make principal reductions at any time, provides ultimate flexibility for choice of
investments. One loan facility can provide up to 4 split accounts, each split account
having it’s own statement and cheque book which provides easy financial management for customers. Keeps personal expenses separate from investment expenses allowing for effective tax management.

Target Market

For clients who want to "tap into the equity" of their property to create wealth through acquisition of investments. One of the few lines of credit available in the market exclusively for "wealth creation". Citibank Revolving Mortgage customers:
Would usually intend to use the funds for investment purposes.
Are likely to be refinancing a previous mortgage to leverage for future investment opportunities.
Are looking for the flexibility to pay down their mortgage and draw it back at a later stage.

Fully Verified ,PAYG applicants, full-time or permanent part-time, Casual / contract Casual employed applicants must be a co-borrower with a permanent employed applicant),Self-Employed applicants 3 years in business for normal lending (< 3 years then 10% deducted from normal LVR)

Self-Certified is available for self-employed to obtain a loan whose tax returns are incomplete or unavailable. It has been designed to be one of the most competitive in the market and combined with our existing product flexibility should be a very attractive alternative for your clients. The primary applicant must be self-employed and all self-certified loans are fully mortgage insured. At least one applicant must be self employed with an ABN greater than 1 year. Maximum LVR on income declared option is 80% for ABN > 2 years. For ABN between 1 year and 2 years maximum LVR is 70%. For income not declared option, maximum LVR is 70%.

Applicants can combine Mortgage Power and with any Standard Variable and Standard Fixed self certified options