RateCity.com.au
powering smart financial decisions

Pros and cons

  • Global player.
  • Very flexible loan products.
  • Full range of financial services available.
  • Competitive fixed rate loans available.
  • High fees.

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Citibank Basic Mortgage (Min Deposit 20%)
2.29% p.a.
2.34% p.a. Comparison rate
n/a
Citibank Standard Mortgage (Min Deposit 20%)
2.39% p.a.
2.55% p.a. Comparison rate
n/a
Citibank Basic Mortgage (Min Deposit 10%)
2.54% p.a.
2.59% p.a. Comparison rate
n/a
1 Year Mortgage Plus packaged
2.14% p.a.
2.99% p.a. Comparison rate
n/a
2 Year Mortgage Plus packaged
2.58% p.a.
3.03% p.a. Comparison rate
n/a
Mortgage Plus packaged
2.64% p.a.
3.04% p.a. Comparison rate
n/a
Citibank Standard Mortgage (Min Deposit 10%)
2.64% p.a.
2.79% p.a. Comparison rate
n/a
3 Year Mortgage Plus packaged
3.04% p.a.
3.14% p.a. Comparison rate
n/a
5 Year Mortgage Plus packaged
3.44% p.a.
3.35% p.a. Comparison rate
n/a
5 Year Citibank Fixed Rate Mortgage (Min Deposit 20%)
3.19% p.a.
4.46% p.a. Comparison rate
n/a
5 Year Citibank Fixed Rate Mortgage (Min Deposit 10%)
3.44% p.a.
4.56% p.a. Comparison rate
n/a
3 Year Citibank Fixed Rate Mortgage (Min Deposit 20%)
2.79% p.a.
4.63% p.a. Comparison rate
n/a
3 Year Citibank Fixed Rate Mortgage (Min Deposit 10%)
3.04% p.a.
4.69% p.a. Comparison rate
n/a
2 Year Citibank Fixed Rate Mortgage (Min Deposit 20%)
2.33% p.a.
4.73% p.a. Comparison rate
n/a
2 Year Citibank Fixed Rate Mortgage (Min Deposit 10%)
2.58% p.a.
4.78% p.a. Comparison rate
n/a
1 Year Citibank Fixed Rate Mortgage (Min Deposit 20%)
1.89% p.a.
4.93% p.a. Comparison rate
n/a
1 Year Citibank Fixed Rate Mortgage (Min Deposit 10%)
2.14% p.a.
4.96% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Citibank Basic Mortgage (Min Deposit 20%)
2.59% p.a.
2.64% p.a. Comparison rate
2.79% p.a.
2.84% p.a. Comparison rate
Citibank Standard Mortgage (Min Deposit 20%)
2.74% p.a.
2.89% p.a. Comparison rate
3.04% p.a.
3.19% p.a. Comparison rate
1 Year Mortgage Plus (Min Deposit 20%)
n/a
2.39% p.a.
3.37% p.a. Comparison rate
2 Year Mortgage Plus (Min Deposit 20%)
n/a
2.83% p.a.
3.39% p.a. Comparison rate
Mortgage Plus (Min Deposit 20%)
n/a
3.04% p.a.
3.43% p.a. Comparison rate
3 Year Mortgage Plus (Min Deposit 20%)
n/a
3.29% p.a.
3.49% p.a. Comparison rate
5 Year Mortgage Plus (Min Deposit 20%)
n/a
3.69% p.a.
3.69% p.a. Comparison rate
5 Year Citibank Fixed Rate Mortgage (Min Deposit 20%)
3.49% p.a.
4.58% p.a. Comparison rate
3.69% p.a.
4.66% p.a. Comparison rate
3 Year Citibank Fixed Rate Mortgage (Min Deposit 20%)
3.09% p.a.
4.71% p.a. Comparison rate
3.29% p.a.
4.76% p.a. Comparison rate
2 Year Citibank Fixed Rate Mortgage (Min Deposit 20%)
2.63% p.a.
4.79% p.a. Comparison rate
2.83% p.a.
4.82% p.a. Comparison rate
1 Year Citibank Fixed Rate Mortgage (Min Deposit 20%)
2.19% p.a.
4.96% p.a. Comparison rate
2.39% p.a.
4.98% p.a. Comparison rate
Citibank Basic Mortgage (Min Deposit 10%)
2.84% p.a.
2.89% p.a. Comparison rate
n/a
1 Year Mortgage Plus packaged
2.44% p.a.
3.33% p.a. Comparison rate
n/a
2 Year Mortgage Plus packaged
2.88% p.a.
3.36% p.a. Comparison rate
n/a
Mortgage Plus packaged
2.99% p.a.
3.38% p.a. Comparison rate
n/a
Citibank Standard Mortgage (Min Deposit 10%)
2.99% p.a.
3.14% p.a. Comparison rate
n/a
3 Year Mortgage Plus packaged
3.34% p.a.
3.47% p.a. Comparison rate
n/a
5 Year Mortgage Plus packaged
3.74% p.a.
3.68% p.a. Comparison rate
n/a
5 Year Citibank Fixed Rate Mortgage (Min Deposit 10%)
3.74% p.a.
4.68% p.a. Comparison rate
n/a
3 Year Citibank Fixed Rate Mortgage (Min Deposit 10%)
3.34% p.a.
4.77% p.a. Comparison rate
n/a
2 Year Citibank Fixed Rate Mortgage (Min Deposit 10%)
2.88% p.a.
4.83% p.a. Comparison rate
n/a
1 Year Citibank Fixed Rate Mortgage (Min Deposit 10%)
2.44% p.a.
4.98% p.a. Comparison rate
n/a

Home loan repayment calculator

Thinking about taking out a home loan with Citi? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Citi home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.89%

Total interest payable

$0

Total loan repayments

$0

Contact a mortgage broker

Citi homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

Citi customer service

Citibank 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 Citibank 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 Citibank 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 Citibank home loans

There are a variety of home loans offered by Citibank:

  • Owner-occupied
  • Investment
  • First home buyers
  • Refinancers
  • Upgraders
  • Renovators
  • Overseas home buyers
  • Line of credit
  • Self-employed (low-doc)

Citibank 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 Citibank 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 Citibank 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 Citibank 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.

Citibank home loan rates

Home loan interest rates vary significantly with Citibank, 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 Citibank also tend to be moderate for borrowers paying interest and principal.

Citibank’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 Citibank 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 Citibank to make sure you are getting the best home loan rates for your situation.

Citibank home loan review

Citibank’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, Citibank 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, Citibank’s interest rates are moderate compared to other banks in Australia, but Citibank does offer discounts on home loan packages, as well as rewards that are on top of their advertised rates.

Although Citibank doesn’t have many branches, it has a team of mobile mortgage specialists across the country.

Learn more about home loans

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

What are the benefits of getting a pre-approved home loan from Citibank?

While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:

  • You'll have an idea on your personal price range, which can save time to find your home.
  • With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
  • A Citibank pre-approved home loan is a commitment  by a lender that signals you're ready to jump into the property market.

You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

How do you find cheap home loans?

With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.

Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.

One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for.