Citibank has cut its four and five-year fixed rate home loans by 40bp.

Four-year fixed rate loans now sit at 5.39% and five-year loans at 5.59%.

The non-major also cut its three-year fixed rate by 19bp, bringing it down to 4.99%.

The bank’s two-year fixed rate has now been reduced by 20bp to 4.79%, and its one-year rate is now 25bp lower at 4.74%.

Your Mortgage’s home loan calculator shows the reduction on the five-year loan will save mortgage holders about $97 a month for a loan of $400,000 on a loan term of 25 years, compared to the previous rate.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan