Advantedge Financial Services (Advantedge) and Suncorp Bank (Suncorp) are the latest lenders to join the charge to gain market share by slashing interest rates.
Advantedge has reduced its one-year, four-year and five-year fixed rate terms while Suncorp has announced a rate discount on its Home Package Plus.
A release from Advantedge stated: “The lowest available rate on a one-year loan is now 4.34 per cent per annum, 5.16 per cent on a four-year loan and 5.52 per cent on a five-year loan.”
Advantedge Distribution general manager Brett Halliwell said: “Our white label model means we have the flexibility to offer attractive rates exclusively to our brokers across FAST, PLAN and Choice.
“As always, today’s rate cuts are supported by our commitment to deliver market-leading products for our brokers and their customers.”
According to the lender the above rates are available only using a combination of product options and loan features.
Meanwhile, Suncorp Bank has reduced Home Package Plus loans by more than one percentage point.
Loans greater than $500,000 will be cut to 4.84 per cent – a reduction of 115 basis points.
Loans above $750,000 will be cut to 4.79 per cent – a reduction of 120 basis points.
The discount is for loans with a loan-to-valuation ratio at least 80 per cent and is available during February and March.
Suncorp’s head of intermediaries, Steven Degetto, said the new rates position Suncorp as a market leader.
“We’re pleased to be able to offer these two market-leading rates. It demonstrates Suncorp Bank’s commitment as a genuine alternative to the major banks,” he said.