Saw this on Facebook today so might be of interest to those looking for a personal loan.
- Borrow up to $48k
- $129 establishment fee
- No monthly or annual fees
- No early payout fees
- After 3 years, rate reverts to 19.49% p.a. on any outstanding balance
Limited Time Offer on Flexible Personal Loans at Just 4.9% p.a. for 3 Years at Citibank
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LEduardo Jnr on 08/09/2014 - 17:48 citibank.com.au (788 clicks)
Last edited 08/09/2014 - 18:29 by 1 other user
Last edited 08/09/2014 - 18:29 by 1 other user
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Its a good rate regardless…
Might want to add $129 establishment fee
Not a rep actually an ING customer - Just sharing an offer I saw.
Thanks for the tip will add the establishment fee now.
Looks to be effectively a credit card with check to self. Would I expect to receive a loan that is similar to the max they'd give me on a credit card? I want to take out a loan to buy some shares - 4.9% fixed for 3 years with no margin calls sounds good to me.
A little concerned as I already have two credit cards with citi with combined limit of $27500. I pay in full, but would be surprised if theyd lend me more unsecured…. anyone got experience applying for this quasi personal loan??
interesting point. Citi rang up the other day to offer to lend selected customers 90% of unused credit i.e. $10K credit line would be able to borrow $9K. This would be extremely low rate, I can't remember what the number was but less than 5% for 12 mths. I turned down the offer as I couldn't read the Fine Print over the phone.
I have something similar to this… actually I'm sure its the same thing. It's called Ready Credit.
So I basically applied for $25k, they let me take 80% of it in a cheque, but all I needed was $20k.
I used it to pay the other half of car I needed the money for.
I paid a $69 establishment fee and its stuck on 5.9% for 4 year as well.
They gave me some bogus credit card that goes with it but the last thing I wanted to do was add more debt.
No complaints so far, they bill me monthly with a statement and its always the same amount of $ as the loaned amount spreads into 48 months.If you don't mind me asking, what was the combined limit of your other credit cards when you applied?
Sure… Umm I only have 1 platinum card which is $15k - which is unsecured as well. I didn't do a balance transfer or anything on it.
Put a deposit down on a car today and was just about to take out a car loan, but I doubt they could beat this interest rate (and flexibility). It says "Terms and conditions apply and are available upon request", but is there no link to the actual terms and conditions somewhere? The link at the bottom seems generic and doesn't seem to list this specific product.
Besides the $129 establishment fee as mentioned here (although I can't see it on product page), is there any other catch or fees to look out for?
Hey there. I recall looking through the t&c's and couldn't find anything fishy myself. I actually did the same with putting a deposit down and then took this product. VW finance was hideous with high interest and fees. This served me better.
I guess the idea is take this unsecured loan but don't use the card they give you as you will end up paying 19.99% at some stage if you keep using it. I just took the $20k cheque and been paying the odd $485 per month back when I get a statement. It's quite clear that x installment of 48 so if you calculate it, it ends being the cheaper interest rate + the establishment fee on the first statement.
Getting the cheque was a little painful as the call centre people told me a few weeks but I walked into a branch they gave me the cheque then I called the call centre and they adjusted it back to the 5.9% I was offered (as the cheque came up as a cash advance at 19.99% initially).
All in all it worked out fine for me. Beats the other banks and finance through a dealer.
Question is : as the loan is ony 80% of $60000 ( stated In the T&C) = $48,000 given to you, will you pay the balance of only $48,000 at the end of the term OR will you have to pay ($60,000 - $48,000) = $12,000 extra as a balloon payment to make up $60,000 that u borrowed on the paper ? Hope you understood what I meant here :) as loan from Citibank can be a bit tricky / fishy to understand. Correct me please if I'm wrong .
Think of it in the same way a credit card works if it helps - your credit card has a limit of $60 000 but your balance is $48 000, so you only repay the $48 000, plus interest and the establishment fee. That interest is going to blow out if not paid by the end of the three years though.
Basically, if you need a loan for $10k you need to apply for $12.5k to get it by the looks of this.
Thanks for the explanation. so basically you will still pay only what you used. It's Just that I have never come across personal loan that works this way.
Yep Geewhizz is spot on.
If you loan $60k and you use $48k, the remaining $12k is left there as a CR.
You only pay $48k back with interest at 4.9% plus $129 establishment (as this offer states).There isn't any weird catch behind it.
Thanks OP.
I've been thinking about consolidating some existing credit cards so decided to give this ago instead of skipping between 0% and low rate BTs.
Timeline so far:
09:12 - Applied and received email notification advised application received.
09:12 - Email received advising conditional approval.
10:03 - Phone call verifying details and confirming previous address (not listed on application form)
10:11 - Email received advising application approved.Just wondering if u need to scan and send any paper works such pay slips etc for approval ? I'm very interested but not sure for being self employed .
The last part of the application process asks you to upload documents (so I did) or fax\post.
The below is what I received in my original email and then the phone call I got stated that I didn't need to send any documents unless their credit dept contacted me asking for them…
Dear koolstik
Good news! Your application ID 1234567890 has been conditionally approved.There are only a couple of simple steps below to get your application assessed, so you can start enjoying the benefits.
Step 1: Gather together some documents:
• Your Driver Licence or an alternate document as proof of address, such as your most recent electricity bill or utility bill.
• Your passport or Medicare Card to confirm residency. If you have an Overseas passport, please also provide a copy of your visa.
• Confirmation of your income - choose one option below that applies to you:
a) If you receive a salary - two months pay slips less than 60 days old
b) If you are self employed - your two most recent tax returns/assessments
c) If your employment is casual or temporary or you are a contractor - your employment contract and two most recent tax returns/assessments
d) If you are retired - your superannuation fund statement or a letter from Centrelink less than 60 days old.If you can't obtain any of the above - go to citibank.com.au/applicationstatus for a full list of alternative documents.
Awesome, thanks for your detailed reply, really much appreciated. I'm gonna try my luck on this one. cheers!!
Timeline so far - updated:
9 September - 09:12 - Applied and received email notification advised application received.
9 September - 09:12 - Email received advising conditional approval.
9 September - 10:03 - Phone call verifying details and confirming previous address (not listed on application form)
9 September - 10:11 - Email received advising application approved.
10 September - 01:59 - Email received regarding "your enrolment to receive electronic statements"
10 September - 15:46 - Veda Credit check alert received - "Date of enquiry… 9/9/2014"15 September - card arrived in the mail, activated via phone and then signed up online.
Hi guys, we have 1.9% p.a for 15 months without application fee. The maximum credit limit is $30,000 instead of $60,000 compare with this offer.
Hi Helmi, Could you please message me the details?Thx
Hi Devon, please check your inbox. Thanks
Your 1.9% p.a offer still available helmi?
Hi Kwanga, yes it is. Please send your an email to [email protected] then I can explain further for you. I try to send private message but failed. Cheers
Thanks for posting this, I got my application and credit limit I wanted approved. This is saving me about $100 a month interest which will get the last of our debt paid off about three months early. The finish line is in sight!
Just thought I'd share my experience.
I applied for the 3 year, 4.9% promotion on the 8th of October (promotion had been advertised to end on the 10th of October). I got a conditional email approval the same day, followed with an approval email on the 9th of October. Today, I received a letter in the post dated 9 October saying I got approved for the full credit amount I applied for, but at the post 3 year/4.9% promotion of 2 years/5.9% Huh???
Called Citi and got redirected to three different people confirming the 5.9% rate. Eventually spoke with a relationship manager who promised to send an email to management to look into the issue, but could not promise me anything…
Pretty poor from Citibank. Not happy
Brand new member and first thing is posting this. Seems like an advert or sock puppet Are you a rep.