Suncorp unveils new discounts on mortgage products

By Michael Mata

Suncorp unveils new discounts on mortgage products

Brisbane-based Suncorp has announced a number of discounts on its investor and owner-occupier mortgage products in response to being awarded “Bank of the Year – Fixed-Rate Home Loan” by Canstar.

Effective from Tuesday, the bank’s Investment Home Package Plus two- and three-year fixed rates will drop by 0.20% per annum and 0.30% per annum respectively, bringing both rates to 4.29%. 

The following additional special offer discounts for new standard variable lending also came into effect on Tuesday:

Back to Basics LVR New loan amount Current new business interest rate Additional discount Special discounted rate
Owner-occupied ≤90% (inclusive LMI) ≥$150,000 3.78% p.a. 0.10% p.a. 3.68% p.a.
Owner-occupied 90% - ≤95% (inclusive LMI) ≥$150,000 4.03% p.a 0.10% p.a 3.93% p.a.
 
Home Package Plus LVR New loan amount Current new business interest rate Additional discount Special discounted rate
Owner-occupied ≤90% (inclusive LMI) ≥$150,000 3.89% p.a. 0.10% p.a. 3.79% p.a
Owner-occupied First Home Buyers ≤95% (inclusive LMI) ≥$150,000 3.89% p.a 0.10% p.a 3.79% p.a.

Source: Suncorp 
Suncorp also received a five-star rating for two of its home loan products:

  • Bank to Basics Owner-Occupied Construction Loan
  • Home Package Plus Owner-Occupied Fixed-Rate Loan 

“The CANSTAR award and five star ratings are further confirmation that we are offering products that deliver value for our customers,” said David Carter, CEO of banking and wealth.”

“In June this year, we announced some changes to interest rates to give additional support to customers in the owner-occupied market, and from today I am pleased to say we will go further. This is a reflection of recent reductions to fixed-rate funding costs, allowing us to lower our two most popular fixed-rate loan products for investors.”