Citibank has cut its variable home loans by 25 basis points.

The standard variable rate has fallen to 6.19% (comparison rate 6.33%).

Your Mortgage’s home loan calculator shows the 0.25% drop will save customers about $23 a month for a home loan of $150,000 on a loan term of 25 years, compared to the previous rate.

Changes are effective from Monday 26 August.

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