Citibank Ready Credit: Flexible Personal Loan – 7.9% p.a. for 2 year(s)

Rates and Fees verified correct on October 26th, 2016

Citibank's Ready Credit offer is a low-rate, flexible personal loan that can cater to a range of your personal financial needs

Citibank Ready Credit is a unique finance solution, it offers a personal loan and a line of credit that is linked to a Visa debit card all in one. This offers the convenience of having access to funds, with the ability to keep track of finances through the one account.

From upgrading your car, DIY projects on the house, or just going on a holiday, Citibank has a personal loan that could be suitable. With a competitive interest rate of 7.9% p.a. for 2 year(s), you'll have this window to make your repayments.

You can also use the redraw facility with this loan, but the interest rate on the funds will be subject to Citibank's standard variable rate, currently 19.99% p.a.

Product NameCitibank Ready Credit 7.9%
Interest Rate (p.a.)From 7.9% (fixed)
Comparison Rate (p.a.)
Interest Rate TypeFixed
Maximum Loan Term2 years
Min Loan Amount$5,000
Max. Loan Amount$75,000
Application Fee$149 (One off establishment fee)
Monthly Service Fee$0


  • Low interest rate
  • $0 monthly fee
  • No penalties for early payouts


  • Application fee of $149 required
  • Must have a good credit rating
  • Late fee of $10 for every 7 days

Features of the Citibank Ready Credit Flexible personal loan

  • Loan amount. You can be funded up to $75,000 from Citibank. Please note: Lines of credit are available between $5,000 and $60,000, depending on Citibank's lending criteria and your credit history. However, the promotional rate of 7.9% p.a. for 2 year(s) may not exceed 80% of your credit limit, therefore a maximum of $48,000 can be applied for at the promotional rate.
  • Available as a balance transfer, or a cheque. If you request a cheque, this will appear as a BPAY balance transfer on your statement. Note that balance transfer can not exceed 80% for your new approved credit limit. For example, if you're approved for $10,000, you'll can balance transfer $8,000. Please note that you can only request a BPAY balance transfer or cheque, not both.
  • Offer available for funds made within 90 days of account opening. The 7.9% p.a. for interest rate applies to balance transfer and cheques-to-self requested within 90 days of account opening. Any outstanding balances after the balance transfer period will revert to the standard variable rate, currently 19.99% p.a.
  • Establishment fee $149. While this product doesn't have an annual fee, you'll be required to pay a one off establishment fee of $149. This is to cover the cost of opening your account.
  • No early payout fees, monthly fees or annual fees. You don't need to worry about any of these fees during the life of your loan.
  • Flexibility. You can withdraw funds at your convenience, up to your approved credit limit at the standard variable interest rate (not at the promotional rate).

Ready to apply?

  • Important: Upon approval of your application, you must call Citibank to activate this promotional offer.

If you would like to apply for this personal loan, please click "Go to Site" to be safely redirected to the application page. Before you do, make sure you meet the below eligibility criteria and that you have the required documentation on hand.

Eligibility criteria

  • You are 18 years of age or older
  • You have a good credit history
  • A minimum income of $35,000 per annum
  • You are a permanent resident or citizen of Australia
  • You can provide an email address that you check regularly. Please note that statements will be sent to this email.

Required documents

  • Personal details. Driver's License, contact details, etc.
  • Employment details. You will need your employer's details, address and recent payslips. If you have been at your current job for less than two years, you'll need to inform Citibank of your previous job.
  • Personal income and expenses. You'll need to provide details of your income, as well as general expenses.
  • If requesting a balance transfer. You'll need to provide the name of the account, type of card/account number, amount you want to transfer and the existing financial institution's name and address.

What happens after I've applied?

You'll receive an email containing a 17-digit Application ID. You can use this number to check the status of your application online through Citibank.

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This page was last modified on 1 April 2016 at 1:38.

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23 Responses to Citibank Ready Credit: Flexible Personal Loan – 7.9% p.a. for 2 year(s)

  1. Default Gravatar
    JB86 | December 7, 2015

    Hi, I am looking to borrow $32,000 to consolidate a personal loan and a couple of credit cards.
    what would be the minimum repayment amount per month on this amount?

    • Staff
      Elizabeth | December 9, 2015

      Hi JB86,

      Thanks for your question.

      The minimum payment depends on how long you take the loan out for and also how much of the loan you use to consolidate your debt. Only 80% of your credit limit can have the 5.9% promotional rate, so you will need to apply for about $40,000 if you plan to use the entire $32,000 to consolidate your debt and want the promotional rate applied to the entire amount. Another important point to keep in mind is that any of the remaining 20% of the credit limit you use will be charged at Citibank’s standard promotional rate, which is currently 19.99% p.a. This rate also applies to any unpaid balance after two years.

      An estimate of your repayments for $32,000 at the 5.9% p.a. rate is $1,423 per month for a two-year loan term, this is including the $129 establishment fee that you will need to pay. Remember that this is only an estimate of your repayments and that you will need to check your loan contract before you apply.

      I hope this has helped.



  2. Default Gravatar
    GS | November 11, 2015


    Do u accept customers with accounts in other banks(ANZ)? And i was looking into borrowing $5000 for my medical expenses. And i would like to pay that off within 10months.
    Would i be able to pay different amount monthly?
    And the interest rate of 6.9% will be on $5000?
    How much roughly would i have to pay back?


    • Staff
      Elizabeth | November 12, 2015

      Hi GS,

      Thanks for your question.

      When you apply for Citibank Ready Credit you will need to list all your financial information including any debts you have with other banks and accounts, but as long as you meet the minimum criteria you will be able to apply.

      You need to meet the minimum monthly repayments, but you have flexibility to choose your monthly repayment amount.

      The 5.9% rate applies to only 80% of your credit limit, so if you would like that applied to $5,000 you would need to apply for a total limit of $6,250. There is an option for a personal cheque to self that can be requested at the beginning of the loan term, where you can request the $5,000.

      Keep in mind if you use any of the remaining $1,250 the standard variable rate, currently 19.99% p.a., will be applied to that amount.

      You’re able to repay your loan at any time without penalty, so your repayment would be the principal loan amount plus the $129 establishment fee at the interest rate of 6.9% p.a. You can calculate your repayments here.

      Keep in mind the calculator is intended as a rough guide, and your complete repayments, interest and fee will be set out in your loan contract when you apply.

      I hope this has helped.



  3. Default Gravatar
    narelle | October 27, 2015

    Does this loan mean I only pay the 6.9% interest on the amount that I borrow? The amount that is outstanding debt each month?


    • Staff
      Elizabeth | October 29, 2015

      Hi Narelle,

      Thanks for your question.

      The 6.9% interest is charged on the balance transfer amount, which can be up to 80% of your credit limit. Any further amount you use during your loan term will attract interest at the standard variable rate, currently 19.99% p.a.

      I hope this has helped.



  4. Default Gravatar
    warren | October 15, 2015

    me and my wife own our home outright.
    She is on a center-link DSP and i am her full time carer on a center-link carers pension.
    This is a permanent situation.
    I am in my 50′s.
    We would like to consolidate all our debts into one,credit cards,personal debts.
    We would therefore need $36,000.This would also give us an extra $3000 cash.Total amount to be repaid over 5 years.
    Could we get a straight line of credit or could we get a line of credit against our house.
    we live in Brisbane.

    • Staff
      Belinda | October 15, 2015

      Hi Warren,

      Thanks for your enquiry.

      You can read our guide about debt consolidation on this page and compare a range of personal loans that are suited for debt consolidation purposes.

      We also have some useful information about line of credit equity loans which you can read here.

      However, given that you’re receiving the Centrelink carers pension, lenders will treat your application on a case-by-case basis but ultimately they will determine whether your benefit is sufficient to service the loan.

      If you require further assistance, you can fill out the form on one of the above linked pages to speak with a mortgage broker to discuss your unique borrowing options.

      All the best,

  5. Default Gravatar
    Bobby | October 7, 2015

    If am approved for 60k and use 40k for balance transfer can I use the remaining 20k on other bills and purchases ? how do I access the 20k funds ? will the total amount be at the 3 year interest rate? Thanks

    • Staff
      Elizabeth | October 8, 2015

      Hi Bobby,

      Thanks for your question.

      That’s correct, if you are approved for a 60k credit limit you will be able to balance transfer up to 80% of that credit limit and have access to it for the 6.9% rate. You will still have access to the remaining 20% of your limit through your online account and Visa debit card at the standard variable rate, which is currently 19.99% p.a.

      I hope this has helped.



  6. Default Gravatar
    td | September 16, 2015

    I am looking for a personal loan of $4500 to purchase a vehicle. If i applied for this would i request a limit higher like $6000 and only use $4500 so under the 80% to get the 6.9% rate? And if this is the case would my repayments be based on $4500 (what i had spent) using the calculators or $6000 if that was my card limit?
    Thank you.

    • Staff
      Elizabeth | September 17, 2015

      Hi TD,

      Thanks for your question.

      Your repayments are based on what you spend, not on your actual limit, so only on the $4,500.

      I hope this has helped.



  7. Default Gravatar
    Karren | September 1, 2015

    Hi, I have a remaining 18thou personal loan at my bank and another two credit cards that has a balance of 19thousand, I am paying a lot of interest at this moment, I have two jobs and I want to consolidate my finances, is it possible for me to get approved. I don’t get delay when it comes to payment but I find it hard now paying too much interest. Thank you

    • Staff
      Elizabeth | September 1, 2015

      Hi Karren,

      Thanks for your question.

      The minimum eligibility criteria for this personal loan is that you:
      - are 18 years of age or older
      - have a good credit history
      - earn a minimum income of $35,000 per annum
      - are a permanent resident or citizen of Australia
      - can provide an email address that you check regularly. Please note that statements will be sent to this email.

      If you meet the above minimum criteria then you will be able to apply. If you’re approved for a balance transfer you will be able to transfer up to 80% of your approved credit limit with the debts you outlined (personal loan and credit cards).

      I hope this has helped.



  8. Default Gravatar
    Tim | August 18, 2015

    Hi, Can you please advise me to how much would be the repayments on a personal loan of $5,000 over 3 years.



    • Staff
      Elizabeth | August 19, 2015

      Hi Tim,

      Thanks for your question.

      We’ve got some personal loan calculators on this page that can show you your repayments – but monthly repayments on a $5,000 for 3 years charged at 6.9% would be $154. Before you apply you should do your own calculations, and also keep in mind this does not include the application fee that is charged with this loan.

      I hope this has helped.



  9. Default Gravatar
    Abigail | August 2, 2015

    Hi there,

    I would like to apply for a $10,000 personal loan and hopefully pay it off sooner than 3 years (planning on 1 year). How long would my application be approved once I have applied for it?

    Looking forward to your reply.


    • Staff
      Elizabeth | August 3, 2015

      Hi Abigail,

      Thanks for your question.

      The application process takes about ten minutes to complete and you’ll receive a response within 60 seconds of submitting your form. You’ll also receive an email with a 17-digit reference number that you can use to track your application.

      I hope this has helped.



  10. Default Gravatar
    zakeria | July 31, 2015

    Thanks a lot Elizabeth

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