Citibank

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Citi Group

Founded: 1985

Lender Type: International Bank

Owned by: NYSE Listed

Founded in America in 1812, Citibank became one of the first foreign banks to be given a banking licence in 1985. Today, Citi is the largest international bank in the country. However, it is still an emerging home loan provider in Australia as it is largely viewed as a credit card company rather than a mortgage lender. Citibank provides a wide selection of home loan products, mostly for conventional borrowers, and comes with unique features only a sizable global lender could offer such as no lender’s mortgage insurance for loans up to 85% of the purchase price.

Key Benefits

60-day rate lock for fixed rate loans
Convenient for Australians who live or work abroad
Discount rates available

Drawbacks

Rates not as low as with competitor banks
Not good for low doc loans
Higher fees than normal on some loans

Home Loan Products

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Home Loans Description

Basic Mortgage

For a clear-cut home loan product with a reasonable rate and no monthly account service fees, Citibank’s Basic Mortgage is a smart choice. You also will have access to flexible features like the ability to make repayments at any time without penalty and unlimited redraw. Citi also offers discounts to reward you for saving.

Fixed Mortgage

Citibank’s Fixed Mortgage product comes with a free 60-day rate lock so you can get the fixed interest rate that was available when you submitted your application rather than when your loan settles. You can also opt for a wider range of fixed terms than most banks offer, starting at six months and going up to five years. Want to pay down your loan faster? You still have the ability to make limited extra repayments with this fixed rate home loan.

Standard Mortgage

This is Citibank’s most versatile home loan option. Choose a variable, fixed or both. You can also split your loan with one of the lender’s other products, allowing you to take advantage of more features and giving you more control over how you pay down your loan. You’ll also be able to reduce your overall interest with an optional 100% savings offset to account for the standard variable portion of your loan.

Standard Offset Mortgage

This is a great home loan product for strong savers. You can substantially reduce the cost of your loan by using your savings to offset your mortgage, thus reducing the interest you’ll pay. You can also pay ahead with up to $1,000 in extra repayments each cycle. The more you pay down your loan early, the less you’ll have to pay in interest overall. As with many of Citi’s other home loans, you can split your loan with other products if you want, allowing you to manage your finances to suit your financial lifestyle.

Mortgage Power

Citibank’s line of credit home loan, Mortgage Power, allows you to withdraw funds whenever you want. For everyday purchases, that home renovation project you’ve been planning and more, you can borrow against the built-up equity in your home and take advantage of your low mortgage rate. For even more flexibility, you can choose up to seven years of interest only repayments for the line of credit portion of your loan.

Mortgage Plus

One thing that Citi does well is rewarding its customers for saving. With this packaged home loan, you can enjoy lower interest rates if you put down a large downpayment. You can also save with a fee-free credit card, free online redraw, and a free everyday account. As if that wasn’t enough for free, you’ll also receive a free bottle of award-winning wine when you dine at one of the bank’s partners restaurants.

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