Citi home loans

If you want to be able to factor your home loan repayments into your monthly budget, Citi’s Fixed Rate Loan is a great option. This fixed rate is available for loans starting from $50,000 and you can borrow up to 90% of the property's value. You can choose a loan term starting from 1 year up to a period 5 years and can make principal and interest or interest only repayments during that period. Citi’s Fixed Rate Loan has extra repayment flexibility where you can pay up to $1,000 per month without penalty, however you won’t have the comfort of a redraw facility. There is also a fee free rate lock which means Citi will fix the interest rate at the time of application (up to a period of 60 days) giving you time to get your application approved without the worry of rising interest rates. There is a monthly account keeping fee to consider with this loan option.

Whether you’re looking for a basic no frills home loan or to save a bundle on interest via an offset account, Citi’s variable home loan options will cater to your borrowing needs. The variable loans are available from a minimum loan amount of 50% LVR and you can borrow up to 90% LVR. Citi’s options are packed with all the flexibility you’d expect from a variable loan including additional repayments without penalty, free redraw facility and the ability to split your account between a fixed and variable rate. There is also the option of increasing the credit limit on your variable loan should you need to borrow more funds in the future, but you’ll need to apply and may be charged a fee. Citi’s standard variable loans have an account keeping fee, but you’ll get the added benefit of an offset savings account which you can access via an ATM and could possibly save you thousands in interest over the term of the loan.

If you’re borrowing more than $150,000 and love the idea of saving on your home loan by opting for a package, Citi’s Mortgage Plus is a worthy contender. Citi’s Mortgage Plus Package offers lower interest rates for high deposit loans which means the interest rate you’ll get depends on your loan amount and LVR. The Package automatically waives any credit card and transaction account fees, and you’ll receive membership to Citi’s Dining Program and a free bottle of wine every time you dine with Citi partner restaurants. Plus, you’ll get your pick of a range of flexible home loan features including interest only repayments, additional repayments up to $1,000 per month and a redraw facility. However, keep in mind the annual package fee is something to consider.

If you’re looking at the Citi’s Mortgage Plus Package for loans over $150,000 but would like added flexibility, check out the variable rate option. With all the same features and bonuses as the fixed rate alternative, the variable rate package also allows you to make unlimited additional repayments to help you pay off your home loan debt faster. You can choose to make weekly, fortnightly or monthly payments, and you can also choose to make either principal and interest or interest only repayments, for greater control over your monthly repayment amount.