Suncorp Reduces Variable Home Loan Rates By 0.90% p.a.
Suncorp today announced it will reduce its variable rate home loan by 0.90% p.a following the Reserve Bank's announcement of a cut to the official cash rate.
Effective 15 December 2008, Suncorp's standard variable rate on home loans will decrease by 0.90% p.a. to 6.90% p.a. (7.05% p.a. Comparison Rate[i]) for new and existing customers.
Fixed rates across the range of terms will also reduce effective 15 December 2008. The two-year fixed rate will drop to 5.99% p.a.
Suncorp Group Executive Banking, David Foster, said this was the bank's fifth variable rate reduction this year.
"We know this further reduction will be welcome news for many customers," he said.
"We've also maintained highly competitive deposit rates and this is helping our customers to work their savings harder.
"While the funding environment remains volatile, the Government funding guarantee, while currently untried and untested, may open up an avenue for us to review our mortgage rates further."
Customers should contact the nearest branch of Suncorp or phone 13 11 55 to obtain full details.
Media enquiries:
Michelle Barry
0402 892 789
07 3836 1245
[i] Based on $150,000 over 25 years. WARNING: This comparison rate is true only for examples given and may not include fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Based on a standard variable home loan of $200,000 the 0.90% rate decrease would mean a reduction in loan repayments of approximately $115 per month on a 25-year loan.
3 December 2008
