Suncorp Bank cuts three-year fixed-rate home loan to 5.48%
The procession of mortgage lenders cutting fixed rates has continued, with Suncorp Bank reducing its three-year fixed home loan to 5.48% per annum effective today.
The bank now offers the lowest three-year fixed home loan of both the major banks and the regional banks.
Yesterday St George cut its three-year fixed home loan to 5.49% under its Advantage Package offering.
| Three-year fixed |
1. Suncorp Bank | 5.48% |
2. Bankwest | 5.54% |
3. BOQ | 5.55% |
4. St George | 5.49% |
5. CBA, Westpac and NAB | 5.74% |
6. ANZ | 5.79% |
7. Bendigo | 5.94% |
“The advantage of the Suncorp Bank three-year fixed-rate is that it can be taken as part of a package or as a standalone rate, unlike other offers that only allow discounted rates as part of a package,” says Suncorp Bank’s Steven Heavey.
“The benefit of a fixed-rate loan is that you know exactly how much you have to repay each fortnight or month and can budget accordingly. This feature can be especially beneficial for first home owners as they adjust to having a mortgage.
“One disadvantage, however, is the loss of flexibility. For example, you generally can’t make additional repayments on fixed loans.
“If you want to hedge your bets, consider partially fixing your loan and keeping the rest at a variable rate,” he says.