Citibank 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 Citibank in Australia, and it has around a million customers. Citibank has six branches in Australia, three in Sydney and one each in Melbourne, Brisbane and Perth, as well as extensive online and phone services.

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

Citi home loans

Basic Variable Home Loan (LVR < 80%)
Advertised rate
4.31%Variable
Upfront fee
$649.00
Comparison rate*
4.36%
Ongoing fee
$0
Compare
Mortgage Plus Fixed Home Loan 2 Years
Advertised rate
4.09%Fixed - 2 years
Upfront fee
$250.00
Comparison rate*
4.59%
Ongoing fee
$350 annually
Compare
Mortgage Plus Fixed Home Loan 1 Year
Advertised rate
4.09%Fixed - 1 year
Upfront fee
$250.00
Comparison rate*
4.60%
Ongoing fee
$350 annually
Compare
Mortgage Plus Variable Home Loan ($250k+, LVR < 80%)
Advertised rate
4.26%Variable
Upfront fee
$250.00
Comparison rate*
4.62%
Ongoing fee
$350 annually
Compare
Mortgage Plus Fixed Home Loan 3 Years
Advertised rate
4.29%Fixed - 3 years
Upfront fee
$250.00
Comparison rate*
4.63%
Ongoing fee
$350 annually
Compare
Mortgage Plus Fixed Investment Loan 1 Year (Principal and Interest) (LVR < 80%)
Advertised rate
4.49%Fixed - 1 year
Upfront fee
$250.00
Comparison rate*
4.86%
Ongoing fee
$350 annually
Compare
Mortgage Plus Fixed Investment Loan 2 Years (Principal and Interest) (LVR < 80%)
Advertised rate
4.49%Fixed - 2 years
Upfront fee
$250.00
Comparison rate*
4.86%
Ongoing fee
$350 annually
Compare
Fixed Home Loan 3 Years
Advertised rate
4.29%Fixed - 3 years
Upfront fee
$649.00
Comparison rate*
5.43%
Ongoing fee
$8 monthly
Compare
Fixed Home Loan 2 Years
Advertised rate
4.09%Fixed - 2 years
Upfront fee
$649.00
Comparison rate*
5.51%
Ongoing fee
$8 monthly
Compare
Fixed Home Loan 1 Year
Advertised rate
4.09%Fixed - 1 year
Upfront fee
$649.00
Comparison rate*
5.65%
Ongoing fee
$8 monthly
Compare
Fixed Investment Loan 2 Years (Principal and Interest) (LVR < 80%)
Advertised rate
4.49%Fixed - 2 years
Upfront fee
$649.00
Comparison rate*
5.78%
Ongoing fee
$8 monthly
Compare
Fixed Investment Loan 1 Year (Principal and Interest) (LVR < 80%)
Advertised rate
4.49%Fixed - 1 year
Upfront fee
$649.00
Comparison rate*
5.91%
Ongoing fee
$8 monthly
Compare

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.

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