Suncorp Bank makes big change to variable interest rates
One of Australia’s major banks has made a massive decision about interest rates ahead of the RBA’s meeting next week.
Suncorp Bank has announced it is decreasing its home lending variable interest rates, effective immediately.
The change will apply to back to basics and home package plus offers.
“The bank has seen an increase in customers interested in refinancing and we are committed to continuing to offer customers competitive rates,” a spokesperson told NCA NewsWire on Tuesday.
It means increased discount margins for the owner occupied principal and interest back to basics package with a loan to value ratio of less than 80 per cent. It also applies for the standard variable, with a loan to value ratio of less than 70 per cent and less than 80 per cent.
New discount margins are only applicable to applications lodged from today.
Suncorp’s lowest variable rate advertised on its website is 3.67 per cent.
But the bank’s most popular package has a rate of 3.74 per cent, with an optional offset.
The decision to decrease the variable interest rate comes as the Reserve Bank of Australia prepares to meet next Tuesday.
Interest rates are expected to increase further, with some economists predicting a 0.5 per cent rise, while others have suggested it will be 0.25 per cent.
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