Citibank Standard Variable

The Citibank Standard Variable Rate home loan is just one option when you choose to apply for a standard rate loan. You could also choose a fixed rate or a combination of fixed and variable terms. In fact, this loan product allows you to establish a fixed rate for any time during your loan repayment term. You can set one for as long as five years. Once this time elapses, you could create another fixed-rate term or stay with the standard variable rate.

A variable rate will be subject to the whims of the interest rate markets. Not always a comforting situation when you must pay your mortgage each month. The payments will not always be the same; they could be higher or lower than the previous month.

KEY BENEFITS

There are some key benefits that may be useful when choosing a Standard Variable Rate home loan:

Redraw Facility

The variable rate loan allows you to redraw funds from your loan for other purposes.

Interest Only Feature

This loan allows you up to five years of interest only payments followed by a return to interest and principal based payments.

Split Loans

You can divide your loan with a different type of Citibank home loan, getting the benefits of two loans on a single property.

Portability

You can release on property and substitute a different one under the same documentation and without additional fees or duties.

Extra Payments

This feature lets you make extra or even lump sum payments so you can repay the loan faster.