Non-major cuts rates and ups commission

by Julia Corderoy15 Oct 2015
In the wake of Westpac’s rate hikes, non-major lender Suncorp Bank has reduced rates, upped commissions and launched a cashback offer.

For new Home Package Plus owner-occupier loans between $1500,000 to $499,000, with a maximum LVR of 80% and principal and interest repayments, the special offer standard variable rate has been reduced to 4.14% (comparison rate 4.15%). 

For new loans above $500,000, the special offer standard variable rate has been reduced to 4.09% (comparison rate 4.10%).  

In conjunction, Suncorp has also announced a $1,500 cash back offer on new loans of at least $300,000, waived the annual Home Package Plus fee for the life of the loan and announced a 10 basis point commission bonus for brokers.

“We understand the competitive environment in which our brokers operate, and we wanted to give our broker partners access to a suite of propositions that stand out against the rest,” Suncorp Bank head of intermediaries, Steven Degetto said.  

“We also wanted to give something back to our brokers with a 10% upfront commission increase from 0.65% to 0.75% for all new home loan applications received from 14 October 2015 through to 4 December.”

The non-major has also reduced the standard variable rate available on its Business Essentials product to 4.39%. 

“Our latest reduced rates are a testament to this commitment and a reflection of the competitive position and diverse offering of our mortgage and business lending portfolio,” Degetto said.

“The new Business Essentials rates are the best in the market and with the addition of a reduced application fee and offset account represent outstanding value for business customers.”