Suncorp today announced it will increase its variable interest rate on mortgages to address the sustained increase in wholesale funding costs.
Effective 16 July 2008, Suncorp’s variable rate on home loans will increase by 0.20% pa to 9.67% pa (9.82% pa Comparison Rate ) for new and existing customers.
Suncorp Group Executive Retail Banking, David Foster, said the interest rate change was made to balance the needs of customers and shareholders.
“Given the continuing volatility in global markets, we’re of the view that rates in the wholesale funding market will remain high for some time. Suncorp continues to absorb a significant portion of the increased wholesale funding costs.”
“We would encourage customers to regularly review their financial position to ensure their current arrangement is appropriate. Customers who need assistance or financial advice should contact their nearest Suncorp branch or phone 13 11 55.”
Deposit interest rates
Interest rates on a range of Suncorp deposit products have recently increased.
Suncorp currently offers the best deposit rate in the market at 8.70% pa on savings fixed for 12 months on eOptions.
Suncorp’s Cash Management Account also offers the best rate in the market for customers with over $500,000 invested.
Contact: Michelle Barry on 07 3836 1245 or 0402 892 789