Suncorp reduces variable home loan rates by 0.21%p.a.
Suncorp today announced it will further reduce its variable rate home loan by 0.21%p.a.
This cut follows the 0.80% pa rate reduction which Suncorp announced following the Reserve Bank's official cash rate decrease on October 4.
Effective 27 October 2008, Suncorp's variable rate on home loans will decrease by a further 0.21% p.a. to 8.41% p.a. (8.56% p.a. Comparison Rate[i]) for new and existing customers.
Suncorp Group Executive Banking, David Foster, said the reduction in variable rates to customers followed a decrease in the cost of wholesale funds as the markets price in future RBA rate decreases.
"We have seen a reduction in the cost we're paying for our funds and in turn we're passing this on to our customers" he said.
Customers should contact the nearest branch of Suncorp or phone 13 11 55 to obtain full details.
Media enquiries:
Michelle Barry
0402 892 789
07 3836 1245
[i] Based on $150,000 over 25 years. WARNING: This comparison rate is true only for examples given and may not include fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Based on a standard variable home loan of $200,000 the 0.21% rate decrease would mean a reduction in loan repayments of approximately $30 per month on a 25 year loan.
21 October 2008
