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.
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