Two of Australia’s major lenders have revealed their new home loan rates for Aussies on the hunt for homes and one of them is offering a slightly better deal.
Suncorp Bank has set its five-year standard fixed rate at 6.59 per cent for owner-occupied properties and 6.14 per cent for first-home buyers on the “Home Package Plus” plan.
Commonwealth Bank is a little steeper, putting its five-year fixed rate for owner-occupiers at 6.84 per cent.
CommBank’s rate is unchanged from July, while Suncorp upped its rate by 0.15 per cent.
“Fixed-rate applications in the pipeline without guaranteed rate fee will be impacted by the increase in the base rate,” Suncorp stated.
The new rates are effective from August 11.
“These changes will apply to a number of our fixed-rate home-loan products, including work in progress applications on and from today,” Commonwealth Bank stated.
“These changes are effective for new customers and existing customers applying for, or switching to, a fixed-rate home loan for both package and non-package rates.”
CommBank has also revealed its five-year fixed rate on loans for investment properties, leaving it unchanged at 6.94 per cent.
Suncorp offers investment loans of up to three years, with its three-year fixed rate rising 0.08 per cent to 6.77 per cent.
Australian banks only offer fixed-rate loans up to five years, whereas banks in the US offer homebuyers fixed-rate loans for up to 30-year periods.
The rates for owner-occupied, 1-5 years, per annum
Commonwealth Bank
1 year – 6.74
2 year – 6.99
3 year – 6.44
4 year – 6.84
5 year – 6.84
Suncorp
1 year – 6.5
2 year – 6.44
3 year – 6.24
5 year – 6.59