Frequently Asked Questions We want to make sure your mortgage is the right one - so here's a selection of frequently asked questions, tips and guides to help you maximise your loan, save money, and pay it off a whole lot sooner. You can always arrange to speak with one of our mortgage specialists directly to discuss your needs further.
It can take around 10 working days to give you a Final Approval on your application, including the inspection of the security property to determine its value. To allow enough time for the closure of your other loan (if you're refinancing) and provide all the information required for settlement, we suggest you submit your application at least one month prior to your anticipated settlement date.
Once you've completed the online enquiry form, one of our Mortgage Specialists will contact you within 24 hours (Monday to Friday) to discuss your loan options in full detail, along with ways you could structure your loan to suit your needs. Then, if you like, they'll send you more detailed product information together with an application form - or they can complete this for you over the phone. And relax; this entire process - including your application - carries no obligation until you agree you'd like to proceed with one of our loans.
There will always be a minimum number of documents you will need to provide your Mortgage Specialist when you apply for a Citibank Mortgage. Depending on your circumstances (and everyone is different), there may be additional documents we need from you, in addition to the general list below. To discuss your situation in full detail, contact a Citibank Mortgage Specialist who will be able to tell you what your scenario requires.
We need to identify you If you are a new Citibank customer, by law, we are required to identify you. It's a good idea to have your original and current personal identification document/s ready for when you want to apply. Generally, the majority of customers are identified with their current Driver Licence or Passport.
Congratulations! We would be delighted to assist you during this exciting time of your life. The First Home Owner Grant does require an application form to be completed, and we may need to collect some additional information from you. Contact your Mortgage Specialist who will be able to discuss this in full detail with you.
Your home equity - the difference between what you owe and what your home is worth - is a major asset. But it's one that many homeowners under-utilise. By using your mortgage as a low-cost source of funds, you can tap into your home equity, at anytime, for whatever purpose you like. Boost the value of your home with renovations, invest in shares or your children's education, upgrade your car or take a well-earned holiday - all at mortgage interest rates.
For example, by using your mortgage instead of your credit card, you could save up to $1,000 in 12 months on a $10,000 purchase. So for the latest on how you can access the hidden value of your home, call us on 1300 131 127.
How does fee-free everyday banking sound? Open a Citibank Plus account and simply by having a Citibank mortgage, we will waive the normal monthly fee of $5^ - that's a saving of $60 every year. You'll get an everyday Transactional Account for your day-to-day banking. To sign-up, call 1300 137 931 and start saving today.
Whether you're ready to apply for a mortgage, discuss your current Citibank mortgage or just want to ask a question, you can speak with one of our specialists. Visit our contact us page for more information.
Underinsurance is a major hazard for homeowners. According to the Insurance Council of Australia1, our homes are underinsured, on average, to the tune of about 30%. Trouble is, most people don't realise until they go to make a claim.
Adequate insurance of your home or investment property is a must. We now offer a range of general insurance at competitive prices, including Home & Contents and Landlords insurance. The latter may also be tax-deductible and can save you the stress and headache of unpaid rent or property damage. Double-check that you're covered today - call 1300 203 050.
Mortgages are no longer a one-size-fits-all product, so it's worth reviewing your loan once a year to check it's still right for you and your circumstances. To check it's still a good fit, call us on 1300 131 127.
Whether you're ready to apply for a mortgage, discuss your current Citibank mortgage or just want to ask a question, you can speak with one of our specialists. Visit our contact us page for more information.
Did you know that if you sell your current home, investment property or commercial property, not only can you take your Citibank mortgage with you, but you may also be eligible for a reduced application fee on the new property? Now that's welcome news.
To discuss your current loan - or to talk about loan strategies that could save you money - please call us on 1300 131 127 between 8.30am and 5pm EST, Monday to Friday, alternatively you can sign onto Citibank Online and send us a secure email, or complete our online variation form. Alternatively, if you've been assigned a Relationship Manager, feel free to call them directly.
Adopt one tip, or better still, try them all to fast-track your way to financial freedom.
1.
Have an annual mortgage health check - Mortgages are no longer a one-size-fits-all product. Review your loan at least annually to check you're getting the most out of your mortgage.
2.
Get an offset account - An offset savings account lets you maintain your savings while whittling away your mortgage. It's a tax-friendly way to be mortgage-free faster, and at no extra cost to you, you can link a Citibank Offset Savings Account to your Citibank Standard Variable Mortgage.
3.
Make extra payments - Even small additional repayments can make a big difference. Give up just one cappuccino each week, and by tipping the extra $3.50 into your mortgage each week, you could save over $8,000 in total interest on a $250,000 loan at 7.5%p.a. interest over the 24 remaining years. Paying larger amounts like your tax bonus into your loan can also shorten the life of the loan with a significant saving on the interest.
4.
Pay fortnightly - You can reduce the cost of your mortgage by paying fortnightly versus monthly. By paying fortnightly rather than monthly you make approximately two more payments each year.
5.
Make your lender a one-stop-shop - Having all your financial needs serviced by one bank doesn't just streamline money management, it can generate big savings. Lenders like Citibank reward your loyalty with fee reductions on other products. For instance, we'll waive the monthly account fee when you open a Citibank Plus^ account - providing instant cash for those extra repayments.
6.
Self-service banking - If you have a Citicard or Visa Debit Citicard, you can streamline your day-to-day transactions by using our Internet Banking, CitiPhone Banking on 13 24 84 and our worldwide ATM and EFTPOS network, whenever it suits you. Whether you're ready to apply for a mortgage, discuss your current Citibank mortgage or just want to ask a question, you can speak with one of our specialists. Visit our contact us page for more information.
Debt consolidation involves combining all your higher-interest debt into one low-interest loan - usually your mortgage. Consolidating personal loans and credit cards this way is a sensible strategy that can more than halve the interest rate.
The key to successful debt consolidation is sticking to a budget. The system works best if you aim to repay your debts sooner by making additional repayments. Oh, and avoid racking-up large amounts of credit once you've consolidated your debts, or you could find yourself overloaded with debt. Credit is extremely handy, so remember to use it wisely.
To discuss your current loan - or to talk about loan strategies that could save you money - please call us on 1300 131 127 between 8.30am and 5pm EST, Monday to Friday, alternatively you can sign onto Citibank Online and send us a secure email, or complete our online variation form. Alternatively, if you've been assigned a Relationship Manager, feel free to call them directly.
