Home loan rate changes
Find out how to prepare for a change in home loan interest rates and how we can help if you need assistance.
Suncorp Bank often reviews home loan and residential investment loan interest rates. This includes after the Reserve Bank of Australia Board Monetary Policy Meetings. Learn about the most recent interest rate announcement and how this will impact you.
FREQUENTLY ASKED QUESTIONS
When there's a change to your variable interest rate, it will change the minimum repayment amount as long as the change is $50 or more per month.
If the change to your repayment amount is less than $50, your current minimum repayment amount will continue to apply. If this is the case, you won’t see a reduction in your minimum repayment, but the interest payable for the month will have decreased. This interest saving will be applied to your loan principal.
If your repayment amount is changing, we will notify you by mail to let you know your new minimum repayment amount. We’ll provide at least 20 days’ notice before your next repayment is due.
- If you’re making Principal and Interest repayments, your minimum repayment amount will only become effective after we notify you by mail of the new repayment amount. You’ll receive at least 20 days’ notice of the new repayment amount.
- If the change to your repayment amount is less than $50, your current minimum repayment amount will continue to apply. If this is the case, you won’t see a reduction in your minimum repayment, but the interest payable for the month will have decreased. This interest saving will be applied to your loan principal.
- If a new minimum repayment amount applies to your home loan, you can easily view your new repayment amount anytime in Internet Banking and the Suncorp Bank App.
- When variable rates decrease, you can choose to keep paying your current amount or reduce it to the new minimum repayment. Making extra payments can help reduce your total interest costs.
- You can manage your repayments from your Suncorp Bank account with the Suncorp Bank App, via Internet Banking or by contacting us.
- If you have a direct debit, you can update this by sending a secure message via Internet Banking or by contacting us.
- If your repayments are by automatic transfer from another financial institution, you can update this transfer via their internet or mobile banking or by contacting them directly.
If your home loan has a fixed interest rate, your repayments won’t change until the fixed term expires.
We’ll let you know when your fixed term is coming to an end and what your options are. In the meantime, you can use our repayment calculator to consider what your future repayment may be so you can prepare.
About to finish your fixed rate term? We’ve stepped out everything you need to know.
How to check your interest rate
You can check your new interest rate via Internet Banking or the Suncorp Bank App the day after an interest rate change.
Suncorp Bank App
Select ‘Account details’ within your home loan.
Internet Banking
Click on your home loan account number.
We’re here to help
Planning ahead
In an unpredictable interest rate environment, it’s a good idea to plan and see how your repayment can change over time if interest rates increase or decrease. The Home Loan Repayment Calculator can help you estimate your new repayments.
We will notify you by mail of any change to your minimum repayment.
How to get support
If you’re concerned about meeting your repayments, we’re here to help.
Find out more about our financial hardship support by contacting us on 1800 225 223 (8:30 am-5 pm, Mon-Fri, AEST) or find out how to submit a request for assistance. Our Customer Assist team can help you get the support you need.
Whether you need temporary assistance or help over a longer period, the sooner you get in touch, the sooner we’ll be able to work out a plan to help you get back on track.
Home Loan, Personal and Business Banking products are issued by Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882) to approved applicants only. Eligibility criteria, conditions, fees and charges apply and are available on request. Please read the relevant Product Information Document and terms and conditions before making any decisions about whether to acquire a product.
