The non-major bank announced that its owner occupier and investor variable interest rates will increase by 16 basis points for new and existing loans, effective 20 November 2015.
As a result, Suncorp’s Standard Variable Owner Occupier rate will increase to 5.70 per cent, while its Investment Standard Variable Rate will increase to 5.97 per cent.
Suncorp Bank’s head of intermediaries, Steven Degetto, said the changes reflect the 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,” he said.