Citi home loans

Citi has a 24/7 support via its website. Some of its services for members and prospective borrowers include mortgage brokers, a live chat service and a inbound call centre. Customers can access their funds via a large network of Citi ATMs located around Australia.

• Customer service centre (phone, email, branch)
• Online banking
• Live Chat
• Mobile banking staff

Borrowers can apply for a Citi loan online or arrange for a consultation with a customer service representative. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

• Personal identification material.
• Proof of income and other earnings.
• Proof and type of employment.
• Details of current loans, debts and liabilities.
• Personal insurance documents.

There are a variety of home loans offered by Citi:

• Owner-occupied
• Investment
• First home buyers
• Refinancers
• Upgraders
• Renovators
• Overseas home buyers
• Line of credit
• Self-employed (low-doc)

Citi home loans also come with several interest rate options:

• Variable rate
• Fixed rate
• Principal and interest
• Interest-only
• Split loans

The longest home loan term offered by Citi is 30 years. Repayments can be made weekly, fortnightly or monthly. Several of its products allow borrowers to use parents as guarantors, and also offer mortgages up to 90 per cent of the home’s value.

The fixed-term interest rates offered by Citi range from six months to five years. Many of its products also offer offset accounts, redraw services and the option to make extra payments.

A rare service that Citi offers is mortgages for non-Australian citizens and non-permanent residents. However, the bank doesn’t offer superannuation home loans for SMSFs or reverse mortgages for seniors.

Home loan interest rates vary significantly with Citi, depending on the borrower’s situation. There are different interest rates for owner-occupied mortgages compared to investment mortgages. Line of credit home loans also have significantly higher interest rates than standard home loans.

Owner-occupied home loans generally have moderate interest rates compared to other lenders in Australia. Investment home loans offered by Citi also tend to be moderate for borrowers paying interest and principal.

Citi's upfront fees tend to be moderately high, but the ongoing mortgage fees are moderate to moderately low. The bank does, however, offer discounts on fees if home loans are bundles with other Citi products like credit cards. It also advertises interest rate discounts for borrowers with loan-to-value ratios (LVRs) below 80 per cent.

It’s worth comparing the current interest rates and fees at Citi to make sure you are getting the best home loan rates for your situation.

Citi's home loan portfolio is significantly smaller than that of the big four banks, but it delivers certain perks and flexibility to its customers.

For self-employed borrowers, Citi offers home loans that come with the same interest rates and home loan options as its other owner-occupied mortgages. The investment home loans are also flexible, with the ability to get line of credit and interest-only for several years. As a foreign-owned bank, it also caters for overseas buyers, offering specific home loan products and services to suit non-citizens and non-permanent residents of Australia.

Overall, Citi's interest rates are moderate compared to other banks in Australia, but Citi does offer discounts on home loan packages, as well as rewards that are on top of their advertised rates.

Although Citi doesn’t have many branches, it has a team of mobile mortgage specialists across the country.