Superbank launches its version of capped rates

Thursday 4 November 2004

While much of the competitive pressure in the homeloans market currently is in the two-year fixed rate area, Superbank has launched a heavily discounted floating rate product and is guaranteeing it won’t rise before June next year.

By The Landlord

It is similar to Westpac’s capped rate loans, including the promise that if wholesale interest rates start falling then so will the rate Superbank charges for the new product.

Superbank is charging 7.49% on its product compared with Westpac’s capped rates which range from 7.95% for one year to 8.05% for three years, Westpac’s 8.6% floating rate and the other major banks’ floating rates of 8.5%.

One of Superbank’s conditions is that the entire loan must be at the floating rate.

Those wishing to fix part of their loan and to have the rest at a floating rate will pay Superbank’s standard 8.5% floating rate.

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