Suncorp Metway cuts fixed rate home loans
Queensland's Suncorp Metway has slashed a range of fixed rate home loans and is offering a one year fixed introductory rate home loan at 6.75% pa, one of the lowest fixed rates of its type currently offered by an Australian bank.
General Manager Retail Banking, David Gration, said the latest cuts made fixed rates very attractive when compared to standard variable rates of 8.05% pa.
But home buyers were still eager to buy introductory variable rate products which were competitively priced against fixed rates.
"Suncorp Metway is offering an introductory variable rate product price at 6.95% pa. Around a third of new borrowers are choosing this rate in anticipation of variable rates trending down over the next twelve months.
"However consumers are not choosing on price alone and we're seeing a big share of our new borrowers choosing line of credit mortgage facilities which provide them with flexible access to the equity they hold in their home."
Mr Gration said around 20% of the new Suncorp Metway home buyers were choosing fixed rate home loans.
The new Suncorp Metway rates take effect from 20 December 2000. The new rates are - 1 year fixed at 7.25% pa; 2 year fixed at 7.35% pa; 3 year fixed at 7.30% pa and 5 year fixed at 7.55% pa.
The introductory one year fixed loan is currently available at a rate of 6.75% pa.. The rate is set at the time of settlement, and may change between time of application and settlement date.
Approved applicants, conditions apply. Fees and Charges are payable. Full details of relevant terms and conditions are available on application.
15 December 2000
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More information: Roschelle Don, Senior Manager Public Affairs, ph (07) 3835 5217
