Suncorp Bank announces change to interest rates
Monday, 2 November 2015
Suncorp Bank has today announced it will increase its owner occupier and investor variable interest rates by 0.16%p.a. These changes will apply to new and existing loans effective 20 November 2015.
Suncorp Bank’s Standard Variable Owner Occupier rate will increase to 5.70% p.a. and its Investment Standard Variable Rate will increase to 5.97% p.a.
Suncorp Bank CEO, John Nesbitt, said the changes reflected Suncorp Bank’s commitment to balancing the impact of interest rate increases on customers with its competitive positon in the market.
"Today’s interest rate change wasn’t a decision taken lightly. We balanced a range of considerations including the impact on the cost of living on customers, as well as an increase in the Bank’s wholesale funding costs and competitive positioning," Mr Nesbitt said.
Suncorp Bank’s small business lending rates remain unchanged, and the Bank’s Business Essentials rates continue to be the best in the market.
About Suncorp: Suncorp Group includes leading general insurance, banking, life insurance and superannuation brands in Australia and New Zealand. The Group has 14,500 employees and relationships with nine million customers. Suncorp Group Limited is a Top 20 ASX-listed company with $94 billion in assets. Suncorp Bank is Australia’s leading regional bank servicing more than one million personal, SME and agribusiness customers.