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| Media Release - 17 October 2005 |
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| Newsroom |
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| CITIBANK LAUNCHES MORTGAGE PLUS |
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| Competitive mortgage rates starting at 6.61% p.a. (7.15% p.a.*) |
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| Sydney, 17 October 2005: Citibank continues to build momentum in the mortgage market with a number of new initiatives aimed at increasing its visibility amongst consumers. |
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| One of these initiatives, a new bundled offering called 'Citibank Mortgage Plus' provides a complete banking package for customers with a choice of mortgage, Citibank Gold Visa Card, and offset savings account. A special introductory discounted rate of 6.61% p.a. (7.15% p.a.*) currently applies for standard variable rate loans over $300,000. |
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| Martin Barter Head of Mortgages at Citibank said: "Many people are surprised to find out that Citibank sells mortgages direct to the customer, and at very competitive rates. They don't realise we were the first bank in Australia to offer a revolving line of credit which has become a popular mortgage tool in the industry." |
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| "Mortgage Plus offers great value and is well priced. For example, the annual package fee of $350 is all inclusive and covers the mortgage application fee which is normally $590 alone. In fact, day-to-day, you can be fee free with Mortgage Plus, something which is becoming hugely important for many people these days." |
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| The features and benefits of Citibank Mortgage Plus include: |
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| Minimum loan amount of $200,000 |
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| Choice of mortgage |
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| Up to 0.70% p.a. discount off the standard variable rate (for loans greater than $300,000) |
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| One simple annual fee of $350 |
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| Application fee is waived |
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| No account keeping fees |
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| Up to 50 free debits and credits on Offset Savings Account (equivalent to 100 transactions per month) |
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| No annual Gold Visa card fee (applies to primary or additional card holders) |
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| Free access to any ATM in Australia (within eligible transaction limit) |
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| No set up fees for additional sub accounts (maximum of four). Ability to split your mortgage into separate accounts to keep track of personal and business investments |
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| No fee for switching mortgage or interest rates within the same package |
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| Citibank Gold Visa Card Rewards Program |
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| Citibank Take Flight - gives customers the opportunity to cash in their reward points to purchase the flights they want from Harvey World Travel |
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| Citibank World Privileges - provides discounts and special offers around the globe |
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| Photo Card option which is unique to Citibank and helps guard against fraud |
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| Further information on Citibank Mortgage Plus is available at www.citibank.com.au |
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| Media enquiries: |
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| Leila Dean: T:(02) 8225 1658, M: 0404 509 894, leila.dean@citigroup.com |
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| Anita Fu: T: (02) 8225 1631, M: 0401 862 986, anita1.fu@citigroup.com |
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| Note to editors: |
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| All loans and credit are subject to Citibank's normal lending and credit criteria and applications must meet approval guidelines on individual products to qualify for relevant package discounts. Terms and conditions are available upon request. Fees and charges apply. Personal borrowers only (Australian Residents). The Citibank Mortgage Plus Package is not offered on: Loans with an introductory variable interest rate, Construction loans, Self-Certification loans and Basic Variable Rate loans. |
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| * The comparison rate is calculated on a loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include fees and charges. Different terms, fees or other amounts might result in a different comparison rate. A comparison rate schedule is available at 2 Park Street, Sydney and at www.citibank.com.au |
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| Loan facility must be equal to or greater than $200,000 to be eligible for a discounted interest rate. Loan size facility must be equal to or greater than $500,000 to be eligible for a 0.70% p.a. discount. Annual package fee of $350 as at 5/9/05 and subject to change. Credit Card is subject to Citibank credit criteria and approval. Minimum income requirement of $35,000 p.a. for the primary borrower. Platinum Credit Card is available to eligible applicants for a reduced annual fee of $130 (primary cards) and $60 (additional cards). No fee for switching applies as part of the Mortgage Plus package only, fee applies if no longer part of the Mortgage Plus package. Early repayment fees or deferred establishment fees may still be applicable. Maximum of 4 sub-accounts within the facility. Interest rate is variable and subject to change without notice.. Terms and conditions available upon request. This rate is available for new mortgages only. Interest rate is current as at 4/10/05. Not to be used in conjunction with any other incentives or discount offers. Offers is subject to Citibank Credit Criteria. |
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| Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com |
