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Citibank Home Loans Starting from 2.19% + $2000 Refinance Cash Back

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Citibank Home Loans Starting from 2.19% + $2000 Refinance Cash Back
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AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 12:35 www1.citibank.com.au (505 clicks)
Last edited 25/07/2020 - 07:27 by 3 other users

Citibank Refinancing Cashback deals

P&I packaged HOME LOAN
* 2.19% for 2 years fixed for home loans (CPR 3.12%)
* 2.29% for 3 years fixed for home loans (CPR 3.1%)
* 2.49% for basic variable rate (CPR 2.54%)
* 2.59% standard variable (packaged) (CPR 2.64%)

P&I packaged INVESTMENT LOAN
* 2.59% for 2 years fixed for investment loans (CPR 3.43%)
* 2.69% for 3 years fixed for investment loans (CPR 3.41%)
* basic variable starting from 3.14% (CPR 3.53%)

$2K cashback per application, capped at $4k
* Loan applications must be submitted before 31/7/2020
* Loan amount must be above $350k - including any additional cash out amount
* <80% loan to value ratio
* P&I loans

Other things you should know
* The typical total refinancing cost averages around $600 - $800 which includes existing outgoing lender discharge fee and government charges.

Please don't message me on Ozbargain as response may be delayed. Please contact on below mobile or email.

John Kim
Finance Broker
Bachelor of Commerce, Diploma of Financial Planning, Diploma of Finance & Mortgage Broking
M : 0433 390 648
E : [email protected]

All consumer credit related services are provided on behalf of BLSSA Pty Ltd ACN 117 651 760, Australian Credit Licence No. 391 237 by its authorised credit representatives as part of the a network operated by Brokerage House Pty Ltd ABN 40 607 041 421, trading as Our Broker CRN 485586. John Kim is a credit representative 508336 of BLSSA Pty Ltd.

Financial Home Loan Refinance

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closed Comments

  • Jaff on 01/07/2020 - 12:45

    I think there are better cash back and rates being offered?

    • umadbrahhhh on 01/07/2020 - 12:49

      Drop one here, keen to see!

      • spiff on 01/07/2020 - 13:04
        +1

        ANZ

        • Trishool on 01/07/2020 - 13:49

          Link?

        • SmiTTy on 01/07/2020 - 14:19
          +1

          Just be aware anz have a long backlog, so it will take a while for applications to be processed. If you're not in a rush and willing to wait a couple months then it's ok

    • AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 13:26

      yes, I have that one available too. however their response time at the moment is sitting around at 6-8 weeks. if you don't mind the wait I can assist with that too.

      • Slo20 on 10/07/2020 - 19:28

        I’ve been waiting over 9 weeks for my anz loan to be approved. I would not recommend going with them. I was first quoted 3 weeks, then 5 then told at the 7th week it’s almost done. 9th week “should be in a day”… that was 4 days ago and still waiting.

  • Dice on 01/07/2020 - 12:50
    +1

    It takes weeks to get through to Citibank mortgage department.

    No issues with banking/credit cards, they're not too bad (although delayed through Covid) but home loans hardly ever return calls. Maybe not as much of an issue if going through a broker…

    • AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 16:23

      Hi dice, sounds like you've had a bad experience with citibank. sometimes it is the luck of a draw or sometimes if they have a ridiculously good deal on and don't have the resources to pull through their turn around time blows out. but at the moment they are pretty good.

  • virtualds on 01/07/2020 - 12:56

    possible to jump around from bank to bank to get cashback? any catch to stay some period?

    • bloom on 01/07/2020 - 12:57

      Fixed rates, stuck there for 2 years

      • virtualds on 01/07/2020 - 12:59

        no cash back on standard variable type home loan?

        • AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 13:27

          cashback is available on the variable rate too.

    • El-Rhi on 01/07/2020 - 13:04
      +5

      You can do this. I’ve refinanced 3 times in 6 months for $4k cashback each time. Just don’t fix and you can move around as often as you want.

      • Butterveggietoast on 01/07/2020 - 13:12

        wow and the banks were ok with this? did you refinance yourself or through a broker?

        • mr_asstight on 01/07/2020 - 13:23

          Yes. Just check with your bank to confirm first

        • El-Rhi on 01/07/2020 - 14:22

          Did it myself

      • mr_asstight on 01/07/2020 - 13:23

        Exactly this!

      • Trying2SaveABuck on 01/07/2020 - 13:26
        +3

        3-times in 6 months thats pretty amazing - with a 12k all up cash back (prob lost about 1k in fees) so overall 11k profit

        You have just reached OzB level 100

        • Butterveggietoast on 01/07/2020 - 13:28

          lol i think banks profit gonna dive now that ozbargainers see a trick :P

          • Trying2SaveABuck on 01/07/2020 - 13:31
            -1

            @Butterveggietoast: Ill be honest i wouldn't do it simply becuz im 30y.o and dont want to burn though lenders at my age - dont get me wrong i refinanced/negotiated a better rate every 6months since i was 23 y.o but to quick jump like that might make it harder for me to get loans in the future becuz the do keep a record.

            HOWEVER if i was 50 i would be doing the same thing OP is doing

            • mr_asstight on 01/07/2020 - 13:31
              +1

              @Trying2SaveABuck: says who? just go through broker if you got issues.

            • Butterveggietoast on 01/07/2020 - 13:37
              +1

              @Trying2SaveABuck: Ahh I get what you saying, so unless you plan to borrow money more then it doesn't really matter how many times you refinance within a certain periods haha

            • El-Rhi on 01/07/2020 - 14:25
              +1

              @Trying2SaveABuck: There is so much competition out there for lending at the moment, you’re never going to run out of options. Plus it wouldn’t really impact your chances of getting a loan with the same bank again… most application decisions are automated these days so you’d just be like any other new customer

        • mr_asstight on 01/07/2020 - 13:31
          +2

          costs $1-$1.2k each refinance. So $12k - $3k = $9k profit. not bad

      • t3chshopper on 01/07/2020 - 13:33

        Wait, who is offering $4k cashback, and letting you keep if it you switch that soon?

        • El-Rhi on 01/07/2020 - 14:20
          +1

          Nobody is doing $4k anymore, but six months ago most of the banks were doing it…. St George / NAB / ANZ all had $4k at one stage

      • tweety96 on 01/07/2020 - 13:41

        Doesnt it kill Your credit rating?

        • El-Rhi on 01/07/2020 - 14:22
          +1

          No, credit rating has actually gone up. Enquiries don’t play as much of a role in credit ratings as they used to with CCR now around.

          • AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 16:22
            +1

            @El-Rhi: Thats true El, but just be careful as I have seen applications get declined by banks due to too many credit enquiries on the applicants files. 3 times in 6 months is considered very excessive in the industry. CCR would help your score increase because of your good repayment conduct not because of your refinances. but hey if it's working for you, good on you!

            • El-Rhi on 01/07/2020 - 16:43

              @JohnKKMK: You’re right… it depends if the lender has any rules around enquiries in their decision models. Those that do would most likely flag for a manual review rather than a straight decline. If an enquiry is followed by an open account on the credit report it’s usually viewed favourably, rather than lots of enquires and no accounts.

        • makeahit on 02/07/2020 - 16:36

          I worked one of major credit report agencies.

          It doesn't kill your credit rating, but it certainly decreases your credit score. Your credit score will recover as your repayments are paid on date, but it will take some time.

          However, decreasing score doesn't mean you would have a problem. With certain score range, you can still do refinance or get credit cards without problem.

          So missing repayment is the real killer.

    • mr_asstight on 01/07/2020 - 13:20

      yes you can if on variable. there's no claw back. just keep being a cashback slut.

    • Trishool on 01/07/2020 - 13:50

      Not sure if doing this would impact your credit rating?

      • fozzie on 01/07/2020 - 16:34

        It probably would

      • El-Rhi on 02/07/2020 - 07:08

        It hasn’t impacted mine too much (illion and Equifax are up slightly and Experian is down a bit). Credit enquiries don’t impact your score as much as they used to due to CCR, but it also depends on the type of enquiry (mortgage, revolving or personal loans are all treated slightly different) and whether an account was opened soon after the inquiry (which means your application was successful).

  • Moncastle on 01/07/2020 - 13:18
    +2

    Currently with Citibank. They don't pass on all rate cuts. Also phone customer service doesn't exist. It's basically a call back service, like you will have to leave a message with a service desk and they will call back after a quite a few follow ups. So I would recommend to stay away from Citibank.

    • jace88 on 01/07/2020 - 13:42

      Same. Citibank used to be decent back when they were trying to grow retail/HNW presence but I had many stuff ups (eg wrong settlement date?!) during my mortgage process in January 2018 and service is very non existent now.

    • AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 16:18

      Hi Moncastle. completely agree with your frustration. hardly any banks pass on the full rate cuts there days after the major banks started to do so. thats why you need a good good broker that will try to get you a pricing discount where ever possible.

  • mrpurehacker on 01/07/2020 - 13:18

    Other things you should know
    * The typical total refinancing cost averages around $600 - $800 which includes existing outgoing lender discharge fee and government charges.

    Is this per property?

    • Trishool on 01/07/2020 - 13:51

      I'd imagine this would be the cost every time you want to refinance and jump lender.

      • mrpurehacker on 01/07/2020 - 13:53

        Yep that would make sense. I am trying to understand if this is $600-$800 per property being refinanced or this fee would cover multiple properties?

        • Trishool on 01/07/2020 - 13:59

          Aah ok, sorry I misinterpreted your question. Not sure on that. Perhaps the OP can advise.

          • AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 16:16

            @Trishool: Hi everyone. This is the discharge fee that your current lender would charge (typically $100-400) , plus government charges of mortgage de-registration and re-registration fees (around $300).

    • AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 16:16

      Hi everyone. This is the discharge fee that your current lender would charge (typically $100-400) , plus government charges of mortgage de-registration and re-registration fees (around $300).

  • harthagan on 01/07/2020 - 13:36

    Anyone currently offering 4k cashback with similar fixed rate?

    • AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 16:14

      Hi Harthagan,
      no more $4k. I do have $3k available with ANZ. If you are interest please give me a call/

      • mr_asstight on 01/07/2020 - 19:29

        is the ANZ one $3k per property or all up?

  • morini on 01/07/2020 - 14:49
    +2

    I did some banking through Citibank. Never again! They have been a NIGHTMARE to deal with.
    Off the top of my head:

    • App doesn't remember my password, so I'd have to change it every single time I opened it. Every time I tried to change it, it said can't re-use current password! I just checked, and even though I'm 100% sure it's the right password (I use a password app), it doesn't accept it. Infuriating.
    • Fingerprint ID on the iPhone app was present but never worked. You'd put in your fingerprint and then it'd ask for your password anyway. WHICH never worked as I said. They've removed it now, obviously because it wasn't working. (All my other banking apps do it).
    • Similar thing happening with web banking. Seems to be fixed now.
    • Web banking required phone code entry. That's fine, but then it asks again if you want to send them a message. Why? I literally just logged in seconds ago.
    • No notifications for bank messages to email, SMS or via app like EVERY other bank does. So you have to log in on a computer from time to time to see whether you have any messages.
    • Can't fill out web forms for basic things - need to actually ring.
    • They ring you without leaving messages.
    • They stuff things up and then when you try to get them to fix it, they don't give you updates.
    • It has taken 6+ months of continual back and forth and I still haven't received the bonus Qantas points that were part of a credit card package I got in November. I met the criteria within 3 months, they just keep (profanity) me around. I provided Qantas membership details, they said they were wrong. I asked what details they had, and what they gave me was correct, so that was a lie. They also lied about it being resolved in February. Still no points, so many phone calls and messages.
    • Their phone staff are terrible. Not knowledgeable or helpful. (I struggle with their strong accents, which I don't blame them for, but it makes it harder to deal with them.)

    Dismal, terrible, shameful, awful company. Avoid, avoid, avoid. God help you if you're trying to run a business. I've never had any dealings with a bank as bad as this.

    • xiaozaocha on 01/07/2020 - 15:57

      I dealt with the credit card department twice and dislike CITI's service.

    • Make it so on 01/07/2020 - 16:59
      +2

      Yeah, I also wouldn't deal with them in future. I have a Citibank Card and Kogan card (which goes through Citibank) and have had major dramas with both. For the first, it was a card being compromised that I had never even used overseas, which I suspect was an inside job through leaked details. Even after cancelling, they let through and charged me for fraudulent transactions, resulting in me having to dispute them. For the Kogan card, it was a number of procedural and technical problems with getting and activating a secondary card. In both cases, the apps are terrible.

      If you value your time and your sanity, stay away from Citibank.

    • showMe Money on 02/07/2020 - 16:43
      +1

      Agree, its a pain dealing with Citibank.

      I was forced to post a letter written on blank page (with no format/template) on my postage expense to Citibank for a simple change of personal details like phone number as they dont have a facility/process to change it over phone and they dont have a branch in Australia to deal with such matters

      Never again

  • RocketSwitch on 01/07/2020 - 14:59

    Ah, the bank that cancelled my credit card without even telling me and lost my points. NO THANKS!! Wouldn't help me. They said we sent you an email. Never received it. Sent something in the mail. Never got it. Wouldn't reinstate it. Useless. Imagine what they will do with your home loan account lol

  • erd on 01/07/2020 - 15:46

    Hey John, "2.59% standard variable (packaged) (CPR 2.64%)" is this with offset? Does the comparison rate include all fees?

    • AssociatedJohnKKMK @ Mortgage Better on 01/07/2020 - 16:13

      Hi Erd, yes this one is with offset. yes the CPR accounts for fees

  • mrpurehacker on 01/07/2020 - 18:15
    +2

    $2K cashback per application, capped at $4k

    how does this work? Is it $2K per per property capped at $4K?

    • dealmaker on 02/07/2020 - 01:01
      +2

      Yeah, please clarify the cap.

    • AssociatedJohnKKMK @ Mortgage Better on 18/07/2020 - 00:43

      basically you get $2k per refinance application up to 2 applications and then you won't get any more cashback.

  • thydzik on 15/07/2020 - 15:36

    I've emailed.

  • ozbmm on 30/07/2020 - 11:27

    What application fees would be waived here?

    • AssociatedJohnKKMK @ Mortgage Better on 03/08/2020 - 18:42

      Hi ozbmm, there are no fee waivers here. just rates and cashback. but happy to talk about various options available if you would like to call me on 0433390648.

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