Suncorp today announced a decrease on variable rate home loans of 0.8% pa, following the Reserve Bank of Australia's announcement of a cut to the official cash rate.
Effective 20 October, Suncorp's variable rate on home loans will decrease by 0.8% pa to 8.62% pa (8.77% pa Comparison Rate) for new and existing customers.
Suncorp Group Executive Banking, David Foster, said the cut in rates was good news for borrowers.
"We continually look to balance our desire to pass on rate cuts to customers with a need to assess the ongoing volatility in the cost of wholesale funding," he said.
Customers should contact the nearest branch of Suncorp or phone 13 11 55 to obtain full details