The lender’s new offer will allow first home customers to choose from a standard variable rate or five-year fixed rate home loan, while also waiving the annual fee.
Suncorp announced this week that it is rolling out its Home Package Plus special offer for first home buyers, which will allow them to choose from a standard variable rate of a five-year fixed rate of 3.99 per cent per annum on new lending of $150,000 or more.
Additionally, the initial Home Package Plus annual fee will be waived and most customers will also be eligible for savings on their Lenders Mortgage Insurance (LMI), as well as building and contents insurance.
Suncorp EGM — stores and specialty banking, Lynne Sutherland, remarked that it is becoming increasingly difficult for those looking to enter the market for the first time.
“Housing affordability is creating a barrier for young people wanting to purchase their first home,” she said.
“The average age of home owners across the country has increased by 10 years, and while we know property ownership isn’t for everyone, it’s still a goal for many Australians.
“Where the customer is borrowing more than 80 per cent of the property’s value, we will contribute $1,000 towards their mortgage insurance premium.”
According to Ms Sutherland, eligible customers will also be offered 20 per cent off the first year’s premium for Suncorp-issued building and contents insurance, as well as savings on Suncorp Home Loan Protect for new policies issued.
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