Suncorp Bank today announced it has lowered its Back to Basics rate and Home Package Plus 3 Year Fixed rate.
The Back to Basics1 rate has been lowered to 4.65% p.a.* (5.21% p.a.** comparison rate) with a loan to valuation ratio (LVR) of 80 per cent or less.
The discounted variable rate is for loans on $150,000 or greater and is applied for a three year term before reverting back to the Back to Basics variable rate at the end of the term.
Suncorp Bank’s Executive General Manager of Customer Development David Carter said the market leading rate demonstrates the Bank’s commitment to offering competitive rates backed by good service.
“This is about doing what we can to help aspiring Australians save more from their home loans,” Mr Carter said.
“Suncorp Bank is backed by Suncorp Group and our customers have the expertise and support of an integrated banking, general insurance and life insurance Group across Australia.”
Suncorp Bank has also reduced its Home Package Plus 3 Year Fixed2 rate to 4.84% p.a.* (5.67% p.a.** comparison rate) fixed for three years with a loan to valuation ratio (LVR) of 80 per cent or less.
“We’re also please to announce a reduction to our fixed rate, this is good news for customers who are looking to lock in rates for greater certainty and peace of mind,” Mr Carter said.
Both rates are available for new loans from Monday, 7 July 2014, for a set period of time.
Suncorp Bank still offers competitive rates on its Back to Basics and Home Package Plus 3 Year Fixed rates to customers with a loan to valuation ratio (LVR) above 80 per cent.
For more information customers can visit their local Suncorp Bank branch, visit us online www.suncorpbank.com.au or call 13 11 75.
Media Enquiries: Anthony Donaghy 07 3835 5561 or 0477 315 472
Note to editors:
*Interest rates are current on the date of printing and are subject to change without notice.
**Comparison rate based on $150,000 over 25 years and only applies only to the example or examples given.
Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
1. Offer valid between 07/07/2014 and 30/09/2014 and may be withdrawn by the Bank at any time before a loan contract is entered into. An interest rate discount of 0.76%p.a. is applied to the Back to Basics variable rate (currently 5.41% p.a.) for 3 years from the date of settlement after which time the rate will revert to then current Back to Basics Variable Rate. Offer available to new loans of $150,000 or more where borrowings are less than or equal to 80% of the security property value.
2. Advertised rate includes the Home Package Plus rate discount of 0.29%p.a. Fixed rate reverts to the Bank’s then current Standard Variable rate less a discount of 0.50 % p.a., net rate currently 5.49 % p.a. Advertised rate applies to Home Package Plus applicants with loans of at least $150,000 and where borrowings including lenders mortgage insurance are less than or equal to 80% of the security property value (Low Doc loans excluded). Offer valid between 07/07/2014 and 30/09/2014 and may be withdrawn by the Bank at any time before a loan contract is entered into unless you secure the rate by paying a Guaranteed Rate Fee at the time of your application. Offer subject to change without notice.
Suncorp Group includes leading general insurance, banking, life insurance, superannuation and investment brands in Australia and New Zealand. The Group has around 16,000 employees and relationships with nine million customers. It is a Top 20 ASX listed company with over $93 billion in assets. Today Suncorp is Australia's leading regional bank, largest domestic general insurance group, and second largest in New Zealand and has representation in 450 offices, branches and agencies throughout Australia and New Zealand.