Founded in America in 1812, Citibank became one of the first foreign banks to be given a banking licence in 1985. Today, Citi is the largest international bank in the country. However, it is still an emerging home loan provider in Australia as it is largely viewed as a credit card company rather than a mortgage lender. Citibank provides a wide selection of home loan products, mostly for conventional borrowers, and comes with unique features only a sizable global lender could offer such as no lender’s mortgage insurance for loans up to 85% of the purchase price.
A simple, no-fuss home loan that rewards your saving efforts
For a clear-cut home loan product with a reasonable rate and no monthly account service fees, Citibank’s Basic Mortgage is a smart choice. You also will have access to flexible features like the ability to make repayments at any time without penalty and unlimited redraw. Citi also offers discounts to reward you for saving.
Enjoy the comfort of knowing exactly what your monthly repayments will be
Citibank’s Fixed Mortgage product comes with a free 60-day rate lock so you can get the fixed interest rate that was available when you submitted your application rather than when your loan settles. Want to pay down your loan faster? You still have the ability to make limited extra repayments with this fixed rate home loan.
Pay your loan off sooner with a flexible payment package
Take advantage of low interest rates and pay off your loan faster with flexible repayment options – with the added bonus of the ability to redraw additional repayments when needed.
An easy way to offset or reduce your total home loan amount
This is a great home loan product for strong savers. You can substantially reduce the cost of your loan by using your savings to offset your mortgage, thus reducing the interest you’ll pay. You can also pay ahead with up to $1,000 in extra repayments per month. The more you pay down your loan early, the less you’ll have to pay in interest overall.
Enjoy a range of rewarding financial products and discounts
One thing that Citi does well is rewarding its customers for saving. With this packaged home loan, you can enjoy lower interest rates if you put down a large down payment. You can also save with a fee-free or reduced credit card and a free everyday account.
Most Citibank home loans are approved within 10 working days.
Citibank have a range of home loan products, as per listed above.
After the March 2020 emergency rate cut Citibank chose to reduce some of its products by 10 basis points.