Citibank 2021 Home Loan Offers - from $3,000 to $4,000 Cashback - Rates from 1.99% 2 Year Fixed

Store RepLoan Base @ Loan Base on 24/12/2020 - 15:23 www1.citibank.com.au (439 clicks)
Last edited 19/01/2021 - 14:04 by 2 other users

Citibank has announced a new cashback offer, as follows:

For loan amounts up to $750,000 - $3,000 cashback
For loan amounts more than $750,000 - $4,000 cashback

This cashback applies to both refinances AND purchase. Note that there is only one cashback per customer, irrespective of the number of properties.

The following rates apply:

Home Loans P&I

1.99% for 2 years fixed for home loans (Comp 2.92%)
2.09% for 3 years fixed for home loans (Comp 2.94%)
2.29% for basic variable rate (Comp 2.34%)
2.49% for variable with offset (Comp 2.89%)

Investment Loans P&I

2.29% for 2 years fixed for investment loans (Comp 3.09%)
2.39% for 3 years fixed for investment loans (Comp 3.23%)
2.49% Basic Variable P&I (Comp 2.54%)
2.39% Basic Variable P&I (Comp 2.44%) – when secured with an Owner Occupied property
2.69% Variable with Offset (Comp 2.84%)
2.59% Variable with Offset (Comp 2.74%) – when secured with an Owner Occupied property

Interest Only for Investment

2.49% for 2 years fixed (Comp 3.37%)
2.59% for 3 years fixed (Comp 3.50%)
2.79% Basic Variable (Comp 2.84%)
2.69% Basic Variable (Comp 2.74%) - when secured with an Owner Occupied property
3.09% Variable with Offset (Comp 3.24%)
2.99% Variable with Offset (Comp 3.14%) – when secured with an Owner Occupied property

Qualifying criteria for the $3-4k Citibank Cashback

This is only available for new customers via Gold Citibank brokers
Less than $750k total lending = $3,000 cashback
More than $750k total lending = $4,000 cashback
Loan to Value ratio must be less than or equal to 80%

Fee options:

Option 1: $649 upfront, nil ongoing (basic variable only)
Option 2: $649 upfront, $8 per month ongoing (standard)
Option 3: $250 upfront, $350 pa ongoing (package)

Comparison Rates

Any quoted comparison rate is only true for the example given and may not include all fees and charges. Different terms, loan amounts or fees may result in a different comparison rate. Comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.

Note that comparison rates can be misleading depending on your loan size, as the assumed $150k loan size means that fees have an outsized impact on the comparison rate calculation. This is why we include a "true rate" in the solution proposal we provide you with, as this factors in your actual total lending instead of the arbitrary $150k. Comparison rates also assume that the revert rate (in the case of fixed loans) will be the actual rate you remain on upon fixed expiry, where usually we would negotiate a new fixed term or variable rate discount with your lender on your behalf.

HOW TO APPLY

Citibank direct won't be able to offer the $3-4k cashback or some of the above discretionary rates. As a premium online broker, we offer a completely free service and advice. You can lodge an enquiry via our platform here - https://loanbase.com.au/compare-home-loans-fva, or contact one of our brokers directly with their details below:

Leo Gonzales, Email: [email protected], Calendar link: https://calendly.com/loanbase-leo/initial
Andrew Loucase, Email: [email protected], Calendar link: https://calendly.com/loanbase-andrew/quickchat

Loan Base Pty Ltd (ABN 95 162 141 915) · Australian Credit Licence Number 508 308
Head Office: Level 1, 1-5 Link Road, Zetland, NSW, 2017. Phone: 1300 512 377.

Financial Home Loan

28 Jan 2021

Related Stores

Citibank Australia

Loan Base

Third-Party

closed Comments

bluebluebird on 24/12/2020 - 15:53

Does citibank requires 6 month from existing bank loan statement for refinance?
- Store RepLoan Base @ Loan Base on 25/12/2020 - 10:50
  
  Hi bluebluebird, yes Citibank requires 6 months statements for mortgages being refinanced across to them. With that said, if you haven't been with your current lender for 6 months yet (eg purchased or refinanced the property within the past 6 months), then we can explain this to Citibank and provide alternative documentation instead.
macr0hard on 24/12/2020 - 15:57

Is this for refinance only?
- Store RepLoan Base @ Loan Base on 24/12/2020 - 20:58
  
  Hi, it's for refinances or purchases!
[Deactivated] on 24/12/2020 - 16:04

Any cashback available for >80% (with LMI)?
- Store RepLoan Base @ Loan Base on 25/12/2020 - 10:52
  
  Not through Citibank, unfortunately - however they offer very sharp rates on their 85% LVR, no LMI offering (just add 0.25% to any of the rates quoted above) without cashback. Some of the major banks are offering cashbacks for >80% LVR refinances as well, so let us know if you'd like to chat to one of our brokers about your best options.
NalB on 24/12/2020 - 16:25

What is the minimum loan amount for the Cashback?
- Store RepLoan Base @ Loan Base on 25/12/2020 - 10:52
  
  +1
  
  Hi NalB, the minimum loan amount for Citibank is $350k.
frazel on 24/12/2020 - 17:14

This isn't great, the fees nearly wipe out the cash back, why bother.
- El-Rhi on 24/12/2020 - 17:33
  
  My thoughts exactly… add this to the discharge fee, mortgage registration fees and you don’t have much left over. Plus the monthly fee.
  - Store RepLoan Base @ Loan Base on 25/12/2020 - 10:58
    
    Hi frazel and El-Rhi,
    
    I absolutely agree that it really isn't worth going through the entire refinance process just for the cashback and would never recommend someone move their lending just to obtain the $3k - $4k cashback. The cashback is primarily meant to serve as a sweetener to offset your switching costs and provide you with a small net bonus to move.
    
    The main benefit here is that, in addition to the cashback offering, Citibank has some of the most competitive rates on the market; particularly for investment and interest only lending (eg 2.29% pa investment P&I fixed, 2.39% pa investment P&I variable when secured with owner occ, 2.49% pa interest only fixed); and Citibank combines these offerings with lower ongoing fee options than what is typically available through the major banks.
    
    Whilst the majors tend to require you to sign up for their $395 pa package to access their most competitive rates, Citibank allows you to access their most competitive offerings either with nil ongoing fees for basic variable loans, or for only $96 pa for unpackaged variable with offset or fixed loans.
El-Rhi on 24/12/2020 - 17:31

Any chance the $649 upfront fee can be waived?
- Store RepLoan Base @ Loan Base on 25/12/2020 - 11:00
  
  Hi El-Rhi, whilst we have never seen the $649 fee completely waived, in a handful of rare and specific circumstances (eg large loan amount competing with a highly competitive OFI retention offer), we have been successful in having the upfront fee reduced for clients. Please let us know if you'd like to speak to one of our brokers to discuss what options may be available for your specific circumstances.
[Deactivated] on 24/12/2020 - 20:08

Any variable rate (tracker) loans that are tied to a base such as the Australian Reserve Bank interest rate + a fixed amount?

The variable rates here, on what basis do they vary?
- Store RepLoan Base @ Loan Base on 25/12/2020 - 11:02
  
  Hi infy, the only lender we've seen offer a rate tracker loan is Auswide Bank and last we checked it unfortunately wasn't very competitive. As far as we know, all of the other lenders on our panel, including Citibank do not offer rate-tracker loans, so their variable rates tend to change in line with whatever changes Citibank makes to their standard variable rates (which is often, but not always, done in response to RBA cash rate movements).
Soda on 30/12/2020 - 14:09

What is the fix rate revert to after the fix rate time is up?
sidewalk observer on 25/01/2021 - 20:39

Hi, you've indicated that rates are 2.29% for basic variable rate (Comp 2.34%), but the Citibank website shows it at 2.59
https://www1.citibank.com.au/home-loans/home-loan-rates

Can you explain?

This was posted 3 years 4 months 4 days ago, and might be an out-dated deal.