Suncorp raises home loan rates

Suncorp Bank has announced it is increasing its variable interest rates for owner-occupier and investor loans.

The non-major bank announced its rates will increase by 16 basis points for new and existing loans from November 20.

Suncorp’s Standard Variable Owner Occupier rate will increase to 5.70%.

Its Investment Standard Variable Rate will increase to 5.97%.

It was partly attributed to an increase in the bank’s wholesale funding costs.