Lender announces variable rate discounts for investors and owner-occupiers

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Non-major lender Suncorp Bank has announced variable rate discounts on owner-occupied and investment lending.

In a note to brokers obtained by Your Investment Property Magazine’s sister publication, Australian Broker, the non-major announced that it will be trimming the standard variable rate on its Home Package Plus product for principal-and-interest owner occupied loans by more than 1%.

Available for new lending from 1 September 2015 to 13 October 2015, Home Package Plus loans with an LVR of 80% or less and a loan amount between $150,000 to $500,000 will receive a standard variable rate discount of 1.30%, to 4.24%. 

For loans with an LVR of 80% or less and a loan amount over $500,000, the standard variable rate will be discounted 1.39%, to 4.15%. Loans over $150,000 with an LVR up to 90% will be cut by 1.20%, to 4.34%. 

Whilst Suncorp recently announced a 0.27% standard variable rate increase on investment lending to meet regulatory requirements, the non-major has announced various discounts based on loan amounts and LVRs.

For investment loans between $150,000 to $499,999 with an LVR of 80% or less, the standard variable rate will be discounted by 0.95%, to 4.86%. For loans between $500,000 to $749,999 with the same LVR, the variable rate will be dropped 1.1% basis points, to 4.71%.

For investment loans greater than $150,000 with an LVR up to 90%, the standard variable rate has been discounted by 0.55%, to 5.26%.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

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