Citibank Basic Variable

The CITI Basic Variable Rate home loan comes with a discounted variable rate loan below the standard variable rate. This is Citibank’s no-frills lending option. It is a perfect loan for first-time homebuyers looking to get financing at low interest and with affordable payments.

The Basic Loan also offers borrowers other benefits including interest-only repayments, redraw options, no service fees, split loan features, and extra repayments. There is added repayment flexibility as well. You can choose to pay your mortgage payments on a weekly, fortnightly, or monthly schedule.

KEY BENEFITS

Here are some of the key benefits that are included with a CITI Basic Variable home loan:

Redraw Facility

This allows for unlimited re-draws on the loan account if additional payments have been made above the scheduled mortgage payments.

Extra Payments

This feature allows you to make an unlimited amount of extra payments to pay down the loan more quickly. There are no penalties or early repayment fees with this loan.

Interest Only Option

This gives you the ability to pay interest only on monthly repayments up to a maximum of five years. Once the period expires, payments revert back to an interest and principal configuration.

Split Loan Features

This option allows you to split up the home loan between four separate types of loans. In the case of Basic Loans, they may be split up with Standard Fixed rate loans.