Citibank Home Loan Basic Variable Owner-Occupier P&I Rate 3.84% (LVR 80%)

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AssociatedJamesSimBroker @ Nectar Mortgages on 12/09/2022 - 14:53 www1.citibank.com.au (282 clicks)
Last edited 01/10/2022 - 14:59 by 1 other user

Citibank annouced reduction in their investment rates.
Citibank is officially owned by NAB.

Rates highlight:
Owner occupied P&I with comparison rate (CR)
Basic Variable 3.64% CR 3.79% at 80% LVR
Standard Variable with Offset 3.69% CR 4.19% at 80% LVR

Investment P&I with comparison rate (CR)
Basic Variable 3.84% CR 4.01% at 80%
Standard Variable with Offset 3.84% CR 4.53% at 80%

Investment IO with comparison rate (CR)
Basic Variable 4.14% CR 4.38% at 80%
Standard Variable with Offset 4.14% CR 4.83% at 80%

Comparison Rates
Each comparison rate is based on $150,000 over 25 years. These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

See here for Citibank Cashback and other banks' refinancing rebates

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• 

  mhc on 12/09/2022 - 14:55

  To determine LVR, does the valuation need to happen at the time of the application?

• 

  alz on 12/09/2022 - 15:10

  Let me guess, if you're with NAB you don't qualify for cashback?

• 

  FlyingPanda99 on 12/09/2022 - 15:12

  So for Owner occupied P&I with Offset is 3.69%?

• 

  Kammi on 12/09/2022 - 15:19

  +1

  I haven't refinanced since ever getting the loan to an external lender (i have called to get a discount and fix the loan etc) but im wondering if the game is to churn and get a cashback, similarly to the credit card+points game where some people always chase the points annually

  • 

    Aureus on 12/09/2022 - 15:47

    +1

    Yeah

  • 

    crackman on 12/09/2022 - 20:57

    Yes, somewhat. Just bear in mind the length of the loan. When you refinance, it can be a new 25 year loan on top of the loan you've already served.

    • 

      coldazure on 12/09/2022 - 23:02

      do you know if there's anything stopping someone just doing this every other month with a new bank offer?

      with credit cards the only thing that has really stopped me churning is just my ability to spend the necessary amount to qualify for the rewards as well as waiting to qualify as a new customer again, but i'm wondering if there's something different in home loans that limits the churn rate.

      • 

        crackman on 13/09/2022 - 22:23

        +1

        Nothing stopping you, though there are probably periods of time where you have to stay with the current bank. And if done through a broker, the claw back.

        Just keep in mind you are perpetuating the length of the loan.

        • 

          coldazure on 13/09/2022 - 23:07

          @crackman: yeah gotcha, thanks for the info.

          i'm pretty responsible with my money so loan duration isn't really an issue for me. i would probably have it all offsetted or paid off entirely well before the 30 year limit.

        • 

          superroach on 14/09/2022 - 13:02

          @crackman: What do you mean by the claw back?

          • 

            crackman on 16/09/2022 - 09:30

            @superroach: If you use a broker they get payments (claw backs) from you staying with their loan they signed you up for.

• 

  El-Rhi on 12/09/2022 - 15:39

  Citibank still living in the 1990’s with paper application and ID verification forms

• 

  PeppaCat on 12/09/2022 - 15:52

  please indicate the rate is before or after internet rate increase

• 

  bargain_finder on 12/09/2022 - 16:28

  Where have they announced the reduction?

  I can still see - Investment IO with comparison rate (CR)

  Variable Rates without Mortgage Plus (Interest only)
  

  Prod	(P &I) Interest Rate	(P &I)Comparison Rate	(I/O) Interest Rate	(I/O) Comparison Rate
  Basic Variable	3.96% p.a.	4.01% p.a.	4.33% p.a.	4.38% p.a.
  Standard Variable /Standard Variable Offset	4.39% p.a.	4.53% p.a.	4.69% p.a.	4.83% p.a.

• 

  ashtdp on 12/09/2022 - 20:22

  Do these rates include September rate hike or is it expected to be applied on top of these rates?

  • 

    mr_asstight on 12/09/2022 - 22:20

    chances are before.

  • 

    ksama0079 on 13/09/2022 - 06:56

    Rates effective August 12 2022
    so probably not.