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Two more banks raise variable rates

Huntley Mitchell 3 minute read

Two of Australia's non-major banks have announced increases to their variable home loan rates.

Suncorp Bank announced yesterday that it will increase its variable interest rates for owner-occupier and investor loans by 16 basis points for new and existing loans, effective 20 November 2015.

As a result, Suncorp’s Standard Variable Owner-Occupier rate will increase to 5.70 per cent, while its Investment Standard Variable Rate will increase to 5.97 per cent.

Suncorp Bank’s head of intermediaries Steven Degetto said the changes reflect the bank’s commitment to balancing the impact of interest rate increases on customers with its competitive position in the market.

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“Today’s interest rate change wasn’t a decision taken lightly. We balanced a range of considerations including the impact on the cost of living on customers, as well as an increase in the bank’s wholesale funding costs and competitive positioning,” he said.

Meanwhile, AMP Bank announced yesterday that it will increase rates on variable owner-occupied loans by 0.18 per cent, effective 20 November.

The bank said in a statement that it remains committed to recommencing investor property lending in 2015.

[Related: Bankwest lifts variable rates]

 

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