8 February 2023

Interest rate update: February 2023

3 min read

Following the Reserve Bank of Australia’s decision on Tuesday 7 February 2023 to increase the cash rate, Suncorp Bank announced new interest rates for home loan and savings customers.

From 17 February, Suncorp Bank will increase variable rate term loans by 0.25% per annum (p.a.).

This increase means that for every $100,000 of loan balance remaining on a customer’s 25-year variable loan, they can expect their monthly repayments to increase by around $14.

Effective 16 February 2023, the Suncorp Bank Growth Saver at-call account interest rate will increase to 4.25% p.a

Where customers can find more information:

  • Customers can calculate how much their home loan repayments will increase via the Home Loan Repayment Calculator.
  • Customers can utilise the savings in their Everyday Options Account and sub-accounts, by activating ‘offset mode’ to reduce their mortgage interest costs.
  • Sign up to an Everyday Account which has no monthly fees or currency conversion charges and have the option to have up to nine sub-accounts to help reach spending and savings goals.
  • Open a Carbon Insights Account a carbon-neutral, fee free, online transaction account that lets customers view their estimated carbon emissions in the Suncorp Bank App, based on the purchases they make using the account.
    • Customers who have questions regarding rate changes or who may be experiencing financial hardship can visit Suncorp Bank personal and business banking online services, visit us in branch or call us on 13 11 75.