Lender Name

CITIBANK

Product Name

STANDARD MORTGAGE

Product Type

VARIABLE / FIXED

Interest Rates

Latest Interest Rates

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Redraw Facility

Allows access to any funds paid into the account over and above the Allows access to any funds paid into the variable rate account over and above the regular P&I repayments.
Free redraws.  No minimum.
NB: Access is by bank cheque on application.

Offset

Not available.

Fees

Establishment Fee: $399
Settlement Fee $250 (displayed as Mortgage Prep Fee)
Monthly Service Fee:  $8 per month  per account for Standard Variable, Standard Fixed and Standard Offset loans and $12 per month per account for Mortgage Power loans
Product change: $300
EPO or Interest Equalisation may apply to a mid-term rate break on
Fixed Rate loan.
Additional Fees and Charges may apply.
Substitution of Security - is Available
Substitution of Security Fee: $450 (covers 1 valuation only)
Stamp duty applies to any additional borrowings. If the new security is in another state, then full stamp duty will apply.
Government registration fees apply and vary from state to state.
Deferred Establishment Fee
$1500 < 12 months after settlement
$1200 13 - 24 months after settlement
$1000 25 - 36 months after settlement

Self Certified Deferred Establishment Fee
< 12 months after settlement: Min $2000. Max $3000.
> 12  < 24 months after settlement: Min $1500. Max $2500.
> 24 < 36 months after settlement: Min $1000. Max $2000.

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.

Residential Security (<2.2 HA)
Vacant Land 80% LVR without LMI. With LMI max LVR is 95%. Refer to Citibank for details. With LMI Maximum loan size $550K where land is only security and is category 1 location NSW.


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

Self Certified  LVR
Self Certified 70 - Maximum LVR 70% only unregulated loans
Self Certifier 80 Maximum LVR 80% regulated and unregulated loans
Self Certified Minimum $50K - maximum $2.5M  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

Repayment Type

Principal and Interest or Interest only.
Variable or Fixed interest rates.
Variable Rate: Moves in line with general market rates; reviewed weekly.
Fixed Rate: Guaranteed for fixed period, i.e. 6 months, 1- 5 years.
NB: Customers will be sent a Rate Notification Letter 21 days prior to the maturity of the fixed rate,  advising them of Citibank’s current interest rates for the Standard product range.
If the customer does not respond with instructions by the maturity date the rate will default to the current Standard Variable interest rate.

Repayment Options

Set monthly repayments paid on a set date each month throughout the term of the loan.
Variable rate loans - weekly, fortnightly or monthly repayments.
Fixed Rate - monthly repayments.

Repayment Method

Payment Methods Direct Debit (Easipay) only.
Repayments may be principal and interest or interest only.

Extra Repayments

Variable Rate: Can be made at anytime, No Minimum  and without penalty.
Fixed Rate: Break charges apply for any additional repayments of greater than $1,000 per month

Special Offers

Self-certified option
Step Down: After 2 years customer interest rate will automatically be reviewed for step down to standard rates subject to review and satisfactory past conduct.
Early Step Down at any time customers can apply at any time to step down their interest rate if they provide full documentary proof of income.
They will be assessed under normal lending criteria and charged an early step down fee of $800

For standard loans and Mortgage Plus loans the penalty period is 3 years. Refer to Citibank for details.
For fixed rate portion of the loan, break charges apply for any additional repayments of greater than $1,000 per month.

Term

Minimum: 1 year
Maximum term 30 years.

Loan Size

Minimum: $50K
Maximum: $4 Million

Mortgage Insurance

Required where the LVR >80% for full doc loans.
All Self Certified Loans are fully mortgaged insured however LMI premium on loans up to $1M is paid by Citibank. Max LVR for self cert loans is 80%.

Acceptable Income

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

Self-Certified Option:
For Self-Certified 80: Income declared. Regulated and unregulated. Max LVR 80%
For Self-Certified 70: Income not declared. Unregulated. Max LVR 70%.

Product Change

Yes available. Early payout fee to apply while FIXED.

Statements

Issued six monthly for the period ending 30th June and 31st December.

Portability

For a fee of $450, the loan can be transferred to another acceptable residential or commercial property, saving on loan establishment charges and loan stamp duty.
Mortgage documentation and valuation.

Split Loan Facility

Minimum split amount $20K. Maximum 4 splits.

Special Notes

Self Certified 80 - (disclosed income, regulated and unregulated) Max LVR 80%
Self Certified 70 - (non-disclosed income)
Citibank’s Self-Certified 70 option is available on a range of fully featured loans including:
Standard Variable Self Certified
Standard Fixed Self Certified
Mortgage Power Self Certified

Self employed borrowers unable to provide evidence of income have been Self Employed and held ABN for a least 1 year. Note at least 1 borrower must be self employed.

Target Market

A loan tailored to suit the individuals needs. Choose between variable rate, fixed rate or a combination of both.