Citibank - 2.49% P&I Offset Owner Occupied - 5 Year Fixed Rates 2.29% Owner Occ P&I, 2.59% Investment P&I, 2.79% Interest Only

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Store RepPLoan Base @ Loan Base on 16/11/2020 - 13:05 www1.citibank.com.au (211 clicks)
Last edited 16/11/2020 - 13:37

OzBargain

Citibank has announced further changes to their pricing, all available with their $4k to $8k cashback, as follows:

Owner Occupied

• 2.49% for variable with offset (Comp 2.89%)
• 2.29% 5 Year Fixed (Comp 2.93%)

Investment

• 2.59%p.a 5 Year Fixed P&I (Comp 3.40%)
• 2.79%p.a 5 Year Fixed Interest Only (Comp 3.48%)

Fee options

• Option 1: $649 upfront, $8 per month ongoing (standard)
• Option 2: $250 upfront, $350 pa ongoing (package)

Notes:

• The owner occupied variable rate is subject to pricing approval, which factors in your LVR & total loan size. This rate is not available direct from Citibank, only via Select Brokers such as ourselves.
• Due to unprecedented volume, we are generally only able to assist clients with lending larger than $500k excluding offset and redraw. Feel free to PM me if you fall below this threshold as we may be able to assist on an exception basis.

$4k to $8k CITIBANK CASHBACK

As we are a Premium Select Broker with Citibank, we can offer $4k cashback per property (maximum 2, requires 2 applicants). This means we can actually offer a $8k cashback if there are 2 applicants and 2 properties. We also have access to 2 day SLA priority processing.

$1k LOAN BASE CASHBACK

In addition to the Ctitibank rate, we are offering a $1k upfront cashback for utilised lending larger than $750k (excluding offset and redraw) for any fixed term loan of 2 years or more. Please mention the OzBargain coupon when speaking with us to obtain this cashback offer.

This makes the total available cashback on Citibank deals up to $9,000 if you have 2 properties, 2 applicants, and more than $750k of utilised lending.

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OTHER RATES FROM CITIBANK

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%)

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%)
• 2.59% for basic variable (Comp 2.64%)
• 2.49% for basic variable (Comp 2.54%) – when secured with an Owner Occupied property
• 2.79% for standard variable with offset (Comp 2.94%)
• 2.69% for standard variable with offset (Comp 2.84%) – 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%)
• 2.89% for basic variable (Comp 2.94%)
• 2.79% for basic variable (Comp 2.84%) – when secured with an Owner Occupied property
• 3.19% for standard variable (packaged with offset) (Comp 3.34%)
• 3.09% for standard variable (packaged with offset) (Comp 3.24%) – when secured with an Owner Occupied property

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HOW TO APPLY

Citibank direct won't be able to offer the $4k cashback or some of the above discretionary rates. As a premium online broker, we offer a completely free service and advice. Please reach out to one of our below senior brokers to discuss the above deal and other offers we may have available.

Andrew Loucas

E: [email protected]
Book time into their calendar: https://calendly.com/loanbase-andrew/quickchat

Leo Gonzales

E: [email protected]
Book time into their calendar: https://calendly.com/loanbase-leo/initial

Our Online Platform

Alternatively, you can register on our platform to review your options or to chat online with our team - https://loanbase.com.au/compare-home-loans-fva - note that SMS verification will be required.

The landing page linked above will not mention the $1k additional Loan Base cashback, please mention the OzBargain coupon code when speaking with our brokers to qualify.

About Us

We're one of Australia's leading online brokerages, having recently won numerous industry accolades including 2020 Finalist status from the Australian Broking Awards, and 2 Excellence awards from the AMA's for Digital Strategy and Young Gun of the Year. Our premium online platform streamlines the entire mortgage process from start to finish, and our focus on customer service ensures you receive outstanding support from our team of brokers.

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Qualifying criteria for the $4k Citibank Cashback

• The $4,000 cashback is ONLY available through Premium Select Status Brokers
• Via Citibank, we can offer $4k cashback per property (maximum 2, requires 2 applicants & 2 applications)
• This means we can actually offer $8k cashback if there are 2 applicants and 2 properties.
• Total lending per application must be a minimum of $350k; this includes top-ups to $350k (but not cashout against an unencumbered property)
• Loan to Value ratio must be less than or equal to 80%

Qualifying criteria for the Loan Base Cashback

• Cashback only applies for fixed term loans of 2 years or more
• You must mention this Oz Bargain offer to qualify for this cashback.
• If you proceed with an application for one of the above products and successfully settle total utilised lending (net of offset or redraw) of more than $750k, we will provide you with a $1,000 cashback after settlement.
• This cashback offer is only available for applications submitted onwards from November 4th 2020.
• Maximum of 1 cashback per household (e.g. per couple)

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.

Company Details

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.

Related Stores

Citibank Australia

Loan Base

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• 

  ozbmm on 16/11/2020 - 14:16

  +1

  Looks similar to this deal. What are the upfront and ongoing fees?

  • 

    vger74656 on 16/11/2020 - 14:38

    +1

    Fee options are in the 3rd paragraph…

    • 

      ozbmm on 16/11/2020 - 14:54

      Thanks! Is the upfront fee per loan?

      • 

        Store RepLoan Base @ Loan Base on 16/11/2020 - 15:20

        Hi, the upfront fees listed are the base fees per application. You could structure a loan application with two or more loan accounts, however if you wanted to maximise the cashback ($8k for 2 applicants, 2+ properties), you would need to lodge two separate applications.

        • 

          ozbmm on 16/11/2020 - 15:45

          @Loan Base: I see thanks. So this needs to happen to get $8000?

          Application 1: Person 1 and 2 (Property 1)
          Application 2: Same Person 1 and 2 (Property 2)

          • 

            Store RepLoan Base @ Loan Base on 16/11/2020 - 15:58

            +1

            @ozbmm: Hi ozbmm, yes, we'd need to lodge two applications, and we'd need to alternate the primary applicant on each app.

• 

  hoju83 on 16/11/2020 - 17:44

  This is just a general question about refinancing and money in a redraw account.

  Hypothetical scenario. Say I have a mortgage with $550k remaining to pay off and $50k sitting in redraw, if I were planning to refinance am I right in assuming the best course of action for me would be to redraw all the money out and then refinance for a loan of $600k and drop the $50k lump sum back into the new mortgage?

  I know this is very basic and I'm ignoring factors like setup/exit fees, redraw fees, etc. but I was just curious about what the best way to manage redraw in refinance situations is.

  • 

    Store RepLoan Base @ Loan Base on 16/11/2020 - 18:13

    +1

    Hi hoju - it's not too important to be honest. If you don't redraw the funds before settlement, they will just end up in your account after settlement as the refinance would include the funds in redraw (unless we specify otherwise).

    • 

      hoju83 on 16/11/2020 - 21:29

      That makes sense. Thanks for the response!

• 

  ows on 16/11/2020 - 23:22

  Do I get cashback if I only stay with Citi for a year?

  • 

    Store RepLoan Base @ Loan Base on 17/11/2020 - 10:24

    Hi howsy, as we are subject to clawback for 18 months from the date of settlement, we would not be looking to assist clients who have a likely intention to refinance within this time period. With that said, if you feel you will probably be staying for 18 months and just want to ensure there is no penalty for leaving if you need to after 12 months, please let us know and we are happy to assist.

    • 

      ows on 17/11/2020 - 10:28

      Thanks for the info.

• 

  bargainsdon on 17/11/2020 - 18:07

  Citibank give 0.715% commission upfront on a loan, so about $5,362 on a $750k loan, plus trailing annual commission on 0.165% about $1200 in first year. Assuming you stay for the minimum of two years on a $750k loan that's about $7,500 in commission for the broker and you're giving back $1000, that's hardly a deal when some brokers are giving back 0.6% ($4500 in this case) of the upfront like https://www.withcashback.com.au are

  • 

    ozbmm on 17/11/2020 - 23:21

    +1

    Thought it was $4k + $1k (if fixed)

  • 

    Store RepLoan Base @ Loan Base on 17/11/2020 - 23:42

    Hi bargainsdon, a few points regarding your comment:

    1.) The $4,000 - $8,000 Citibank cashback offer is only available via a handful of “Select” Citibank brokers across Australia - thankfully, we happen to be one of these brokers, so are able to offer this cashback incentive to our clients.

    I am not familiar with the quoted broker here, but would be surprised if they were also a Citibank Select broker and able to offer this to their clients at all.

    An $8,000 lender cashback (for refinancing two properties) + $1,000 broker cashback (= $9,000 total) far outweighs the cashback you’ve quoted here in terms of absolute value.

    2.) The commission rates you quoted are inclusive of 10% GST, which generally needs to be passed on to the ATO and therefore does not form part of a broker’s profit / net revenue. Standard upfront commission (net of GST) is 0.65% upfront and 0.15% trail.

    Furthermore, broker commissions are generally subject to lender clawback provisions, so require brokers to carry quite a bit of risk and indirect cost – in Citibank’s case, the terms are generally that 100% of commission paid is clawed back for any loan discharged within 12 months of settlement, and 50% of commission paid is clawed back for any loan discharged between 12 and 18 months of settlement.

    3.) You’ll always be able to find a broker that is willing to give away a large portion of their income in a race to the bottom, but I think the old adage will generally ring true here – you get what you pay for.

    I'd be surprised if any competing broker with such a cashback offer could come close to us in terms of our technology or overall service offering. It costs quite a lot to build and maintain a market leading tech platform, as well as employ a team of specialists, so that we are able to offer a consistently premium level of service to our clients.

• 

  ozbmm on 17/11/2020 - 23:20

  Thought it was $4k + $1k (if fixed)