08 June 2022
Suncorp Bank interest rate announcement
3 min read
Following the Reserve Bank of Australia’s decision yesterday to increase the official cash rate, Suncorp Bank today announced it will adjust the interest rate for variable home loan and deposit customers.
From 17 June, Suncorp Bank’s variable rate term home loans will increase by 0.50% per annum.
To support savings customers, from 15 June, Suncorp Bank will also introduce a new term deposit rate of 2.30% per annum for 12 months, and increase our savings account (Growth Saver) by 0.70%.
Suncorp Bank CEO Clive van Horen said we are committed to supporting the financial wellbeing of our customers during these uncertain economic times.
“As always, we look to balance the impact of rate changes on borrowers and savers. We understand these changes will impact some customers and encourage anyone who may be experiencing difficulty making repayments to contact us and discuss their situation," Mr van Horen said.
As a guide, for every $100,000 of loan balance remaining on a 25-year variable loan, customers can expect their monthly repayments to increase by around $26.
Customers can also calculate how their home loan repayments will change, using the Suncorp Bank Home Loan Repayment Calculator.
Customers who have questions regarding rate changes or who may be experiencing financial hardship can visit Suncorp Bank | Personal & Business Online Banking Services, see us in branch or call us on 13 11 75.
Other interest rates are currently under review.
Published 08 June 2022
