Two regional banks have today announced fresh mortgage rates, with one lender reducing its rates for investors by 70 basis points.
Bank of Queensland (BOQ) has made significant cuts to its investor and owner-occupier rates, with its Investor Clear Path variable rate seeing the biggest drop, down 70 basis points to 4.19 per cent. The bank's owner-occupier variable rate for its Clear Path loan has been reduced by 48 basis points to 3.99 per cent.
BOQ's three-year fixed rate has been reduced by 60 basis points for owner-occupiers to 3.69 per cent, and by 40 basis points for investors to 3.89 per cent.
The new rates apply to new loan applications keyed from Wednesday, July 13, 2016 that are greater than $150,000 and with a maximum LVR of up to 80 per cent. The rates are not available for construction, restructure or refinance of existing BOQ facilities and SMSF loans.
Meanwhile, Suncorp Bank has launched its Better Together special offers for owner-occupiers and investors.
The new offering includes a variable rate of 3.92 per cent on new owner-occupied Back to Basics home loans of at least $150,000 (maximum LVR of 90 per cent) and a rate of 4.19 per cent for new investment borrowings.
Owner-occupiers will also have access to a competitively priced 4.14 per cent on new loans of at least $150,000 (LVR between 90 per cent and 95 per cent).
Suncorp Bank head of intermediaries, Steven Degetto, said the new offers provide brokers and customers with fantastic value heading into the new financial year.
“The Better Together special offers are focused on better meeting the needs of customers and providing access to benefits from across the Suncorp Group,” Mr Degetto said.
“The offers include transactional banking, discounted Home and Contents Insurance as well as savings on fees,” he said.
“There will be no ongoing account keeping fees on the new home loan and transaction account (an essential requirement of the offers).
“Our commitment to creating value for our customers as well as our simple, easy and convenient approach will strengthen our relationships with our broker partners and customers.”
The latest AFG Competition Index found that Suncorp had the second-highest share of all broker-originated mortgages among the non-majors in May at 3.8 per cent, behind ING Direct with 4.3 per cent.
[Related: NAB announces raft of rate changes]