Citibank Homeloan - Cautionary Tale

tio on 14/08/2021 - 18:52
Last edited 14/08/2021 - 19:20 by 1 other user

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.

Financial Home Loan Loan

Related Stores

Citibank Australia
Citibank Australia

Comments

  • rektrading on 14/08/2021 - 19:22
    -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.

  • MrThing on 14/08/2021 - 19:24
    +2

    citibank dont even support google pay.

    dinosaurs, lets hope NAB fixes that

    • dcep on 14/08/2021 - 19:31

      nab buyout citi ?

      • MrThing on 14/08/2021 - 19:31
        +1

        buying out their credit card business in australia

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

      • Baysew on 14/08/2021 - 19:35
        +2

        NAB buys out CitiBank Australia

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

  • elgrande on 14/08/2021 - 19:46

    How did you manage to settle without the funds?

    • tio on 14/08/2021 - 19:51

      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.

  • tio on 14/08/2021 - 19:48

    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"

  • JIMB0 on 14/08/2021 - 20:49

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

    • tio on 14/08/2021 - 22:10

      the later.

      • JIMB0 on 15/08/2021 - 08:59

        Was it hard to get?

        • tio on 15/08/2021 - 10:30

          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.

  • garetz on 14/08/2021 - 23:06

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

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