Suncorp has responded to the Reserve Bank of Australia’s cash rate decision by reducing variable home loan interest rates by 0.15% from Friday 18 October 2019. Find out how these changes will affect you.
Helpful offers for your home
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Home & contents insurance
If you've recently purchased a new home, you'll want to look at Home and Contents Insurance. Recognised by Canstar for offering Outstanding Value, Suncorp Insurance's Home and Content insurance options give you flexibility and protection for your home and its contents. Get a quote online today or compare your policy options.
Life & Income insurance
How would your family cope financially if you or your partner were to die or become severely injured? Life Insurance policies protect your income and support your family.
Managing your insurance
You can easily manage your Suncorp Insurance policies online.
When will my minimum monthly repayment change?
Will this change my term deposit account or savings account?
The reduced cash rate may impact your interest rate for your term deposit and savings accounts and any change will be communicated to you. We appreciate that lower interest rates can mean lower returns for depositors so we aim to support our deposit customers through a range of competitive savings products. Our Term Deposits remain some of the best priced in the market.
Where can I find my current repayments and home loan interest rate?
You can view your current interest rate in Suncorp Internet Banking or the Suncorp Mobile Banking App, simply follow the instructions below. Please remember, this change doesn’t come into effect until Friday, 18 October 2019.
- Login to internet Banking
- Click on your home loan account number to view your interest rate
- Open the mobile banking app
- Tap on your home loan account
- Tap on the information icon on the top right-hand side to view your interest rate
If you would prefer to speak with a lending specialist, please call us on 13 11 55.
How will this decision change my repayments?
If you pay Principal and Interest
- You can leave your repayments unchanged and you’ll benefit from paying your home loan off sooner OR
- If you would like to free up some cash, you can reduce your repayments after Friday 18 October 2019. If your repayments are by direct debit, you can contact us to change this amount and if your repayments are by automatic transfer you can update this via your bank’s internet banking.
If you have an Interest Only home loan
- The interest payable and your payment will automatically reduce with the rate.
- You can view your current interest rate using the Suncorp app; Suncorp mobile banking or Suncorp internet banking.
All other FAQs
Yes. You can make additional repayments to your Standard Variable or Back to Basics Home Loan at any time.
If you have a Fixed Rate Home Loan, additional repayments of up to a maximum of $500 in excess of your monthly repayment can be made without incurring extra fees.
The interest payable on your linked home loan is calculated on the balance owning, less the balance of your Everyday Options account and any Sub-accounts (excluding any flexiRates). You’ll pay less interest on your loan when you have money in your Everyday Options account in offset mode.
Our Home Loan Cashback feature lets you redraw funds that you've paid in advance of your normal scheduled home loan repayments.
You can still redraw this excess money at any time – for school and university expenses, a holiday, renovation, or any other purpose. This feature is available on Standard Variable, Ready Access and Back to Basics Variable home loans.
Ready to take the next step?