Suncorp Bank has announced that it will increase its variable home loan interest rates by 0.25% following the Reserve Bank of Australia’s decision to increase the cash rate by 25 basis points.
The new rates will come into effect from May 18.
Suncorp Bank CEO Clive van Horen said the interest rates had been adjusted after careful consideration.
“Suncorp Bank is committed to providing customers with competitive rates across our home lending, small business, and deposit products,” Van Horen said.
The rate change will see a home loan customer’s monthly repayment increase by around $12 per $100,000 of loan balance.
To calculate how much their home loan repayments will increase, customers can use Suncorp Bank’s Home Loan Repayment Calculator. Customers who are concerned about their ability to make their loan repayments are encouraged to . the bank to discuss tailored support. For questions regarding rate changes, customers may visit the bank or call 13 11 55.
“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,” Van Horen said.
Suncorp also announced that it will increase its 12-month term deposit rates by 0.4% to 1.4%, providing an attractive savings rate for retirees and savers.