News

Interest rate update: November 2022

3 min read

Following the Reserve Bank of Australia’s decision on Tuesday, 1 November 2022 to increase the cash rate, Suncorp Bank announced new interest rates for home loan customers.

From 11 November, Suncorp Bank will increase home loan variable rates 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.

Savers can now also earn 4.00% p.a. on Suncorp Bank’s 12-month Term Deposit.

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 55.

Published 2 November 2022