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Suncorp Bank adjusts interest rates

Suncorp Bank adjusts interest rates

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Following the Reserve Bank of Australia’s decision on Tuesday, 1 November 2022 to increase the cash rate, Suncorp Bank announced new interest rates for home loan customers.

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From 11 November, Suncorp Bank will increase home loan variable rates by 0.25% per annum (p.a.).

This increase means that for every $100,000 of loan balance remaining on a customer’s 25-year variable loan, they can expect their monthly repayments to increase by around $14.

Savers can now also earn 4.00% p.a. on Suncorp Bank’s 12-month Term Deposit.

#Where customers can find more information:

Customers can utilise the savings in their Everyday Options Account and sub-accounts, by activating ‘offset mode’ to reduce their mortgage interest costs.

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