Non-major drops fixed rate below 4%

by Julia Corderoy08 Mar 2016
Suncorp Bank has reduced its three-year fixed rate to 3.99% for both owner-occupied and investment loans.

The new rate will be available on the lender’s Home Package Plus product, for new owner occupied or investment loans of at least $150,000 with maximum LVR of 90%.

Suncorp Bank head of intermediaries, Steven Degetto, says the announcement allows brokers and customers to take advantage of the historically low rate environment.

“Interest rates are now at the lowest they have been in more than 40 years, making it a good time for not only current borrowers to consider their home loan options, but also for those looking to enter the property market,” he said.

“We understand the competitive environment in which our brokers operate, and we wanted to give our broker partners access to a proposition that supports both their investor and owner-occupier customers.”

Effective 7 March 2016, Suncorp Bank has also announced changes to its Home Package Plus variable product and Back to Basics.

The Home Package Plus owner-occupied standard variable rate has been changed to 4.15% for loans of $150,000 or more with a maximum LVR of 90%. The investment standard variable rate for the Home Package Plus product has been changed to 4.42%.

The Back to Basics investment loan will now have an interest rate of 4.23% for loans of $150,000 or more with a maximum LVR of 90%.