The non-major lender has reduced fixed rates across its owner-occupied and investment home loan offerings.
Suncorp Bank has reduced its two and three-year fixed rates across its owner-occupied and investment home loan products, effective from Friday, 2 August.
However, the non-major opted not to pass on the full 25 bps cut on both occasions, instead reducing its variable rates by a cumulative 39 bps.
The non-major bank said the decision to not pass on the full rate was not taken lightly, but Suncorp CEO for banking and wealth, David Carter, said he believes “it is the right one for [its] mortgage and deposit customers”.
Last month, Suncorp also announced that that it would cut its interest rate floor for mortgage serviceability assessments from 7.25 per cent to 5.5 per cent and increase its buffer from 2.25 per cent to 2.5 per cent.
The changes came in response to the Australian Prudential Regulation Authority’s changes to its home lending guidance.
[Related: Heritage cuts mortgage rates by up to 30bps]
Brokers are driving competition in the mortgages sector and chang...
An SME lender has raised $25 million in equity to fund the ‘rap...
The weekly round-up of the biggest news stories from across Momen...