Suncorp, QBank make cuts to home loan rates

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on January 31, 2020
Suncorp, QBank make cuts to home loan rates

Photo by Brisbane Local Marketing on Unsplash

It was a quiet week for home loan rate cuts, with very few lenders cutting rates ahead of the Reserve Bank's cash rate decision next week.

Following the news of a fall in the unemployment rate and a slight lift in inflation, the RBA is now widely-expected to hold rates steady, rather than cut. 

Two Queensland-based finance stalwarts were among the few Australian home loan lenders cutting home loan interest rates this week. 

Suncorp

Suncorp made cuts to a variety of home loan products, including loans for investors and owner occupiers, including both interest only (IO) and principal and interest (P&I) loans. 

Owner Occupiers

  • Back to Basics OO IO 150k+: An 81 basis point cut to 3.03% p.a. (3.04% p.a. comparison rate*)
  • Home Package Plus Variable OO IO 90% (Special Offer): A 55 basis point cut to 3.29% p.a. (3.65% p.a. comparison rate*)
  • Home Package Plus First Home Buyer Variable <90% LVR: A 55 basis point cut to 3.29% p.a. (3.30% p.a. comparison rate*)

Investors

  • Home Package Plus Package Investment Variable IO 90%: A 10 basis point cut to 4.87% p.a. (4.96% p.a. comparison rate*)

Be aware that 'Special Offer' rates may be withdrawn at any time. 

QBank

Q Bank made cuts to two of its home loan products:

  • Residential Fixed <95% LVR 3 yrs: A five basis point cut to 2.89% p.a. (3.75% p.a. comparison rate*)
  • Fixed Investor <90% LVR 3 yrs: A five basis point cut to 3.14% p.a. (4.12% p.a. comparison rate*)

To compare, here is a selection of owner-occupier variable low-rate P&I loans:

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

Rates correct as of January 26, 2022. View disclaimer.


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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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