Suncorp Bank reduces variable interest rates

3 August 2016

Suncorp Bank today announced it will reduce its standard variable home loan interest rate by 0.10% p.a for owner occupiers and investors, effective 24 August 2016.

The Bank will also reduce its small business variable interest rate by 0.15% p.a. and deliver a new 12-month term deposit offer of 3.00% p.a, up from 2.75% p.a for deposits >$100k. The Bank is also offering a 2 year Term Deposit rate at 3.10%.

Suncorp Banking and Wealth Chief Executive Officer, John Nesbitt, said the decision was good news for customers.

“Interest rates for businesses are at historic lows, so it’s timely for business customers to look
for opportunities to invest in their business,” Mr Nesbitt said.

“It’s a competitive market and home loan customers should focus on the products and solutions
that best suit their needs.

“While funding and regulatory costs for banks have increased, we continue to balance the needs of borrowers and savers.

“We acknowledge our role in helping to stimulate the economy, and boost business and consumer confidence.

“Maintaining our competitiveness, while creating value for our customers, the community and our shareholders, remains our priority.

“Suncorp Bank continues to be a strong supporter of competition and will continue to offer competitive deals in the market,” Mr Nesbitt said.

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