Citi Australia launches new product for personal loans big and small

Citi Australia launched a new personal loan with a low rate of 11.99% today, helping Aussies fund their spending goals, big or small.

Citi said that now is the time of year when many Aussies start re-evaluating their finances, and planning big spends for the coming year. Its new Citi Personal Loan Plus is designed for people earning at least $40,000 per year, but needing some help to reach these bigger goals, according to Alan Machet, Head of Cards and Loans.

Aussies will be able to borrow between $5,000 and $75,000 with the new loan, making it open to funding all kinds of goals. It comes with a low variable interest rate of 11.99% p.a. (12.77% p.a. comparison rate) attached and a $199 upfront establishment fee.

“We’ve all had times when cash flow is tight, but life won’t wait,” Machet said.

“Perhaps you need extra funds to upgrade the family home, take an overseas holiday or cover the cost of university fees, like an MBA degree. No matter how big or small the need, Citi Personal Loan Plus is an unsecured personal loan with a reusable credit facility that lets borrowers get the things they need or want a lot sooner.”

With fixed monthly repayments, free additional repayments and no penalties for repaying the loan early, the Personal Loan Plus is designed to help borrowers keep their budget under control while still achieving their life goals.

Machet said that when choosing a way to fund big spends, “the best option for an individual will depend what they plan to spend the money on and their personal discipline when it comes to making repayments.”

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Over half of Citi’s customers make their everyday transactions online, either on a computer, mobile phone or mobile wallet app, so borrowers will be able to apply and manage their personal loan online, making it even easier to keep an eye on their budget.

If you’re looking for a personal loan, make sure you compare your options before signing on the dotted line. You can use our free personal loan search tool to find the best options for funding your spending goals, whatever they may be.