Rates and fees verified as correct at 03 December, 2021. Other information correct at the time of writing. Advertiser disclosure.
If you want to be able to factor your home loan repayments into your monthly budget, Citi’s Fixed Rate Loan is a great option. This fixed rate is available for loans starting from $350,000 and you can borrow up to 90% of the property's value. You can choose between loan terms of 1, 2, 3 or 5 years. Citi’s Fixed Rate Loan has extra repayment flexibility where you can pay up to $1,000 per month without penalty, however you won’t have the comfort of a redraw facility. There is also a fee free rate lock which means Citi will fix the interest rate at the time of application (up to a period of 60 days) giving you time to get your application approved without the worry of rising interest rates. There is a monthly account keeping fee to consider with this loan option.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.04% p.a. | 4.87% p.a. | $8.00 monthly | $649 | ||
| 2.79% p.a. | 4.63% p.a. | $8.00 monthly | $649 | ||
| 3.29% p.a. | 4.76% p.a. | $8.00 monthly | $649 | ||
| 3.34% p.a. | 4.95% p.a. | $8.00 monthly | $649 | ||
| 3.09% p.a. | 4.71% p.a. | $8.00 monthly | $649 |
Citi has a couple of variable rate home loans to choose from: a basic no-frills option, and a standard one with more features. Both available for LVRs of up to 90%, and packed with all the flexibility you’d expect from a variable loan including additional repayments without penalty, a free redraw facility and the ability to split your account between a fixed and variable rate. There is also the option of increasing the credit limit on your variable loan should you need to borrow more funds in the future, but you’ll need to apply and may be charged a fee. While both of Citi's variable rate loans have an application fee, only the standard option comes with a monthly service fee as well, but in return, you’ll get the added benefit of an offset account which could save you heaps of interest over the life of your loan.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.54% p.a. | 2.59% p.a. | $0.00 | $649 | ||
| 2.29% p.a. | 2.34% p.a. | $0.00 | $649 | ||
| 5.35% p.a. | 5.49% p.a. | $8.00 monthly | $649 | ||
| 5.10% p.a. | 5.24% p.a. | $8.00 monthly | $649 | ||
| 3.04% p.a. | 3.09% p.a. | $0.00 | $649 | ||
| 2.79% p.a. | 2.84% p.a. | $0.00 | $649 | ||
| 2.84% p.a. | 2.89% p.a. | $0.00 | $649 | ||
| 2.59% p.a. | 2.64% p.a. | $0.00 | $649 | ||
| 5.35% p.a. | 5.49% p.a. | $8.00 monthly | $649 | ||
| 5.10% p.a. | 5.24% p.a. | $8.00 monthly | $649 |
If you’re borrowing more than $350,000 and love the idea of saving on your home loan by opting for a package, Citi’s Mortgage Plus is a worthy contender. The Package automatically waives any Citi Platinum Credit Card and Plus Transaction Account fees, and you’ll receive membership to Citi’s Dining Program and a free bottle of wine every time you dine with Citi partner restaurants. Plus, you’ll get your pick of a range of flexible home loan features including additional repayments up to $1,000 per month and the option to split your loan into fixed and variable rates. However, keep in mind the annual package fee is something to consider.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.04% p.a. | 3.14% p.a. | $350.00 yearly | $250 | ||
| 2.79% p.a. | 2.90% p.a. | $350.00 yearly | $250 | ||
| 3.29% p.a. | 3.50% p.a. | $350.00 yearly | $250 | ||
| 3.34% p.a. | 3.47% p.a. | $350.00 yearly | $250 | ||
| 3.09% p.a. | 3.23% p.a. | $350.00 yearly | $250 |
If you’re looking at the Citi’s Mortgage Plus Package for loans over $350,000 but would like added flexibility, check out the variable rate option. With all the same features and bonuses as the fixed rate alternative, the variable rate package also allows you to make unlimited additional repayments to help you pay off your home loan debt faster. Plus you can choose to make weekly, fortnightly or monthly payments to match your pay cycle.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.64% p.a. | 3.04% p.a. | $350.00 yearly | $250 | ||
| 2.39% p.a. | 2.80% p.a. | $350.00 yearly | $250 | ||
| 3.29% p.a. | 3.68% p.a. | $350.00 yearly | $250 | ||
| 3.04% p.a. | 3.43% p.a. | $350.00 yearly | $250 | ||
| 2.99% p.a. | 3.38% p.a. | $350.00 yearly | $250 | ||
| 2.74% p.a. | 3.14% p.a. | $350.00 yearly | $250 |
With Citi’s variable and package home loans you have the ability to make unlimited additional repayments to pay your home loan off sooner and reduce your interest over the term of your loan. If you opt for the fixed rate, you’ll be able to make up to $1,000 per month penalty-free.
Because you have to pay an account keeping fee for Citi’s standard variable loan, be sure to use your interest offset account which could save you big bucks on interest throughout the life of your loan.
Unlike other mortgage providers, Citi’s Fixed Rate Loan has a free rate lock feature which fixes the interest rate at the time of your application for up to 60 days, so you don’t have to worry about rising interest rates while your home loan is getting approved.
With Citi’s home loans, you can apply to increase your credit limit at any time if you need to borrow more money. Just bear in mind you'll need to include supporting documentation and fees also apply.
Mozo users have rated Citi home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
168 Reviews
I am my sister's executor, who banks with Citi. I am not a person who puts up reviews (I have only done 1 ever). Trying to deal with Citi has been the most difficult part of fulfilling executer duties. There are no branches to visit in WA to visit. Examples are the Estate Management team write letters & include a number to ring if you have problems. When you finally get through, as soon as you say Estate Management, you get told they will call you & you get cut off. I am trying to sell my sisters house & need to transfer the mortgage into my name. This requires to the mortgage to be cleared (there is no debt) & the title, held by Citibank, to be sent to Landgate. I have sent docs to Citibank 3 weeks ago - no call. I ring & get blocked. My recommendation is to avoid Citibank unless you have heaps of time and can deal with the fustration.
Read full reviewI am my sister's executor, who banks with Citi. I am not a person who puts up reviews (I have only done 1 ever). Trying to deal with Citi has been the most difficult part of fulfilling executer duties. There are no branches to visit in WA to visit. Examples are the Estate Management team write letters & include a number to ring if you have problems. When you finally get through, as soon as you say Estate Management, you get told they will call you & you get cut off. I am trying to sell my sisters house & need to transfer the mortgage into my name. This requires to the mortgage to be cleared (there is no debt) & the title, held by Citibank, to be sent to Landgate. I have sent docs to Citibank 3 weeks ago - no call. I ring & get blocked. My recommendation is to avoid Citibank unless you have heaps of time and can deal with the fustration.
Good bank, easy to deal with. No hassle, low fees, good app.
Read full reviewGood bank, easy to deal with. No hassle, low fees, good app.
LessThe product is very simple. The application process was easy too.
Read full reviewThe product is very simple. The application process was easy too.
Citi offer good 24/7 online and phone service, they do pass on interest rate cuts and take security off your accounts very seriously. However there are little to no branches and processing time for paperwork can be slower than other banks.
Read full reviewCiti offer good 24/7 online and phone service, they do pass on interest rate cuts and take security off your accounts very seriously. However there are little to no branches and processing time for paperwork can be slower than other banks.
Interest rate not same or close to reserve rate.
Read full reviewInterest rate not same or close to reserve rate.
You can apply for a Citi home loan via an online application form or request a call from one of their Mortgage Specialists. You’ll need the following details handy: