1.99% @ 2 Yrs Fixed + $4k Cashback Citibank Offer for Refinances OR Purchases


P&I packaged HOME LOAN
* 1.99% for 2 years fixed for home loans (CPR 2.52%)
* 2.09% for 3 years fixed for home loans (CPR 2.94%)
* 2.29% for basic/standard variable rate without offset (CPR 2.31%)
* 2.59% for variable with offset (CPR 2.99%)

* 2.29% for 2 years fixed for investment loans (CPR 3.29%)
* 2.39% for 3 years fixed for investment loans (CPR 3.23%)
* 2.59% basic/standard variable (CPR 2.99%)
* 2.49% basic/standard variable (CPR 2.89%) – when mixed with Owner Occupier loan
* 2.79% standard variable offset (with offset) (CPR 3.18%)
* 2.69% standard variable offset (with offset) (CPR 2.98%) – when mixed with Owner Occupier loan

* 2.49% for 2 years fixed for investment loans (CPR 2.63%)
* 2.59% for 3 years fixed for investment loans (CPR 3.58%)
* 2.89% basic/standard variable (CPR 3.19%)
* 2.79% basic/standard variable (CPR 2.81%) – when mixed with Owner Occupier loan
* 3.19% standard variable offset (with offset) (CPR 3.28%)
* 3.09% standard variable offset (with offset) (CPR 3.18%) – when mixed with Owner Occupier loan

*rates are subject to lender changes
** Citibank offers free 60 days rate fix for all fixed rate applications

Fees for Mortgage Plus Package loans
$250 upfront fee
$350 annual fee

Fee without Mortgage Plus Package
$399 Application Fee
$250 Settlement Fee
$8 per month per loan split

$4,000 cashback ONLY available through Premium Select Status Brokers
Due to our Premium Select Broker status with Citibank, we are able to offer our clients $4,000 cashback from Citibank, with priority turnaround times and special discounted rates. Eligibility criteria applies:
* Total loan size must be >$350k
* <80% Loan to Value ratio for houses or low density dwelling (<30 units in complex)
* <65% Loan to Value ratio for high density dwelling (>30 units in complex)
* $4,000 per application (max 2 applications per client)
* condition applies

What is a comparison rate (CPR)?

The comparison rate is calculated for a secured loan for an amount of $150,000 over a 25 year term. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, or cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Comparison rate can very often be misleading as it uses assumptions that are often irrelevant to an individuals circumstances. Typically it assumes a loan size of $150k over 25 year loans term which is irrelevant to majority of borrowers. It also assumes the borrower will remain with the same lender for the whole 25 years on a revert rate which may also be misleading as most Australians refinance their home loans every 2 – 4 years. So often comparison rates can cause more confusion than help. However due to government regulations, banks and brokers MUST quote these CPR when quoting a home loan interest rate. As a general rule of thumb, it’s best to look at the actual interest rate & repayment (including fees) for the same loan amount over the same specified period when you compare loans. We can help in doing this accurately and systematically.

For further details about this deal or other 35 lenders we work with, please contact directly via email or phone. Alternatively, you can book in a phone call with me on the link below. Messages on Ozbargain may receive delayed response. Apologies in advance for any delays in responses on ozbargain due to overwhelming enquiries. Thank you.

John Kim
Mortgage Adviser
M : 0433 390 648
E : [email protected]
Client Google reviews : https://www.mortgagebetter.com.au/google-reviews/

RCA Finance Solutions (Trading as Mortgage Better) is an authorised credit representative (CRN 508268) of QED Credit Services PTY LTD (ACL 387856).

Related Stores

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  • Hi John,
    If I have clear title with no current finance but wish to pull out some equity (For renovations) does that fall under refinance and will I be eligible for 4k rebate?

    • Reading the above, I believe it’s for loans of >$350k

      • Yeh i'm just not sure if they classify an equity "cash out" as refinance/purchase or if it falls under a difference category?

      • No problem, get one of the offset loans, pull out $350k, use $20k for renovations and put the other $330k back into the offset account.

        • Or put it into the index. Index is paying like 2.8%, obvious short - medium term risk of markets going down.

    • hi,
      cashout is possible with citibank, but if you are asking for a 350k for a reno, they will question in depth breakdown of the use of funds as 350k is a lot of money for non-structural reno.
      Structural reno will go into 'construction loan' category which citi does not do.

  • hi john. is it $4k rebate/property?

  • Hi John,
    Are the upfront and annual fees only applicable to the loans with an offset package, or all?

    • 2.59% standard variable with offset) (CPR 2.00%)
      how is the comparison rate less than the variable?
  • 2.29% for basic variable rate (CPR 2.51%)
    This is different to what it is in the web page. It's 2.59% and CPR 2.64%.

  • no cash back if less than 350k loan?

  • Those are some good rates. Time to talk to my mortgage specialist since I literally just submitted the paperwork to refinance my Citibank home loans.

    Out of interest to the Op, do these rates/bonuses apply even if you're refinancing within Citi?

  • 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.
    back in July.

    What made you change company?

    • Hi Colin,
      great attention to detail! Our business rebranded back in July/August from a franchise brand to our own brand. Our company ABN and entity remains the same however our licensee, website and brand has changed.

      • Strange that your new website has testimonials from 9 months ago.
        When the details are not attended to, I hate to think about any contract or mortgage documents where details are quite important.
        I wish you all the best

        • Hi Colin, our google business page has been going since July 2018 under the previous brand. Google business page can be simply updated with the new branding and a brand can be changed without change of ABN or legal entity. My google testimonials will refer me as John from Our Broker Financial services which was the branding at the time. My personal name has not changed though. that's not as easy to change :) hope that clarifies your concern.

  • Do you waive any break fee if I have 1 year left on a fixed loan? Break fee might be about 6-$7k

    • Hi there, unfortunately the break fee is charged by your existing bank, not the new lender so this is something you will have to talk to them about.

  • Buy Bitcoin.

  • Are these rates/information real?
    Half of these rates and information dont match Citi websites.

    • These are the "broker special" . They will match it if you go direct through them too.

      Same as other "discount" the big 4s offer. They are "special" rates.

  • $4k cashback is average. At least my broker is also offering this.

    Otherwise the rates pretty much the norm.

  • Just went through the refinance process for my investment with 80% LVR, my broker managed to get me 2.49% with $4000 cashback with St George + brokers rebate. Pretty happy with that.

  • Just want to vouch for John at Mortgage Better. Whilst I'm still going through the process - John has been quick, very responsive , open and honest .
    I've gone through 2 other mortgage brokers i found on ozbargain and both have been disappointing. I'd recommend reaching out to John if you're looking for a broker .

  • Does Citibank do Common Debt Reduction Loans?

  • I'm not sure why you'd want to lock in your mortgage rate. Rates are going down, not up.

  • Cashout to 80%?

  • I wonder if it’s worth refinancing to Bank of Melbourne for the $4k there and then re-refinancing to Citibank for another $4k…

  • -3 votes

    Hi John,

    How are you?

  • Could someone point out the key factors as to what to look for in a home loan?

    I have a friend that works for CommBank, but I'm looking to see how it compares to what a broker may find


    • Interest Rate + Comparison Rate
      Fees - Annual / Monthly
      Additional Service (offset accounts / redraw facility)
      Financial security of the bank

  • How long is this offer for?

  • great deal for major lender.

    How is citi to deal with? Based on my experiences with their credit card team, it was not going well..

    • Citi is not a major lender in Australia.

      Minor, in fact.

    • I tried calling them 4 times last week to ask some questions about their home loans.

      First call the guy put me on hold and the call dropped.

      I called back 3 times, first of which the guy couldn't hear what I was saying. The next 2 attempts wouldn't even connect.

      If this is the sales experience I don't want to know the actual customer experience.

      I also have a Citi credit card which works fine but the app sucks ass (can't enter password from password manager, have complained a month ago, no action so far).

      Will be going with Macquarie.

  • What if I need a loan of less than $350k? Can I just get $350k anyway and pay heap back after getting the loan, would I still get the $4k?

    • Yes as long as it keeps your LVR under 80%. You could then sit the residual in the offset account.

  • Can’t comment on John, but several years ago Citibank ‘lost’ over $20k of my money during the settlement process. They went to great lengths to deny they did, even though it was black and white from the statements money disappeared from our account. Got the ombudsman involved and magically a check with the exact amount missing to the cent turned up in my mail 2 months later (not even registered post might I add). Never received an apology and every person i spoke to on the phone froze up when i requested an explanation. Ombudsman couldn’t give me an answer either so who knows what they were covering up. No chance I’d use them again even though the rates and cashback look great.

    • I'm sorry to hear that. sounds like an awful experience. fortunately none of my clients have experienced anything negative so far. But definitely helps having a good relationship with the lender.

  • One potential deal breaker thing with Citibank is their horrible internet banking, both web and mobile apps. If you’re coming from CBA or ING and if Citibank apps were the same as the last time I touched some months ago then be prepared for some ‘new’ experience.

    • Agree 100%. Citi's platform is shockingly archaic for a bank of its size.

      • We use their Asia based systems so everything is process logic rather than ux intuition.

        It’s clunky but not awful.

        You should see BoQ stuff. It’s a trip back to 2003. Seriously.

    • works fine for what it is, only advanced stuff i generally use is searching and export to csv, who needs all the bells and whistles of bloated ui's anyway… :P

  • Is there an offset option available with fixed rates?

  • Hi John
    If going for "2.29% for basic variable rate (CPR 2.51%)“, I understand there is starting cost of" with non-packaged, $649 upfront and $8/month"
    1. Is there any other intial cost when getting this product from the Bank.
    2. What are the discharge charges when selling property after 1-2 years? Thanks

  • what's the application and settlment deadline?

  • Can I refinance and increase my 300,000 loan to 400,000 and get this

    • I’m not a doctor but if they value your property at $500k or more then yes.

      edit: $437k will get you up to $350k loan at 80% lvr.

  • does one year fix get $4000?

  • Worth waiting another week IMO for the RBA to drop rates. They are targeting stimulus to the 3yr yield curve so fixed rate deals will be abundant. Smart of OP to get in early but I wouldn't be surprised to see deals in the 1.80% range next week given the banks will be lending from the government at 0.25%.

    • Citibank have possibly already priced that in. Fixed rates move in weird ways sometimes.

      • Pricing in future uncertain events 100% is impossible unless Citibank has some amazingly powerful crystal ball they aren't sharing with the rest of us. Even if they believe the RBA will absolutely drop rates it's still worth waiting a short period to see how the rest of the market reacts.

  • Is there a 1 year fixed rate for OO? Does that include the $4K cashback?

  • can they do fixed rate with offset?
    do they offer fee waiver for prestige credit card?

  • Hi OP,
    Can I get spit options (1 fixed and 1 variable component) with the total 4K cashback? Aggregate loan value would be 600K + ? I want to have an offset option available and understand that most lenders don't offer offset on fixed accounts.

  • interesting…

  • Hello

    I was wondering are there any break away fees if I chose to refinance away from citibank within say 1 or 2 years? i.e. do i have to pay the 4k (or part) back?

  • Hi John/Others,

    Does anyone have experience in getting a mortgage as a fixed term contractor? (i.e. employed full-time by the company but on a fixed term basis not permanent).
    Are the serviceability/LVR/LMI requirements different?

    • Hi, every bank has different requirements on this. They look at prior experience, how long you have been with current employer, and usually want at least 3 months left on contract or contract extension in place

  • what's the $250 upfront fee for?

  • hello, who is your aggregator?

    • is CBA offering $4K cashback? I see they only offer $2K at the moment. The longer process time with Citibank may be worth the $4K

  • Hi John, The rates you listed are different to the ones on the citibank website:


    Is there a reason for that?

  • What are the LVR for investment loans?