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Line of Credit Home Loans - Citibank - Mortgage Power $500K<$750K

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Citibank
Comparison Rate 7.22%
Amount $200,000
Term 30 years
Monthly Payment Est. $1,344.06
Total Amount Paid Est. $488,559
Establishment Fee $399.00

7.10%

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Loan Features for Citibank - Mortgage Power $500K<$750K
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

This loan is suitable for
PAYG Full-time or permanent part-time, Casual, Self Employed.
Borrower must have an active ABN for a minimum of 2 years and at least 12 months registration for GST is required. 12 month continuous period of BAS statements required.

Home Loan Loan Term
Maximum term 30 years.

Home Loan 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.

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Home Loan Repayment Type
Interest Only.

Repayment Options
Daily, Weekly, fortnightly or monthly repayments.

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

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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.

Offset

Redraw Facility
Yes - Anytime except during the fixed rate term.


LVR for Line of Credit Home Loans - Citibank - Mortgage Power $500K<$750K

Owner Occupier Maximum LVR 90% with LMI, otherwise 80%
Investment Maximum LVR 90% with LMI, otherwise 80%
Construction Maximum LVR 80%
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 Certifier 80 Maximum LVR 80% regulated and unregulated loans

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

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Fees for Line of Credit Home Loans - Citibank - Mortgage Power $500K<$750K

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.

 
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The comparison rate applies only to $200,000 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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