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Refinance or Purchase with Citibank and Receive up to $4,000 Cashback @ Citibank


Hi OzBargain community,

Could this be the market's leading refinance and purchase deal, we think so!

Refinance or purchase with Citibank and receive $3,000 to $4,000 cashback

It is quite rare to get a lender giving a cashback on a purchase and to my knowledge this is the only lender still doing $4,000 cashback in general.

Rates for home

  • 1.89%, 2 year fixed, P+I. c.r of 2.71%

Rates for investment

  • 2.19%, 2 year fixed, P+I. c.r of 3.04%
  • 2.39%, 2 year fixed, Interest only. c.r of 3.29%

Citibank have a $250 upfront fee and $350 annual fee.

Cashback from Citibank

  • $3,000 for loans between $350k and $750k
  • $4,000 for loans over $750k

Bonus giftcard from Refinancer

Gift cards include : Coles, Woolworths, Myer, JB Hi-Fi, Amazon, The Good Guys

  • $500 for loans between $350k and $500k
  • $750 for loans between $500k and $750k
  • $1,000 for loans over $750k

It is our intention to provide great refinance offerings to those who are qualified and organised and we thought OzBargain would be perfect. If for whatever reason our offering upsets anyone may we request that comments are respectful. We want to do this stuff regularly, so good feedback will be a sign to continue and maybe one day improve upon this offering.

We have 10 brokers in house with a large team so our point of difference will be quality of service combined with great deals.

We are also looking for long term relationships with clients, if you intend to refinance again or sell within 12 months, the banks actually claw us back on our upfront commission completely so we would be unable to help in these circumstances. I will do my best to reply to all comments.

To apply please do one of the following
  1. Click this link https://www.refinancerloans.com.au/get-started/refinance (preferred)

  2. You can also click this link to book a time to chat with me https://meetings.hubspot.com/dtrimboli/refi

You may also email us at [email protected] or call at 1300 771 747

2021 Refinancer Pty Ltd. ABN 42 843 128 571 is a corporate credit representative 513 922 of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit License 391 237)

Mod: Linked to Citibank as per third-party guidelines
Mod: Removed broker gift card offer from title as per Financial Services guildelines

Related Stores

Citibank Australia
Citibank Australia
Refinancer Loans
Refinancer Loans

closed Comments

  • Any other lender with below 2 percent variable rate ?

    • We just refinanced with Athena at 1.99%

      • Athena are a decent shout for variable. We can actually get a 1 year fixed rate with ANZ at 1.99% - 2.04% with full offset account and you receive $3,000 cashback. We're finding this a really popular option, most of our clients who like the properties of variable are happy with the 1 year term and agree rates are unlikely to really go lower in that time

        • Is this option for refinance or new build?

          • @pyramid: Rate is for purchase or refinance. Cashback is only for refinance. If you are building both do not apply but we have other options. I would suggest getting in touch with us on [email protected] We can tell you with certainty getting to know your situation

      • eh where's the cashback?

  • Is there a 2 yrs fixed with partial offset - for PPOR (> 750k)?

    • Yes if you contact we can help, however partial offset is pretty pointless, we always recommend a variable split or go for the ANZ 1 year fixed with full offset

  • Wasn't this removed the other day for not meeting financial services guidelines? That been sorted?

    • I interpreted the guidelines and changed some things to repost. I've posted many in the same ilk (and see many others exactly the same) so was a little confused why it was removed. Happy for feedback though :)

      • Cool. Good luck. Just checking as I knew I saw this pop up very recently. Thanks OP.

  • Are there any cashback offers for new loans and not refinance?

    • Yes that is why this Citibank deal is so lucrative as cashback is offered on purchase. I'm not aware of any other lenders doing this

      • Once we get approval from lender, By when the loan has to be availed? Any expiry date for this promotion? What if the payment to builder is due only next year?

  • hi,
    just wondering what offers you have for 3 year fixed investment p&I?


    • We've got some really solid 3 year fixed rates as low as 1.79% but they are a little more fee intensive and from a more niche lender. If you request via email [email protected] happy to run through

  • Can I do equity cash out as part of the refinance for PPOR, Variable with offset. Looking at possibly doing some renovations. If so, what’s the LVR cap?

    • Yes you can, would need more information to answer this with accuracy. Generally speaking this will not be a problem at 80% and even 90%. Feel free to hit me up on [email protected] or click above contact pathways

    • It is unlikely that banks will just dump a tonne of cash in your offset for you to use however you wish. That's a line of credit which is different to refinancing a property mortgage in which you may have a lot of equity. You'll probably be able to get an amount for renovations but you'd need to show the banks some quotes from builders etc, or you'd be given pre-approval to purchase another (income-producing) property if that's part of your plan - but no cash until settlement.

      It is equally as unlikely that a broker touting on OzB would bother with this as it is way more time consuming for them for the same reward compared to a 'vanilla' refinance. My experience from three such brokers is that they'll show some initial interest, then just ghost you when they realise it's too much work.

      • We don't ghost anyone we will tell our clients straight if we cannot help. Or if they are asking us to do something that generates no revenue we will offer to do it at a cost.

        • Good to know. You'd think that would be the default or minimum standard but sadly my experience with others here has been different.

      • +1

        @Someguy: Actually, it’s highly unlikely that your above comments are correct.
        Many lenders allow for equity cash out for an acceptable purpose subject to maximum LVRs and locations.
        An example of these lenders include Macquarie who publish their broker guide for anyone to see.
        Refer tables 1a and 1b for equity cash out guidelines, hence as long as I was not using the cash to fund a gambling addiction (for example) I would be highly likely to be approved, assuming I met the LVR and location caps. Ironically, I could punt on the stock markets….

        • Happy to be wrong but I'm referring to my specific experience and what I was told by two non-ozb brokers who said that the royal commission has changed the way lending happens. For context, I wanted to borrow $500k on an $800k IP on which I owe $70k, in order to fund some renos and other investments that won't generate income straight away. I have a good income, own my PPoR, and have 30% equity (of the $500k) in cash, shares and other liquid assets. So a pretty favourable LVR and not a lot of risk of defaulting. Nonetheless, it is proving very difficult to secure the loan because it's not a straight forward 'buy another IP and stick a tenant in' proposition. YMMV.

          • @Some Guy: I stand corrected. Appreciate the additional context. Our positions are not to dissimilar and your do sound to have done research as well as being quite knowledgeable (unlike some keyboard warriors).
            If you are comfortable, a non bank will likely assist you no worries.
            Full disclosure however, I work for a non-bank.

            Good luck.

  • What's the variable rate for investment? Maybe add in the post too for comparison, as I can only see variable for OO

  • 1.89%, 2 year fixed, P+I. c.r of 2.71%
    is this one have offset account? and is any extra fee for having an offset account?

    • Just the annual fee listed of $350 will cover you for this, the variable split will have offset

  • Possible to refinance under 200k

    • It's possible but generally not worth it as cashback deals will not be available.

  • Citibank have a $250 upfront fee and $350 annual fee? Why is the annual fee? Any other fees during settlement…?

    • Just the normal refinance fees associated with a refinance that range from $600 to $800. Talking discharge fee, gov rego fee, gov derego fee, land titles fee

  • Wow the fees. Good thing cash back is being offered, might cover some of the fees for a few years…
    E.g. vanilla Variable Owner P&I $600k Refi:
    2.39% pa (nothing special given you can get loans without fees <2%)
    + $350 Package fee (per year)
    + $250 Settlement Fee
    +$8 account keeping fee (monthly)

    So over 5 years your fees to receive the special 2.39% variable rate are $2,480. Good thing you would get back $3k + $1k in gift cards to cover some of those increased fees.

    Some better options off the bat…
    TicToc 1.89% + no fees
    Athena 1.99% + no fees
    uBank 2.34% + no fees

    • +1

      I think the key thing you need to understand is ''strategy''' If you want a home loan review with the potential to refinance every 2-3 years, then this Citibank deal will beat all the loans you have quoted.

      If your strategy is to refinance and stay put for 5 years, I suppose you could argue that you would save more with 2 of your options, however the problem is you have no certainty the bank will not increase your variable rate (and yes I do realise this could in theory go the other way too)

      You say 'better options' but the reality is every strategy is different. Assuming all things stay the same, over a 2 or 3 year period, Citibank saves further. Fee's are annoying yes but would you rather no fee's and no cashback. Or $4,000 cashback and $1,000 of fees. It's the net position that matters!

    • +5

      This should not be voted down mate. Your no frills lenders you list cater to only their appetite of borrower. If someone has a company or a trust they won’t be able to get lending from them so if you’re self employed or have a complex application this is a deal for you.

      Not everyone is in your position so consider that when you go slapping a down vote and just post your opinion in here rather than acting like you know it all because you searched some fees and compared it to something you googled.

      • +1

        Isn't that what the downvote is for though? If 'they' don't think it is a deal. Or are we supposed to use our downvotes to vote on behalf of the OzB community?

      • +1

        I appreciate your point of view, I also appreciate contrary opinions. It can all be done in good taste and with an open mind!

      • Down vote guidelines say it’s for when you present better value alternatives, which is what I was showing. Perfect use of the downvote. The post was showing straight refi and purchase rates, so I compared vanilla / straight forward comparison rates which are considerably cheaper.
        I dont want to have to refinance every 2-3 years as a strategy. I just want good value everyday not play games balancing fees with cashback.
        I don’t agree with the OP that Citibank would ever offer better value over Athena or TicToc based on the scenario presented regardless of the strategy. But happy for you to present the numbers otherwise. Even ignoring fees, The 0.5% difference between the two variable rates is $3,000/year saving with other lenders. So what’s the strategy where Citi is better value???

        • The strategy is simply math, over a 2 or 3 year period. This Citibank deal provides more value than all of the options you have mentioned.

          I can concede that if you desire to stay in the same loan for over 5 years then some of your options could be feasible. I can see your point of view, can you see mine?

          Regardless let's end this here, you have shared your opinion and that is appreciated.

        • +1

          Oblivious to the point. Just because there’s a better deal for the average Joe like him, instantly it’s a bad deal for everyone which is no surprise for a level 1 human like this bloke.

          None of the banks you listed will accept self employed applicants in a company or trust.

          • @RDY4WR: Not every deal is great for everyone and that is fine. We all have different circumstances and different products make more sense. Appreciate the rationale here!

    • +$8 account keeping fee (monthly)

      Does this apply if you pay the $350 package fee though? As normally the point of packages is they are all inclusive

  • What are some of the calculators to calculate benefits of refinancing ? For example current loan is 2.5% , 27 yrs left and no annual fees vs say Athena 1.99% refinance for 30 yrs….

  • Is there an offer for Broker cashback for ANZ $3000 cashback with 100% Offset account for 1 year @1.99%? And how many days its taking to do refinance. I presume there are no rate lock fee (a smart way for banks to make more money).

    • Days lol.

    • +1

      Brokers do not make money off a rate lock, the bank charges the client this. Let's avoid using damaging language towards brokers please, I'm of the opinion mortgage brokers are highly ethical and transparent and have honestly only viewed this from colleagues over my career.

      Yes we are able to provide that deal with ANZ stacked with our deal, subject to some terms and conditions. Happy to go through with you at [email protected]

  • +1

    Where are the T&Cs? Nothing on your website indicates what the terms are, you have to give up your personal information at every turn. Any clawback clauses?

    • happy to go through all of this with you via email at [email protected].

      T&C's are specific to the bank and specific to the deal, impossible to list all of this on our website. T&C's about clawback roughly talked about in description etc