Citibank Home Loan policy changes

Wed, 2008-11-26 21:48 — Guest
Important changes to Citibank home loan products.
Due to the changing economic and market conditions, Genworth, Citibank LMI provider, has implemented changes relating to products and risk policy.
As a result, the following changes will be made to Citibank’s products to align with Genworth’s policy updates. Citibank’s product changes are effective 1 December 2008:
Citibank will no longer offer Self Certified 70
The current maximum LVR of 100% (inclusive of capitalisation of LMI premium) for Citibank’s No Deposit Home Loan will change to a maximum of 95% LVR (plus capitalisation of LMI premium).
Applications in the pipeline prior to 1 December 2008
Prior to 1 December 2008, Citibank will accept applications for change to policy affected products provided that the information submitted is accurate and satisfies the requirements of the application check-list.
Home loan applications (new business or variations) for the affected products in the pipeline prior to 1 December 2008, the following applies:
All applications for the affected products must settle by 28 February 2009
If final approval has been provided prior to 1 December 2008, then the loan must settle by the expiry date indicated in the conditions section, which is contained in the Facility Agreement and in the Final Approval Advice.
If the loan does not settle by these respective dates, then the application will need to be re-assessed via an alternate product where the documentation requirements and the amount of loan may need to change.
Self-Certified 80
There will also be changes to Citibank Self Certified 80 product, which Citibank are currently finalising. Further details regarding these changes will follow in the next few days.