2.49% for 2 or 3 Year Fixed Interest Investment Loans @ Citibank

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AssociatedJohnKKMK @ Mortgage Better on 02/09/2020 - 19:50 www1.citibank.com.au (308 clicks)
Last edited 03/09/2020 - 08:54 by 1 other user

Citibank Refinancing Cashback deals

P&I packaged HOME LOAN
* 2.19% for 2 years fixed for home loans (CPR 3.04%)
* 2.19% for 3 years fixed for home loans (CPR 3.00%)
* 2.49% for basic variable rate (CPR 2.51%)
* 2.59% standard variable (packaged) (CPR 2.00%)

P&I packaged INVESTMENT LOAN
* 2.49% for 2 years fixed for investment loans (CPR 3.37%)
* 2.49% for 3 years fixed for investment loans (CPR 3.33%)
* basic variable starting from 2.69% (CPR 2.71%)
* 2.89% standard variable (packaged) (CPR 3.28%)

$2K cashback per application
* Loan applications must be submitted before 30/9/2020 + settled by 20/11/2020
* Loan amount must be above $350k - including any additional cash out amount
* <80% loan to value ratio
* P&I loans only

$500 VISA broker giftcard - our gift to you for any refinances of $500k or higher net of offset or redraw.

What is a comparison rate (CPR)?
Comparison rate can very often be misleading as it uses assumptions that are often irrelevant to an individuals circumstances. Typically it assumes a loan size of $150k over 25 year loans term which is irrelevant to majority of borrowers. It also assumes the borrower will remain with the same lender for the whole 25 years on a revert rate which is also unrealistic as most Australians refinance their home loans every 2 – 4 years. So often comparison rates can cause more confusion than help. However due to government regulations, banks and brokers MUST quote these CPR when quoting a home loan interest rate. As a general rule of thumb, it’s best to look at the actual interest rate & repayment (including fees) for the same loan amount over the same specified period when you compare loans. We can help in doing this accurately and systematically.

Mod: Removed duplicates 1 and 2 from title.

For further details about this deal or other 35 lenders we work with, please call or email us or phone book a phone call with me on the link below. Messages on Ozbargain may receive delayed response. Thank you.
https://calendly.com/mortgagebetter

John Kim
Mortgage Adviser
M : 0433 390 648
E : [email protected]
Google reviews : https://www.mortgagebetter.com.au/google-reviews/

RCA Finance Solutions (Trading as Mortgage Better) is an authorised credit representative (CRN 508268) of QED Credit Services PTY LTD (ACL 387856).

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• 

  foggy10 on 02/09/2020 - 20:57

  Is now a good time to jump on a fixed rate or stay on variable?

  • 

    jackwoz on 02/09/2020 - 21:21

    Im thinking the same. It cant go a lot lower. I remember getting a fixed loan 10 years ago, and got shafted big time, but theres a limit now to how much you could get shafted. Its probably worth the bet

    • 

      foggy10 on 02/09/2020 - 21:46

      +1

      The biggest issue with fixed is the limited or no extra repayments. But with the RBA rate at 0.25% and the threats of banks doing an out of cycle increase sometime in the next year, it's a tough judgment call.

      • 

        jackwoz on 02/09/2020 - 22:08

        very true. I love my offset as well

        • 

          AssociatedJohnKKMK @ Mortgage Better on 02/09/2020 - 22:26

          @jackwoz: Hi all, there's a number of options this solution depending on your specific requirements. You can split the loans between variable & fixed, or get an offset with redraw facility, or get a fixed rate with an offset. Happy to provide solutions if you contact me direct 0433390648. cheers. - John K

      • 

        AssociatedJohnKKMK @ Mortgage Better on 02/09/2020 - 22:26

        Hi all, there's a number of options this solution depending on your specific requirements. You can split the loans between variable & fixed, or get an offset with redraw facility, or get a fixed rate with an offset. Happy to provide solutions if you contact me direct 0433390648. cheers. - John K

• 

  itshammer on 02/09/2020 - 22:42

  To fix or not to fix

  As someone said to me, fixing is like betting you know more than the banks

  The fixed rates build into account the movements expected for the period

  I used to fix, I'm never going to

  Also citibanks website looks like something from the 90s. Super clunky

• 

  chiuy on 03/09/2020 - 03:55

  Hey John Kim,
  What is a comparison rate (CPR)?

  • 

    AssociatedJohnKKMK @ Mortgage Better on 03/09/2020 - 08:08

    Hi Chiuy, please see explanation below. feel free to call me on 0433390648 if you have any further questions.

    What is a comparison rate (CPR)?
    Comparison rate can very often be misleading as it uses assumptions that are often irrelevant to an individuals circumstances. Typically it assumes a loan size of $150k over 25 year loans term which is irrelevant to majority of borrowers. It also assumes the borrower will remain with the same lender for the whole 25 years on a revert rate which is also unrealistic as most Australians refinance their home loans every 2 – 4 years. So often comparison rates can cause more confusion than help. However due to government regulations, banks and brokers MUST quote these CPR when quoting a home loan interest rate. As a general rule of thumb, it’s best to look at the actual interest rate & repayment (including fees) for the same loan amount over the same specified period when you compare loans. We can help in doing this accurately and systematically.

• 

  akma1 on 03/09/2020 - 12:49

  2.59% standard variable (packaged) (CPR 2.00%)
  Is this with offset and just variable? Just wasn’t sure why the CPR is significantly less. What is the rate you can get for offset package just variable?