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Citibank Slashes Lo Doc Interest Rates |
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Tuesday, 14 August 2007 |
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Those that are self employed and do not have financials will welcome the news that Citibank have slashed their lo doc interest rates. With a Citibank Mortgage Plus lo doc loan there is now no difference in rate for a lo doc applicant or fully verified applicant. This means those that can prove their income with payslips receive the exact same rate as those self employed people that can't.
Citibank's Mortgage Plus lo doc loan is the lowest priced fully featured lo doc loan we have seen on the market for some time. Since its recent launch it has already received a 5 star ratting by financial research group Cannex. Citibank have dropped the interest rate for this variable rate lo doc loan to 7.61%pa (CR7.92%), which is the same interest rate that fully verified Mortgage Plus customers receive. You can make as many additional repayments as you please and this loan comes with a redraw facility allowing you to easily access funds if you are ahead in your repayments. It's not just the low rate that makes this lo doc particularly attractive. Citibank is currently paying all lenders mortgage insurance premiums for Mortgage Plus lo doc loans less than $1 million. If you combine this with their low application fee of $399 this really is a bargain for a lo doc loan. Citibank's Mortgage Plus lo doc loan is available for self employed applicants that have had an ABN for more than 1 year and require a loan of $200,000 or more. 
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