Line of Credit Home Loans - Citibank - Mortgage Power $300K<$500K |
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to select a different loan amount and loan term. Currently: $150,000 over 30 years |
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| Home Loan Lender |
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Citibank Home Loan |
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| Home Loan Product Name |
Mortgage Power $300K<$500K |
| Interest Rate |
9.21% |
Comparison Rate
Estimated |
9.37% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,229.67 |
Total Paid
Estimated |
$447,519 |
| Establishment Fee |
$399.00 |
| Enquire/Apply |
 
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| 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:
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Would usually intend to use the funds for investment purposes.
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Are likely to be refinancing a previous mortgage to leverage for future investment opportunities.
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Are looking for the flexibility to pay down their mortgage and draw it back at a later stage.
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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)
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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%.
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Applicants can combine Mortgage Power and with any Standard Variable and Standard Fixed self certified options |
| Acceptable Income |
PAYG Full-time or permanent part-time, Casual, Self Employed. |
| Loan Term |
Maximum term 30 years. |
| Loan Size |
Minimum Mortgage Power $50K
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Minimum Mortgage Plus $ 200K
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Maximum: $4 Million
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Self Certified Minimum $50K - maximum $2.5M aggregate borrowings for Category 1 locations.
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Category 2 $750K & Category 3 $500K ( up to 80% LVR ) all states
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WA & SA & Tas & NT Maximum $750K (per 1 security) anything outside of this range please refer to BDM. |
| Repayment Type |
Interest Only. |
| Repayment Options |
Daily, Weekly, fortnightly or monthly repayments. |
| Extra Repayments |
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| Split Loan Facility |
Minimum split $20K. Maximum 4 splits. Multiple splits of one option available.
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Fully verified: May be combined with one or more of the following: Standard Variable, Standard Fixed.
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Self Certified: May be combined with one or more of the following: Standard Variable, Standard Fixed. |
| Offset |
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| Redraw Facility |
Yes - Anytime except during the fixed rate term. |
| LVR |
Owner Occupier Maximum LVR 90% with LMI, otherwise 80%
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Investment Maximum LVR 90% with LMI, otherwise 80%
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Construction Maximum LVR 80%
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Refinance Maximum LVR 90% with LMI, otherwise 80%
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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.
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Self Certified LVR
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Self Certified 70 - Maximum LVR 70% only unregulated loans
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Self Certifier 80 Maximum LVR 80% regulated and unregulated loans
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Maximum LMI exposure to a borrower (new loan plus any existing insured loan) $2.5M. |
| Fees |
Establishment Fee:$399 (includes $500 towards cost of valuations)
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Settlement Fee $250 (displayed as Mortgage Prep Fee)
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Additional withdrawals $2 each
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Mortgage Power
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Account keeping fee $12/month per account
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15 free withdrawals per month
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15 free deposits per month
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Additional withdrawals $2 each
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Free Cheque Banking
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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. |
| Enquire/Apply |
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| Other Line of Credit Home Loans |
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| Other Citibank Home Loan Products |
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This Comparison Rate applies only to $150,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.
This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.
The information provided in this website is a guide only and may not be complete for your purposes. ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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