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Citi home loans
Citi was the first foreign-owned bank to be granted a banking license in Australia, in 1985. It’s part of Citigroup, one of the largest financial services organisations in the world, which has been around for over two centuries.
Over 1,600 people work for Citi in Australia, and it has around a million customers. Citi has six branches in Australia, three in Sydney and one each in Melbourne, Brisbane and Perth, as well as extensive online and phone services.
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Home Loans calculator
Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios.
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- All calculations are estimates only; they are not guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- It is assumed that data entered into the calculator, including interest rates, do not change for the lifetime of the loan - unless specified.
- The Present Value provided by this calculator is displayed as the amount labelled 'Loan amount'.
- At the end of the interest-only period, the rate may change. For this calculation, rate switches to the current rate.
- The current rate is today’s average big 4 owner occupier advertised discounted variable rate (LVR 80%), unless you have inserted your own rate.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given some months are longer than others, interest charged may vary depending upon the month.
- One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus each year has 364 days.
- The calculator uses the unrounded repayment to derive the home loan summary line graph and repayment schedule. However, institutions may round repayments to the nearest cent.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Consider whether you need financial advice from a qualified adviser.
- After the interest only term ends, your repayments will change based on the current* interest rate. This rate is subject to change. Read our full disclaimer.
Contact a mortgage broker
Citi homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.
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Citi customer service
Citi has a 24/7 support via its website. Some of its services for members and prospective borrowers include mortgage brokers, a live chat service and a inbound call centre. Customers can access their funds via a large network of Citi ATMs located around Australia.
- Customer service centre (phone, email, branch)
- Online banking
- Live Chat
- Mobile banking staff
How to Apply
Borrowers can apply for a Citi loan online or arrange for a consultation with a customer service representative. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:
- Personal identification material.
- Proof of income and other earnings.
- Proof and type of employment.
- Details of current loans, debts and liabilities.
- Personal insurance documents.
About Citi home loans
There are a variety of home loans offered by Citi:
- Owner-occupied
- Investment
- First home buyers
- Refinancers
- Upgraders
- Renovators
- Overseas home buyers
- Line of credit
- Self-employed (low-doc)
Citi home loans also come with several interest rate options:
- Variable rate
- Fixed rate
- Principal and interest
- Interest-only
- Split loans
The longest home loan term offered by Citi is 30 years. Repayments can be made weekly, fortnightly or monthly. Several of its products allow borrowers to use parents as guarantors, and also offer mortgages up to 90 per cent of the home’s value.
The fixed-term interest rates offered by Citi range from six months to five years. Many of its products also offer offset accounts, redraw services and the option to make extra payments.
A rare service that Citi offers is mortgages for non-Australian citizens and non-permanent residents. However, the bank doesn’t offer superannuation home loans for SMSFs or reverse mortgages for seniors.
Citi home loan rates
Home loan interest rates vary significantly with Citi, depending on the borrower’s situation. There are different interest rates for owner-occupied mortgages compared to investment mortgages. Line of credit home loans also have significantly higher interest rates than standard home loans.
Owner-occupied home loans generally have moderate interest rates compared to other lenders in Australia. Investment home loans offered by Citi also tend to be moderate for borrowers paying interest and principal.
Citi's upfront fees tend to be moderately high, but the ongoing mortgage fees are moderate to moderately low. The bank does, however, offer discounts on fees if home loans are bundles with other Citi products like credit cards. It also advertises interest rate discounts for borrowers with loan-to-value ratios (LVRs) below 80 per cent.
It’s worth comparing the current interest rates and fees at Citi to make sure you are getting the best home loan rates for your situation.
Citi home loan review
Citi's home loan portfolio is significantly smaller than that of the big four banks, but it delivers certain perks and flexibility to its customers.
For self-employed borrowers, Citi offers home loans that come with the same interest rates and home loan options as its other owner-occupied mortgages. The investment home loans are also flexible, with the ability to get line of credit and interest-only for several years. As a foreign-owned bank, it also caters for overseas buyers, offering specific home loan products and services to suit non-citizens and non-permanent residents of Australia.
Overall, Citi's interest rates are moderate compared to other banks in Australia, but Citi does offer discounts on home loan packages, as well as rewards that are on top of their advertised rates.
Although Citi doesn’t have many branches, it has a team of mobile mortgage specialists across the country.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.