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Citibank releases new rates

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The latest lender to adjust its interest rates for mortgages this week is Citibank Australia, as it dropped charges for loans both less and more than $500,000.

The bank’s rate for loans amounting to minimum $150,000 but less than $500,000 decreased from 5.14% to 4.99, specifically for LVR between 80.01% to 90% (with LMI). The comparison rate sits at 5.34%.

Meanwhile, loans under LVR less than or equal to 80% now have the lessened rate of 4.87%, down from 5.04%. The comparison rate is 5.22%.

For loans greater than $500,000, the interest rate for LVR between 80.01% to 90% (with LMI) dipped from 5.09% to 4.94%. The comparison rate is 5.29%. Those with LVR less than or equal to 80% have the new 4.83% rate, down from 4.99%. The comparison rate is 5.18%.

The deadline for application was moved from 2 January to 30 January. 

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