ING and Suncorp cut rates to variable home loans

cash rate cuts to home loan variable rates

Earlier this month the RBA put a hold on the rate hike cycle, much to the relief of many mortgage holders. With rates currently sitting at an average variable rate of 6.58%, and a general feeling that we’re coming closer to the end of the hike cycle, some borrowers might be wondering if there are any banks that have begun to cut their rates.

ING and Suncorp cut variable home loans rates

While some providers are continuing to hike their variable and fixed rate home loans in July, challenger banks ING and Suncorp made a range of cuts across their variable home loan products.

ING cut interest rates across its  owner-occupier variable rate loans, with the Mortgage Simplifier and Orange Advantage products seeing rates cut by 10 basis points. Investor home loans also saw rates reduced across the same products with a 15 basis point reduction.

Product
New Rate
Old Rate
Mortgage Simplifier  - Owner-Occupier
5.84% p.a.
5.94% p.a.
Mortgage Simplifier - Investor
6.04% p.a.
6.19% p.a.
Orange Advantage (package) - Owner-Occupier
5.84% p.a.
5.84% p.a.
Orange Advantage (package) - Investor
6.04% p.a.
6.19% p.a.

*Assumes LVR of <80% and that the loan is Principal and Interest. 

In a similar move, Suncorp also made the decision to lower its variable rates for the Standard Variable Home Loan Special for owner occupiers (LVR of <60%) by 10 basis points, by 15 basis points for the 60-70% LVR tier and by 5 basis points for 70-80% LVR . Investor loans of the same product were also cut by 5 basis points. 

Product
New Rate
Old Rate
Standard Variable Home Loan Special (Home Package Plus) - Owner-Occupier
5.94% p.a.
6.09% p.a.
Standard Variable Home Loan Special (Home Package Plus) - Investor
6.18% p.a.
6.23% p.a.

For borrowers who are unsure whether their rates are competitive can check out our home loan comparison tables. At Mozo, our database has hundreds of home loan products to compare so that you know you’re getting the loan that works for you. 

Home loan comparisons on Mozo - last updated 24 February 2024

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