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.