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Home News

SMSFs excluded from new loan offers by non-major bank

Another non-major bank has announced a range of discounts to standard variable and three-year fixed home loans, but left interest rates for SMSF loans unchanged.

by Miranda Brownlee
January 15, 2016
in News
Reading Time: 1 min read
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Suncorp Bank announced earlier this week it had discounted its interest rates across its Home Package Plus products by up to 1.55 per cent.

A Suncorp spokesperson confirmed there were, however, no such changes with SMSF lending.

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The bank also announced it was waiving the Home Package Plus annual package fee for the first year, normally $375, for new customers taking out lending of at least $150,000.

There were no changes to the fees for SMSF loans, however, with SMSF trustees still having to pay the $800 SMSF fee, and the establishment fee.

Suncorp Bank’s head of intermediaries, Steve Degetto, said the new offers for Home Package Plus Products will “give customers the flexibility to select a competitive rate that suits their individual circumstances”.

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SMSF Adviser is the authoritative source of news, opinions and market intelligence for Australia’s SMSF sector. The SMSF sector now represents more than one million members and approximately one third of Australia's superannuation savings. Over the past five years the number of SMSF members has increased by close to 30 per cent, highlighting the opportunity for engaged, informed and driven professionals to build successful SMSF advice business.

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