The bank has reduced the interest rate on some of its fixed rate loans due to “recent reductions to fixed rate funding costs”.
Suncorp announced today (12 September) that it has cut its Investment Home Package Plus two-year fixed rate by 0.20 per cent per annum (p.a.) and its three-year fixed rate by 30 per cent.
This adjustment brings both rates to 4.29 per cent p.a. (comparison 5.43 per cent p.a.) for new-to-bank mortgages of over $150,000 and with a loan-to-value ratio (LVR) of 90 per cent or less.
The bank said that the changes to its “two most popular fixed rate products for investors” were “a reflection of recent reductions to fixed rate funding costs”.
It also announced a range of special-offer discounts for new standard variable lending, including for its Bank to Basics variable, Home Package Plus and Home Package Plus for first home buyers.
Suncorp Banking & Wealth CEO David Carter said: “The rate changes and special offers are particularly timely as we head into what is traditionally a busier season for home buyers.”
The move follows on from fixed rate changes this week at other banks, such as ANZ, which reduced its two-year fixed residential investor loan (with an interest-only repayment scheme) by 10 basis points to 4.64 per cent p.a., while the same loan with an interest-in-advance repayment structure saw rates fall by 10 basis points (to 4.44 per cent p.a.).
[Related: ANZ hikes investor rates by 31bps]