A regional bank has cut its three-year fixed rate for loans below 80% LVR to 5.48% in an attempt to trump its competitors.
Suncorp has cut its three year-fixed rate to 5.48%, putting it ahead of the major banks and other key regionals for loans below 80% LVR.
General manager of intermediaries Steven Heavey said although rates were lower than they had been in some time, Suncorp was still providing the top choice for broker customers.
“The advantage of the Suncorp Bank three-year fixed rate is that it can be taken as part of a package or as a standalone rate, unlike other offers that only allow discounted rates as part of a package,” Heavey said.
“With the highly competitive rates currently in market, now is a great time for people to review their home loan and consider switching to a better offer,” he said.
Heavey said there were both advantages and disadvantages to fixed rate loans in general, and suggested that if clients wish to hedge their bets, they should consider a partial fix.
“The benefit of a fixed rate loan is that you know exactly how much you have to repay each fortnight or month and can budget accordingly. This feature can be especially beneficial for first home owners as they adjust to having a mortgage," he said.
Fixed rate war continues with more cuts