Powered by MOMENTUM MEDIA
subscribe to our newsletter

Suncorp reveals new mortgage rates

Suncorp Bank has reduced interest rates for owner-occupiers and investors, and has hit back at claims that it has “quietly” raised home loan rates out of cycle.

The bank’s two-year base fixed rate has been cut by 25 basis points to 4.09 per cent (with a 5.39 per cent comparison rate) for owner-occupiers, and by 10 basis points to 4.49 per cent (with a 5.72 per cent comparison rate) for investors. 

Furthermore, Suncorp's two-year fixed rate for its Home Package Plus product has been discounted by 35 basis points for owner-occupiers to 3.74 per cent (with a 4.46 per cent comparison rate), and is available for new owner-occupier loans of $150,000 or more with a maximum LVR of 90 per cent.

Suncorp has also rejected claims in a recent article published by The Australian that the bank “quietly pushed through a series of out-of-cycle mortgage rate rises despite the Reserve Bank recently cutting the official cash rate to record lows”.

“Brisbane-based Suncorp will increase the annual rate on special offer variable home loan packages for owner-occupiers by 20 basis points to 4.15 per cent from [25 May], according to a note to brokers,” the article stated.

Advertisement
Advertisement

PROMOTED CONTENT


“Investors buying the Home Package Plus product will pay 4.47 per cent, also an increase of 20 points.”

However, a Suncorp spokesperson told Mortgage Business that it has not passed on out-of-cycle rate increases to its customers, but has adjusted new business campaign margins for its Home Package Plus product.

“The standard variable special discount has changed to 1.35 per cent per annum off the standard variable rate for eligible new lending,” the spokesperson said.

“The previous 1.55 per cent special offer discount was a campaign offer for new lending and was subject to change at any time.”

[Related: Banks announces raft of lending changes]

Suncorp reveals new mortgage rates
mortgagebusiness

Latest News

The major bank will develop an integrated remediation plan on all activities related to risk governance and report to APRA each quarter as p...

The total value of new loan commitments for housing and the number of loans for the construction of new dwellings have reached record levels...

The recovery in Australian house prices continued in November, with CoreLogic stating that house values look set to surpass their pre-COVID ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: What’s being done to support home building?

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.