A non-major bank has joined a handful of lenders by today announcing it will reduce its standard variable home loan interest rate for owner occupiers and investors, effective 24 August 2016.
Suncorp Bank's SVR will fall by 10 basis points while its small business variable interest rate will be cut by 0.15 per cent p.a.. In addition, the regional bank will offer a new 12-month term deposit of 3.00 per cent p.a, up from 2.75 per cent p.a for deposits greater than $100,000.
The bank is also offering a two-year Term Deposit rate at 3.10 per cent.
Suncorp Banking and Wealth CEO, John Nesbitt, said the decision was good news for customers.
“Interest rates for businesses are at historic lows, so it’s timely for business customers to look for opportunities to invest in their business,” Mr Nesbitt said.
“It’s a competitive market and home loan customers should focus on the products and solutions that best suit their needs.
“While funding and regulatory costs for banks have increased, we continue to balance the needs of borrowers and savers. We acknowledge our role in helping to stimulate the economy, and boost business and consumer confidence."
Mr Nesbitt said maintaining our competitiveness, while creating value for our customers, the community and shareholders, remains the bank's priority.
“Suncorp Bank continues to be a strong supporter of competition and will continue to offer competitive deals in the market,” he concluded.
[Related: Big banks react to cash rate call]