Suncorp, QBank make cuts to home loan rates

author-avatar By 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Be aware that 'Special Offer' rates may be withdrawn at any time.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:

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.


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Harrison is a Senior Finance Journalist, and joined Savings in 2020. Prior to joining Savings, 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 informing readers on the strings being pulled in high-up places and how it affects everyday Australians.

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