More lenders join rate-slashing rush

by Amy Rosenfeld03 Feb 2014
Two more lenders have joined the recent bevy of rate cuts, upping the anti in the fight for market share.

Advantedge has announced cuts across a number of fixed rate terms via PLAN Lending, ChoiceLend and FASTLend, while Suncorp has announced interest rate discounts through its Home Package Plus Special Offer.

Advantedge has cut interest rates by 1 percentage points on its 1,4 and 5 year fixed rate terms, putting rates at 4.34%, 5.16% and 5.52% respsectively.

Brett Halliwell, general manager of Advantedge distribution, says the reduction comes in the wake of strong demand for its suite of white label products over the past 12 months.

“Our white label model means we have the flexibility to offer attractive rates exclusively to our brokers across FAST, PLAN and Choice. As always, today’s rate cuts are supported by our commitment to deliver market leading products for our brokers and their customers," said Haliwell.

Meanwhile, Suncorp Bank has announced a 1.15% interest rate discount for lending over $500,000 and a 1.2% discount for lending over $750,000. The new rates are 4.84% and 4.79% respectively, and are both available for eligible lending of 80% LVR and below.

Suncorp Bank’s head of intermediaries Steven Degetto says the new rates will position Suncorp Bank as a market leader.

“We’re please to be able to offer these two market leading rates, it demonstrates Suncorp Bank’s commitment as a genuine alternative to the major banks,” said Degetto. 

As part of its rate announcement Suncorp also reiterated its commitment to "delivering on the things that really matter to our broker partners".

"We’re committed to providing quick and consistent service including initial credit assessment in 48 hours as part of our Service Guarantee.

"Our dedicated Broker Support team answered over 85,000 broker calls in under 40 seconds last year. We also deliver genuine access, including direct access to the Credit Assessor, real-time online access to submitted applications and expert BDM support."

The Home Package Plus Special Offer is available from 1 February 2014 to 31 March 2014.