Suncorp Bank has hit back at claims by a mainstream media publication that the lender has “quietly” raised home loan rates out of cycle, and has also introduced new fixed rates for owner-occupiers and investors.
According to a recent article published by The Australian, the regional bank had “quietly pushed through a series of out-of-cycle mortgage rate rises despite the Reserve Bank recently cutting the official cash rate to record lows”.
“Brisbane-based Suncorp will increase the annual rate on special offer variable home loan packages for owner-occupiers by 20 basis points to 4.15 per cent from [25 May], according to a note to brokers,” the article stated.
“Investors buying the Home Package Plus product will pay 4.47 per cent, also an increase of 20 points.”
However, a Suncorp spokesperson told The Adviser that it has not passed on out-of-cycle rate increases to its customers, but has adjusted new business campaign margins for its Home Package Plus product.
“The standard variable special discount has changed to 1.35 per cent per annum off the standard variable rate for eligible new lending,” the spokesperson said.
“The previous 1.55 per cent special offer discount was a campaign offer for new lending and was subject to change at any time.”
Meanwhile, Suncorp’s two-year base fixed rate has been cut by 25 basis points to 4.09 per cent (with a 5.39 per cent comparison rate) for owner-occupiers, and by 10 basis points to 4.49 per cent (with a 5.72 per cent comparison rate) for investors.
Furthermore, the bank's two-year fixed rate for its Home Package Plus product has been discounted by 35 basis points for owner-occupiers to 3.74 per cent (with a 4.46 per cent comparison rate), and is available for new owner-occupier loans of $150,000 or more with a maximum LVR of 90 per cent.
[Related: CUA shakes up investor lending policy]