Suncorp Group Limited (ASX: SUN)- Suncorp joins Westpac in increasing interest rates

  • Aug 31, 2018 AEST
  • Team Kalkine
Suncorp Group Limited (ASX: SUN)- Suncorp joins Westpac in increasing interest rates

Australia’s leading home lender Suncorp (ASX: SUN) takes the Westpac road by announcing second rise in last six months. The announcement reads that Suncorp will increase all variable home loans rates by 0.17% p.a. and small business loans rates by 0.10% p.a. from 14 September 2018.

This move comes after Westpac’s decision of change in variable rates which fired 0.14%p.a. of hike in variable mortgage rates. Westpac may have been the first one to throw out-of-cycle rate increase on public, but it is surely not the last one as all big lenders are joining the rates hike procession.  

Suncorp Banking & Wealth CEO David Carter blamed increased funding cost for charging more from its customers. Mr. Carter added that they have acknowledged the continuous rise in Bank Bill Swap Rate (BBSW) which has benefited customers who have their money in savings accounts, with Suncorp’s term deposit rates up over 0.20% on average.

The company said the gap between cash rate and BBSW is likely to remain elevated for longer than the previous prediction as no movement has been expected in RBA’s cash rate until 2019.

However, commercial and agribusiness customers remained unaffected by this change as they are experiencing the impact of rising wholesale rates, having linked to Bank Bill Swap rates.

Suncorp share price edged up by 0.065% to $15.490 on 31 August 2018.

Dividend Stocks To Buy

The Income available from dividends remains attractive for many investors.

We take a look at the best yields on the market and assess what they say about a company’s prospect.

One Thing is certain, though, Australia interest rates are still low, making income difficult to come by and keeping the focus for many investors on high yielding stocks. Kalkine’s team of analysts bought you handpicked report for “Top 25 Dividend Stocks For 2018.”

ASX-relevant Special Reports are published year-round to provide a detailed analysis into an investing opportunity or a potential risk to your portfolio.

Click here to get your free report.


The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.


All pictures are copyright to their respective owner(s) does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK