Brisbane-based Suncorp has just announced an exclusive new offer for first-home buyers to “help them realise their property ownership dreams”.

Suncorp’s Home Package Plus special offer for first-home buyers allows customers to choose from a standard variable-rate or a five-year fixed rate of 3.99% per annum on new lending of $150,000 or more.

The initial Home Package Plus annual fee will be waived, and most customers will also be eligible for savings on their lenders mortgage insurance (LMI), as well as building and contents insurance.

Lynne Sutherland, Suncorp’s executive general manager of stores and speciality banking, said buying a home is one of the biggest financial commitments people will ever make. She also said it has become increasingly challenging for those looking to enter the property market for the first time.

“Housing affordability is creating a barrier for young people wanting to purchase their first home,” Sutherland said. “The average age of home owners across the country has increased by 10 years, and while we know property ownership isn’t for everyone, it’s still a goal for many Australians.

Suncorp’s Home Package Plus special offer for first-home buyers gives customers choice by providing the same low rate on a standard variable or five-year fixed loan, while also offering a range of discounts on some of the additional fees and products that accompany home ownership.

Moreover, if customers are borrowing more than 80% of the property’s value, Suncorp said it would contribute $1,000 towards their mortgage insurance premium.

“Eligible customers will also be offered 20% off the first year’s premium for Suncorp issued building and contents insurance, as well as savings on Suncorp Home Loan Protect for new policies issued,” Sutherland said. “This offer is especially timely for first home buyers in Queensland, with the Government’s First Home Owner’s $20,000 grant only available until 30 June 2017.
 

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