Non-major mortage lender Suncorp Bank has announced cuts for its three-year and five-year fixed home loans.
Suncorp’s new three-year fixed rate for the Home Package Plus product now starts at 4.29%, allowing homeowners to save $226.08 per year in repayments over the initial three-year fixed period. The lender also slashed its standalone three-year fixed rate to 4.44%.
Meanwhile, Suncorp’s five-year fixed rate has been moved to 4.59%, while the standalone is at 4.74%.
“We have reduced our rates across three and five-year fixed standalone home loans, fixed package home loans and fixed interest in advance home loans. Our aim is to give customers options and flexibility when locking in a competitive rate for their preferred loan,” Suncorp Bank Head of Intermediaries, Steven Degetto, said.
“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.”
All new rates were effective 10 April.