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Suncorp dangles carrot for mortgage market with cuts to fees

Business

Suncorp has made cuts to the cost of refinancing a mortgage which it said would save borrowers up to $11,000 over 30 years.

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The bank has said it would waive fees for customers who refinance their home loan with Suncorp, saving $375 a year or up to $11,000 over 30 years.

The move comes in the wake or record-low mortgage interest rates and criticism of Suncorp’s loss of market share in home lending.

At its recent profit announcement, Suncorp said its home lending had contracted 1.6 per cent while many of its competitors had increased lending in this area.

Suncorp’s head of home lending products Dylan Atherton said the offer would reduce the ongoing associated home loan costs and put money back in the pockets of lenders.

The offer is conditional and for new borrowers. The refinancing has to be worth more than $250,000 and is available for owner-occupied or investor loans.

Some other banks have offered cashbacks of up to $3000. The Suncorp offer is a $375 fee waiver for each year of the loan which totals $11,250 over 30 years.

“Australians are looking for ways to save money each year and this new offer, paired with our competitive rates, will bring ongoing savings to customers,” Atherton said

Canstar lists Suncorp’s refinancing rate at 2.44 per cent for a $350,000 loan. Suncorp also recently introduced a two-year fixed rate at 1.89 per cent.

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