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Suncorp Bank cuts rates to 4.15pc

by Reporter4 minute read

Suncorp Bank’s standard variable and three-year rates now start from 4.15 per cent following cuts of up to 34 basis points.

The change applies to the Home Package Plus product for new principal-and-interest loans of at least $150,000 with a maximum LVR of 80 per cent.

This is a special offer that is available until 30 June.

The temporary variable reductions are 34 points for loans between $150,000 and $499,999, 24 points for loans between $500,000 and $749,999 and 19 points for loans of $750,000 and above.

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The temporary three-year reductions are 14 points for loans between $150,000 and $299,999 and nine points for loans of $300,000 and above.

Suncorp’s head of intermediaries, Steven Degetto, said the Home Package Plus product is one of the country’s most awarded home loan packages.

“Most recently, we were awarded a five-star Canstar rating in recognition of the outstanding value our Home Package Plus offers customers,” he said.

“We also continue to offer a waiver of the annual Home Package Plus fee for the life of the loan, saving new customers with lending of $150,000 or more up to $11,250 (savings based on $375 per annum over a 30-year loan term).”

Mr Degetto said now is a good time for borrowers to assess their home loan options given that interest rates are so low.

“As Australia’s leading regional bank, we are committed to being the genuine alternative and helping our customers achieve their financial goals now and into the future,” he said.

“Our prudent serviceability measures and loan to value criteria reinforces this commitment.”

[Related: Suncorp chief calls for great transparency in broking]

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