8.90% (variable)
Interest Rate (p.a.)
9.18%
Comparison Rate (p.a.)
❗ $5,000 $2000 (updated in September)
Min Loan Amount
Pay off your loan early
Make additional repayments or pay off your loan early, with no fee
Seems like a good way to earn 150,000 points.
I've never had a personal loan, but seem like i'll be applying for one today!
OK, thanks. Will give them a call too. Btw, which number did u call? The 1300 listed on this link? When I asked their live chat just now, she asked me to call the verification team on 1800 number that only available on weekdays.
@hanofee: I've noticed a few different banks have Saturday hours listed on the webpage for some departments, but when you call the message says only Mon-Fri.
I reckon they've cut back on them.
@bohn: I ended up calling the 1300 number listed on OP's link instead. Gave him my application number in progress explaining that I had no email offer specifically but click the correct link. He confirmed about the offer and I should be eligible for the Velocity bonus, no issue. Have a feeling it'd be messy to chase up later :(
@hanofee: I just called 1300 790 926 on the website and asked if this offer was open for everyone or only for citi customers, answers 'for everyone'. I then advised that I have nothing with citi such as bank account, CC, loan and asked if I am still eligible, answer was 'yes' assuming I get approved and meet all the conditions for velocity offer.
@Ash-Say: Edit: Applied and waiting game begins.
On 2nd last step, they confirm if you may be eligible based on the income and expenses provided.
applied . we will see.
have 2 mortgages , 3 credit cards
hmmmm) and 2 incomes
hope to get approved
got approved with 2 mortgages onboard and 3 credit cards.
Suppose lucky.
no more applications this year this clearing the credit cards
The finder website has this offer so not targeted.
Applied for 5k and being rejected. Reason: applied too many credit cards within a year (?). I opened 2 CCs this year and closed another 2 from last year. Credit score >870. >100k salary with little mortgage. Always punctual for CC full payment, carried no balance. Maybe NAB doesn't like point hoarder like me.
Odd, pretty much the same as you - have opened 3 within the last 6 months
That's strange. This was my 3rd credit this year and got approved this morning. I applied last night.
I already had Citi credit card with quite higher limit.
maybe being a current credit card holder helps?
Maybe your quoted expense was too low.
During covid lockdowns, my quoted - and actual expenses - were ridiculously low. One credit card vendor called to check but I'd be surprised if that triggered a no.
I’ve had 4 CCs this year, two currently open. Applied and got approved.
Wife applied too. She has had 2 CCs this year, one currently open. She got rejected.
We share all expenses but my income is moderately higher.
Bit annoying as we were keen to score 300k points for <$500
Do you or your wife have a Citibank account?
I'd say income and credit history. I have nothing (bank account, loan, credit card) with Citi yet got approved. Just had to send my most recent 3 payslips, medicare, employment letter and got approved in 2 days. Now waiting for loan debit card to activate my account and repay 99% to keep it open.
How much did you apply for?
Seems to suggest this is based on income. Or income to credit ratio.
Yeah it’s weird. My wife is still on an above average income. She recently closed her CitiBank credit card. I’ve got an open CitiBank CC.
Maybe that is the reason?
Yeah. I've also recently closed a Citibank CC. That could be the reason.
Does everyone get their application decision quick? I applied on Friday, submitted the supporting document but no progress since. The status is still submitted when I click the link in their acknowledgement email.
I also applied on Friday and got approval email Monday.
Please note that your monthly payment will be either $30 or interest+1% of balance, whichever is greater. So don't go paying off 99% of the balance in one go as you'll be forced to pay off and close the loan resulting in no VFF points.
Assuming your loan was for $5000, your opening balance will be $5199 (including $199 one off fee). I'd recommend leaving $300~400 balance and pay the monthly minimum only until you get your VFF point. According to Citi, it takes them up to 60 days to ask for your VFF number and 90 days to send VFF to you meaning it takes max 5 months.
Thanks, got mine approved yesterday. Now they're saying in the welcome pack that we need to wait for the debit card to activate. Does it mean, the loan won't start until we activate (with the card)?
That's correct. Loan won't be active until you create an account and activate your loan debit card.
@twistedbow: Ok, thanks. Btw, with this loan, we'll get some sort of loan account with the 5k balance on it, right? So, do we need to move the money elsewhere first, to avoid it being closed automatically (if we have balance in the account itself?), then pay it back afterwards?
@hanofee: I received my loan debit card and activated it today. Citi email and SMS said "expect funds to arrive in 3 working days". When you login to your online Citi account, there'll be a 'lending account' with $0 'Available credit limit' so I expect full loan amount (it'll differ for each person) to be transferred to the bank account you put in when signing up. $199 statement fee will be charged when first statement is issued so your first statement will be principal+interest+$199. My plan is to pay off most and leave ~$300 balance and pay off month minimum of $30 until I get VFF points.
I'll update this comment as things progress. This is my first time getting a personal loan so I am not too familiar with how things go.
5 months x $30 + $199 = $349 for 150k point. It's getting a bit expensive compare to the recent Westpac Altitude Platinum Credit Card deals : https://www.ozbargain.com.au/node/696770 (~$50/115k point)
Haven't read the T&C, however presumption that the minimum $30 repayment, is not pure interest (which is generally the definition of repayment when P&I is incorporated into the product)
$30 would be composed of both P&I, not just I.
Thus, you'd need to actually have the limit of the loan at $1000 to meet this metric, based on a 36month term.
Of course, mileage varies on the rate, balance, and term chosen.
Remember, the balance is in your bank account (chuck it in your offset or an interest earning account to offset the cost)…and on the presumption, you're not spending the limit drawn, you're essentially just paying the interest cost + application fee.
Rate 8.90%
Balance 1000
Term 36
Repayment $31.75
Interest Cost (6M) $41.77
It says $30 or 1% of the balance whichever is greater. So theoretically you can keep $1 as remaining balance?
Yes but then you'll be paying $30 a month in P&I for $1 in balance; better off keeping the $1000 in your offset/interest bearing account.
Over 6 months, the difference will likely be unnoticeable, but hey, it's OZBargain isn't it.
True but CC has spending requirement. This loan deal is good for ppl that don't or can't meet CC spending requirement like myself. I don't spend $1k/month so I cannot meet it.
Note that westpac card has minimum spending requirement. This offer is good for those that can't meet credit card spending requirement. Also, there's $0 fee for early repayment. There's no obligation to leave the loan open for 12/24/36 months.
Any updates? Approval or rejection?
Approved last saturday, still haven't received my card
this is for a personal loan, what's the card for?
They send a debit card, which activates the account, according to the documents..
@jonnoyeo: ok that's interesting, presumable this enables you to draw down the loan rather than what a previous poster did which was contacting citi to transfer funds
Ouch, why I saw this after citi approved my first CC application yesterday…
Why not both
how do you pay back the loan?
just transfer the funds to the BSB and Acc number for the loan??
Hope so….that's what i did yesterday
would like to know as well, where is the BSB and acc for the loan? I only have a loan number in the Citi App.
Hi couger did you figure this out?
I just activated the loan yesterday. I can see the loan account on my internet banking so I assume I can just transfer between my citi account (have a couple of other accounts with them). The loan account has 0 balance for now (others mentioned it'd only be updated to 5k on the next statement). Can't we just start to repay some (like $4600) to reduce the interest, right away?
Following.
stalking
@Ash-Say: someone mentioned you need repay minimum $30 so you can only repay $4000 otherwise you will pay off before you get the points?
@jimwh: Monthly minimum is 30.
It means you still have 6 months worth of repayments based on $4800 upfront payment
@Ash-Say: so 6 months time $30 = $180? after you have paid $4800 did they adjust your outstanding balance and monthly repayment figure? if yes can you update us?
@Ash-Say: can you check if your FPO has updated to reflect the upfront payment? It is under Card Service -> Fixed Payment Option -> Enquire your existing FPO transaction.
You should see the FPO details like
09/08/2022 FIXED PAYMENT OPTION158.77 AUD 5,000.00 AUD 36 of 36 5,000.00 AUD
After you make your payment, does the Fixed payment amount updated?
@jimwh: Yes it got updated.
It says outstanding balance of less than $300 and repayment amount is $5.59 per month.
@Ash-Say: great. that means the FPO works the same way like the quick cash offered by credit cards. there is no $30 minimum per month requirement.
@Ash-Say: I see what you see (ie the decreased fixed-payment-option amount after making repayment into the lending account), but when you tap into the 'fixed payment option' details in the citi app do you also see the monthly repayment of $158.77 still sitting there?
@Ash-Say: Fantastic! Where did you find the reference to pay back to please? I can’t find it in the app or my welcome pack?
@agentcooper: I have existing saving account with them so I just did internal transfer.
Balance should be updated after the statement is issued.
I could only transfer from the loan account, once i received the debit card that was linked to the loan and activated it
I'd suggest to open the free Citi Global Account, you can set PayId on that one. Easier to transfer internally within Citi account
@MrThing: Yes, I use that one mainly because we can set up a PayId on its AUD account. Transferring internally to their other account is instant (including this loan or their credit card).
Huge offer if you manage to get accepted. I might wait as only recently cancelled a Citi branded card
Mine was approved…waiting for the card.
can anyone confirm min $5k loan will get 150k points or you need to get 75k loan?
Yes, I called them and confirmed $5k will get 150k points as well so I applied for the $5k loan.
How long do you guys wait before being approved?
just a few days for me - but I'm also have existing Citi transaction accounts.
Applied on the day and approved the next day, I also have a Citi credit card which I am utilizing the Citi Payall benefit atm.
Approved and activated the account. Now to wait if citi asks for my Velocity number or not, within 6 weeks.
I found the link via the velocity website.
Have applied and approved for 5k, waiting on the paperwork and card to arrive
With velocity to krisflyer back in operation this is super appealing to me
Can this offer be applied for multiple times? E.g. Take out 2x $5k loans and get 300,000 points?
approved 18 July. it's 18 Aug tomorrow and yet to be contacted by Citi for my Velocity number. anyone else in similar boat?
Approved 15aug and still nothing
15 July or 15 Aug? the latter just being a couple of days ago!
15 july sorry
@ltwo: They’ll request your Velocity number within six weeks of application. Terrible system. Should just be able to add it on sign up
Got the email today
Likewise, was a simple form. Now to wait for the points!
If you get the $5k loan, could you just pay back $4,999 on the first day, then redraw $30 the day before the repayment date? This would effectively mean $0 interest paid.
Got my first statement and only payment due is $199 loan fee. I paid $4800 upfront.
Is it the same situation for everyone who paid majority of loan upfront?
Yep I paid 4400 upfront, first statement was only $199 loan fee.
Yeah, same here, only the 199, paying 4600 so far
Has anyone activated without a card? I have existing citibank cards and am wondering if they are no sending me one (been a week now)…
You definitely need a card to activate the loan regardless if you're an existing customer or not. Better give them a call and see if your card has been issued.
Thanks!!
Just got the email asking for my velocity number! Winning!
I paid back all but $200 on the loan and the email says;
Hi,
Thank you for activating your new Citi Personal Loan Plus account. You're now eligible to collect 150,000 Velocity Frequent Flyer Points. Follow the link below within 30 days of receiving this email to provide us your Velocity membership number. Your Velocity Points will be added to your Velocity Frequent Flyer account within 90 days of us receiving your member number.
Ditto! Received just before as well, only step left now is when the points arrive ;)
Ditto! Let’s see how long it takes for the points to arrive
Got the email too. Seems like they're sending them all at once, since I only got approved last week.
I really hope mate it's not targeted.
I received email but my partner didn't so wanted to confirm with Citi.
Don't want to burn around $210 for no benefit.