The announcement comes as the bank launches a market-wide refinance cashback offer of up to $3,000 for any mortgage customer looking to switch to Suncorp. 

Suncorp Executive General Manager Lending Glenn Haslam said the bank wanted to thank health, education and emergency services workers putting themselves on the frontline every day to help Australians during the coronavirus pandemic.

“As many Australians manage the financial strain of coronavirus, this offer will support households by putting cash in the pockets of Australian homeowners,” Mr Haslam said. 

“We understand that customers want the choice – to use this extra cash to help with the household budget or to own their home sooner.

“If you haven’t reviewed your home loan for a while, you could be missing out on big savings, especially in this current low rate environment, so contact your local Suncorp branch or your broker or apply online.” 

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured 4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.09% p.a.
6.11% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

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 be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

A $2,000 refinance cashback is available for loans between $250,000 - $749,999 with an LVR of 90%, while $3,000 cashback is available for loans that exceed $750,000 and have an LVR of 90%.

Health, education or emergency services working on the frontline during COVID-19 could also be eligible for an extra $1,000 cashback. 

The tiered offer is available on owner-occupied and investor loans where repayments are either principal and interest or interest only.

The offer is available now for new refinancers who apply before 10 July 2020 and settle by 10 November 2020.

As part of its COVID-19 support measures, Suncorp has also waived establishment fees for those experiencing hardship and has $0 account keeping fees for all deposit customers.

Many lenders have come out in force to support borrowers through the pandemic.

In the first week of May alone, banks deferred 100,000 loan repayments including 50,000 home loans.

Recent figures from the Australian Banking Association (ABA) showed a total of 643,000 loans have now been deferred, with the total values of these loans now over $200 billion. 

Commonwealth Bank meanwhile announced it had approved more than $555 million in loans for small and medium-sized businesses (SMEs) through the Government-backed SME Guarantee Loan Scheme. 

Health funds also came to the party, with a large number announcing they would be delaying premium increases until later in the year. 

Cashback loan offers

Some other lenders in addition to Suncorp who offer cashback for mortgage customers include: 

  • Westpac - $2,000 cashback when you refinance to the Premier Advantage Package and Flexi First Option loans for new owner occupiers with principal and interest repayments and investment loans. Minimum refinance amount $250,000, apply before 29 May. 
  • Commonwealth Bank $2,000 cashback when you refinance to any owner occupied or investment home loans. Minimum refinance amount $250,000, apply before 3 August 2020. 
  • St George $2,000 cashback when you refinance for owner occupiers with principal and interest repayments and investment loans. Available on Advantage Package and Basic home loans. Minimum loan amount $250,000, apply before 29 May 2020. 

Consult each lenders' website for a full list of conditions. 

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