Suncorp Bank has announced widespread changes to its mortgage products including a cashback offer and commission bonus for brokers.
The bank today unveiled a suite of highly competitive interest rates effective 14 October 2015. Suncorp's Home Package Plus Standard Variable rate is now 4.14 per cent (comparison rate 4.15 per cent) on loans of $150,000 to $499,999, and 4.09 per cent (comparison rate 4.10 per cent) on loans of $500,000 and over.
The bank has further reduced its special offer standard variable rates on new owner-occupier loans of at least $150,000 (maximum LVR of 80 per cent) with principal and interest repayments.
This offer includes a $1,500 cashback offer on new loans of at least $300,000, a commission bonus for brokers, and waiver of the annual Home Package Plus fee for the life of the loan saving new customers with lending more than $150,000 or more up to $11,250 (savings based on $375 p.a. over a 30-year loan term).
Suncorp has also bolstered its support for small businesses with the announcement of a standard variable rate of 4.39 per cent available on its Business Essentials product.
Suncorp Bank head of intermediaries Steven Degetto said the new suite of reduced rates provided both personal and business customers with the opportunity to benefit from generational low interest rates.
“Suncorp Bank is committed to helping customers achieve their financial goals, whether that is an upgrade to their home or an expansion of their business,” Mr Degetto said.
“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.
“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.”
Mr Degetto said the regional bank wanted to give its broker partners access to “a suite of propositions that stand out against the rest”.
“We also wanted to give something back to our brokers with a 10 per cent upfront commission increase from 0.65 per cent to 0.75 per cent for all new home loan applications received from today (14 October 2015) through to 4 December,” he said.
[Related: Adelaide Bank cuts investor home loan rates]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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