Home Loan rates are changing
Find out how to prepare for a change in home loan interest rates and how we can help if you need assistance.
Suncorp Bank often reviews home loan and residential investment loan interest rates. This includes after the Reserve Bank of Australia Board Monetary Policy Meetings. Learn about the most recent interest rate announcement and how this will impact you.
Frequently asked questions
When there's an increase in your standard variable interest rate, it will raise the minimum repayment amount. We’ll let you know if there’s a change to your minimum repayments in a separate letter.
- If you’re making Principal and Interest repayments, your minimum repayments will only increase after we notify you by mail. You’ll receive at least 20 days’ notice of the new minimum repayment amount. After applying the new minimum repayment to your loan, you can easily view it anytime in Internet Banking and the Suncorp Bank App.
- If you’re making Interest Only repayments or have a line of credit, the interest payable will increase when the new rate takes effect.
- You can manage your repayments from your Suncorp Bank account via Internet Banking, the Suncorp Bank App or by contacting us.
- If you have a direct debit, you can update this by sending a secure message via Internet Banking or contacting us.
- If your repayments are by automatic transfer from another financial institution, you can update this transfer via their internet or mobile banking or by contacting them directly.
If your home loan has a fixed interest rate, your repayments won’t change until the fixed term expires.
We’ll let you know when your fixed term is coming to an end and what your options are. In the meantime, you can use the tools on this page to consider what your future repayment may be so you can prepare.
About to finish your fixed rate term? We’ve stepped out everything you need to know.
Consider reviewing your current financial position. Go over your lifestyle expenses, budget and savings to see if you need to adjust to meet higher repayments.
- You can manage your Suncorp Bank home loan using our calculators and guides.
- Create a monthly budget with our free Budget Planner tool.
Variable rate loans come with the flexibility to make extra repayments.
To find out if you’re ahead on your repayment, check your available cashback/redraw in the Suncorp Bank App or Internet Banking.
When we change your repayment amount, we consider the funds available in your redraw. Accessing your redraw may impact your repayment amount.
How to check your interest rate
You can check your new interest rate via Internet Banking or the Suncorp Bank App the day after an interest rate change.
Suncorp Bank App
Select ‘Account details’ within your Home Loan
Internet Banking
Click on your Home Loan account number
We’re here to help
Planning ahead
In an unpredictable interest rate environment, it’s a good idea to plan and see how your repayment can change over time if interest rates increase. The Home loan repayment calculator can help you estimate your new repayments.
We will notify you by mail of any change to your minimum repayment.
How to get support
If you’re concerned about increasing interest rates and meeting your repayments, we’re here to help.
Find out more about our financial hardship support by contacting us on 1800 225 223 (8:30 am-5 pm, Mon-Fri, AEST) or find out how to submit a request for assistance. Our Customer Assist team can help you get the support you need.
Whether you need temporary assistance or help over a longer period, the sooner you get in touch, the sooner we’ll be able to work out a plan to help you get back on track.
1. You need to apply for Cashback, which may be available subject to conditions specified in the contract. Please read these conditions carefully. Available Cashback may exclude any recent cheque, direct debit or pay at post payments and external transfers cannot be performed using online Cashback. Fixed Rate home loans are excluded from Cashback.
2. A Mortgage Offset facility can be established by linking your Everyday Options Account to the loan account and having it in offset mode. A Mortgage Offset Fee may apply to link the 100% Home Loan Offset facility to your home loan, which is waivered under the Home Package Plus. The Mortgage Offset fee is charged to your linked loan account.
3. A minimum amount for each split is $10,000. Additional charges may be incurred for additional loans, unless held in a Home Package Plus.
For Fixed Rate Home Loans, an Early Payment Interest Adjustment (EPIA) applies if more than the prepayment allowance (currently $500.00 per month) is paid in excess of the agreed monthly repayment. The EPIA also applies if the loan is repaid in full or the agreed fixed rate period is broken for any reason. EPIA applies to the whole amount prepaid. Find out more information on EPIA or ask in branch for our EPIA brochure.
# The Renovation Calculator is hosted and operated by RP Data Pty Ltd, trading as CoreLogic Asia Pacific (“CoreLogic”). Estimated renovation costs are indicative only and do not represent Suncorp-Metway Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 ("Suncorp Bank") making an offer of credit or providing loan approval. Suncorp Bank does not accept any legal responsibility for any loss incurred as a result of reliance upon this tool – please make your own enquiries.
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document, Lending Fees and Charges and the Home Package Plus Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.
