Almost all major lenders acted swiftly when the Reserve Bank of Australia (RBA) slashed the overnight rate by 25 basis points in August.
4.99% quickly emerged at the industry standard on a two-year fix, but Suncorp Bank has sharpened its competitive edge by trimming another 20 basis points to 4.79% on an 80% LVR loan.
At the time of writing, it was a sharper deal than comparative loans offered up by the Big Four (including Suncorp Bank’s parent company ANZ) and Macquarie.
For how long though, is another question, given the hotly competitive nature of Australia’s mortgage market.
Additionally, the majority of buyers remain reluctant to move off their variable loans to a fix, given the likelihood of the RBA slashing the cash rate at least once again before the year comes to a close.