FREQUENTLY ASKED QUESTIONS

Get more from your Home Loan.

Get more from your Home Loan.

Frequently Asked Questions

We want to make sure your home loan 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 home loan specialists directly to discuss your needs further.

Discover a new world of banking.

Buying your first or next home

View our online First Home Buyers Guide for information on choosing the right home loan, finding out how much you can borrow and more.

Working out the finances

How to apply and the application process

You can call us on 1300 361 922 between 9:00am and 5:00pm EST, Monday to Friday, to discuss your home loan needs with a Citibank Home Loan Specialist.

The best way to check the status of your home loan application is to contact your Citibank Home Loan Specialist or your home loan broker.

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 Home Loan 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 Home Loan Specialist when you apply for a Citibank Home Loan. 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 Home Loan 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.

We need to verify your income

Citibank asks you to provide a copy of:

  • Your latest automated payslip; or
  • A letter from your current employer, less than one month old, on company letterhead; or
  • Your last financial year's group certificate or tax return confirming continuity of income / employment.

Citibank asks you to provide copies of your:

  • Business registration certificate; and
  • Last two years' personal tax returns; and
  • Last two years' final tax / business returns for ALL trading entities (Company, Partnership, Trust) including profit and loss, and balance sheets; and
  • BAS for the current tax year.

Please note: If you are unable to provide all of the above documentation, please contact a Home Loan Specialist to discuss your options.

Citibank will need to verify your rental income. This is usually in the form of rental statements or a current executed lease agreement.

We need to verify some of your other details depending on your circumstances

Congratulations! To help you with your application, Citibank will need the following from you:

  • Proof of deposit paid; and
  • Contract for sale.

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 Home Loan Specialist who will be able to discuss this in full detail with you.

Citibank requires the last 12 months of loan statements for all home loans you are refinancing, to evidence your repayment history.

Get more from your home loan

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 home loan 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 home loan interest rates.

For example, by using your home loan 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.

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.

Home Loans 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 home loan, discuss your current Citibank home loan or just want to ask a question, you can speak with one of our specialists. Visit our contact us page for more information.

Managing your loan

Did you know that if you sell your current home, investment property or commercial property, not only can you take your Citibank home loan 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.

  • Have an annual home loan health check -
    Home Loans 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 home loan.
  • Get an offset account -
    An offset savings account lets you maintain your savings while whittling away your home loan. It's a tax-friendly way to be home loan-free faster, and at no extra cost to you, you can link a Citibank Offset Savings Account to your Citibank Standard Variable Home Loan.
  • 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 home loan 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.
  • Pay fortnightly -
    You can reduce the cost of your home loan by paying fortnightly versus monthly. By paying fortnightly rather than monthly you make approximately two more payments each year.
  • 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.
  • Self-service banking -
    If you have a Citibank Debit card, 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 home loan, discuss your current Citibank home loan 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 home loan. 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.

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Terms and conditions:

Terms and conditions apply and are available on request.

^ To be eligible for the Monthly Fee Waiver on the Citibank Plus Account, customers must hold and maintain a Citibank Home Loan product. Normal fees and charges apply on home loan accounts.

Citibank Plus is issued by Citigroup Pty Limited ("Citibank"). Terms and conditions apply.

  1. Source: Insurance Council of Australia Media Release 6 Oct 2006 at www.ica.com.au The insurer is Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No. 234708 ("Allianz"). The distributor is Citigroup Pty Limited ABN 88 004 325 080 AFSL No. 238098 ("Citibank"). This website contains general advice only and does not take into account your individual objectives, financial situation or needs. Before acting on this advice you should assess whether it is appropriate for you. You should also consider the relevant Product Disclosure Statement (PDS) before making any decision about a product detailed on this website.
  2. Whilst care has been taken to ensure the accuracy of the information contained in this document, it neither represents nor is intended to be legal or taxation advice. We recommend you seek advice on your personal circumstances from a professional adviser.