Citibank Homeloan - Cautionary Tale

Just signed up with Citibank for a homeloan, it wasn't a refinance. Loan fund was supposed to be deposited into a nominated bank account.

Loan was settled (mortgage registered etc.) on Wednesday. No fund deposited.
Thursday, loan account was set up with the full negative balance (i.e. I owe the full balance to Citibank on Thursday). No fund deposited.
Friday, fund appeared in loan account, not nominated account.

During the course of Thu and Friday, I made numerous request to have the fund released and Citibank's position was:

  • I have to wait up to 7 business day to get the full amount. That's how long it could take them to process the transfer for the full loan amount.
  • I can manually transfer the money out of the loan account, limited to $100,000/day
  • Citibank doesn't have the capability to do real time transfer like other banks.

So if you're getting a homeloan with Citibank, all the very best to you, I sincerely hope that things will go smoothly for you.

Related Stores

Citibank Australia
Citibank Australia


  • -1

    People can now borrow $250k (or any amount limited by collateral) 24/7 365 days a year in a manner of minutes.

    The lending market has changed. Be part of it or put up with banks like Citibank.

  • +2

    citibank dont even support google pay.

    dinosaurs, lets hope NAB fixes that

    • nab buyout citi ?

      • +1

        buying out their credit card business in australia

        edit there whole business in australia (subject to the gov)

      • +2

        NAB buys out CitiBank Australia

        …to wrest control of their home loans, consumer banking and private wealth management arms.

  • How did you manage to settle without the funds?

    • it was supposed to be between me and citibank. Then citibank used their own lawyers as their settlement agent. The lawyers either weren't told or didnt do as they were told regarding fund transfer.

  • I wasnt paying much attention to the bank's reputation as the low interest rate, 2.39% and it was done through my broker. But yeah, will add 1 more step in my homeloan checklist: "check internet review"

  • Was this for a purchase or does City Bank allow you to get a mortgage and receive the funds as cash?

    • the later.

      • Was it hard to get?

        • Probably was for my broker, but was a breeze for me really. they did ask for some paperworks that exist in their home state but not in my state. But over all, 4 wks between application submission and settlement.

          But in hindsight, I wouldn't go back to them for loans or credits.

  • There is a reason the nickname for citibank is shittybank in many financial circles.

Login or Join to leave a comment