Suncorp today announced it will reduce its variable rate home loan by 0.61% p.a following the Reserve Bank's announcement of a cut to the official cash rate.
Effective 10 November 2008, Suncorp's variable rate on home loans will decrease by 0.61% p.a. to 7.80% p.a. (7.95% p.a. Comparison Rate[i]) for new and existing customers.
Suncorp Group Executive Banking, David Foster, said Suncorp had responded to all Reserve Bank cuts throughout the year.
"This is our fourth rate reduction this year and we know this will be welcome news for customers who are facing more difficult economic times," he said.
"We've also maintained highly competitive deposit rates and this is helping our customers to work their savings harder.
"The wholesale funding environment remains a challenge but recent Government initiatives and broader global trends starting to emerge should improve the situation longer term."
Customers should contact the nearest branch of Suncorp or phone 13 11 55 to obtain full details.