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Be aware that 'Special Offer' rates may be withdrawn at any time.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

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
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
VariableMore details
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

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

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

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

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
VariableMore details
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^

Rates correct as of October 17, 2021. View disclaimer.


Disclaimers

In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

Latest Articles

author-avatar
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.

Collections:

Be Savings smart.
Subscribe for free money newsletters.

By subscribing you agree to the Savings Privacy Policy