Suncorp slashes 3 year fixed rate

Suncorp Bank announced it would cut its three year fixed rate to 5.48 per cent – cheaper than all of the majors.

Suncorp Bank general manager intermediaries Steven Heavey said: “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.”

“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.”

Source: The Adviser