Suncorp Bank increases variable home loan and deposit rates

Today we are announcing Suncorp Bank’s variable home loan interest rates will increase by 0.25% following the Reserve Bank of Australia (RBA) decision to increase the cash rate by 25 basis points.

Suncorp Bank CEO Clive van Horen said the Bank has adjusted its interest rates after careful consideration.

 “Suncorp Bank is committed to providing customers with competitive rates across our home lending, small business and deposit products.”

Based on this rate change, a home loan customer’s monthly repayment will increase by around $12 per $100,000 of loan balance.

We encourage any customer with concerns about rate changes or their their ability to make their loan repayments to contact us so we can discuss tailored support. 

“We will continue to play our part in supporting the economy, which requires us to balance the needs of borrowers and savers, whilst continuing to grow the business for our shareholders,” said Mr van Horen.

To support our savings customers, the Bank’s 12-month term deposit rates will increase by 0.40% to 1.40%, providing an attractive savings rate for retirees and savers.

The new rates will come into effect from 18 May 2022.