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A non-major bank has confirmed it is to extend a series of promotions on its mortgage and SME loan products, following feedback from brokers.
Suncorp announced the promotional offers this week targeting small business loans, first home buyers and customers of its Home Package Plus loan.
Supporting SMEs, the bank has extended its small business promotion, which offers a full commercial valuation rebate for small business lodgements over $150,000 and special offer interest rates on Business Essentials variable and fixed interest rates.
These start from 4.44% variable, with fixed rates starting from 4.59% fixed for three years, and 4.99% fixed for five years.
The extension also includes the ‘Beat it by 5bps’ offer, in which Suncorp will beat any competitor offer by five basis points for new variable lending over $200,000, up to a floor rate of 4.39% p.a. for residential security and 4.69% p.a. for commercial security. A written competitor offer must be provided to the Suncorp small business BDM and settlement must occur prior to 30 June 2019.
Robynne Frost, the bank’s national small business and commercial manager said, “Suncorp is always looking for new ways to support brokers and deliver new value.
“Feedback from our broker partners told us that this offer, particularly our commercial valuation fee rebate, was helping them build strong relationships with their customers. We have, for some time, had one of the most competitive small business offers in the market,” she continued.
“At this time of year, many small businesses review their existing finance and banking arrangements because they have an indication of what their full year performance might be. This can motivate them to consider their options around investing in their business or restructuring for a better outcome. At Suncorp, we see many small businesses talking to their brokers about funding alternatives, putting refinance activity at a high,” Frost continued.
Additionally, Suncorp introduced a promotion for first home buyers on 23 January, which pays $1,000 in cash to buyers who take an LMI policy as part of the loan.
To qualify, the approved loan must be for an owner-occupied property on a P&I basis and with 80% minimum LVR. Applications must be received between 23 January and 31 March, with settlement before 30 June and all applicants must be first home buyers.
Lastly, the bank has extended its Home Package Plus one-year fixed rate special offer for owner-occupiers.
