FAQ: Interest Rate Changes
Why are you increasing rates outside of an RBA cash rate announcement?
Banks make decisions about interest rate movements and timing based on a range of factors outside of the Reserve Bank’s decision. Factors include the Bank’s cost of wholesale funding, the impact of current market conditions on our mortgage and deposit customers, and our competitive position in the market.
An increase to our interest rates is never a decision taken lightly. We are committed to holding our competitive position in the market, and will continue to find the right balance with our interest rates for customers.
I am a Suncorp Bank customer, what does this change mean for me?
If you have a variable owner occupier or residential investment home loan your interest rate will increase by 0.16%p.a on 20 November 2015.
Our fixed home loan rates are not changing.
Please contact us on 13 11 75 if you have any queries regarding your new repayment amount, or if you would like to learn more about the Bank’s competitive suite of fixed and variable home loan products.
Will this change impact my deposit accounts?
No, your deposit account will not be impacted by today’s announcement. Suncorp Bank offers deposit customers better returns than those of the major banks, and we will continue to make interest rates decisions that allow us to continue our support for both our lending and deposit customers.
What criteria does Suncorp Bank use when making decisions on interest rates?
A number of factors are considered when making decisions on interest rate movements. This includes the impact of market conditions on consumers, the cost of our whole sale funding, returns for shareholders and our competitive position for mortgage and deposit customers.