Suncorp increases interest rates on mortgage loans due to the & # 039; financing costs & # 039;

Suncorp follows Westpac by raising interest rates on mortgage loans due to financing costs # 39;

Suncorp has done the same and raised interest rates on mortgage loans just two days after Australia's second largest creditor, Westpac, did so.

The Queensland bank has revealed that it will increase its variable rate mortgage loans by 17 basis points and an increase of 10 basis points in loans for small businesses.

This means that there will be an increase of 0.17% for all variable mortgage loan rates.

Suncorp follows Westpac by raising interest rates on mortgage loans due to financing costs # 39;

Suncorp follows Westpac by raising interest rates on mortgage loans due to financing costs # 39;

The big bank claimed that the price increase was reduced to "financing costs", but the company still claimed a profit of $ 1 billion in the last fiscal year.

It was reported that Michael Cameron, CEO of Suncorp, earned a base salary of $ 2.1 million.

The former head of the GPT Group has also delivered generous profits and shares estimated at $ 6 million.

Despite the rise of the Suncorp CEO, Cameron said (pictured) to raise a base salary of $ 2.1 million.

Despite the rise of the Suncorp CEO, Cameron said (pictured) to raise a base salary of $ 2.1 million.

Despite the rise of the Suncorp CEO, Cameron said (pictured) to raise a base salary of $ 2.1 million.

This is the second change in interest rates for Suncorp after customers suffered an increase in March of this year.

The next rise in Suncorp interest rates will arrive as early as September 14, 2018.

Suncorp Banking and Wealth CEO David Carter said it is unlikely that the Reserve Bank of Australia will raise interest rates until well into next year. But lenders will be affected by rising financing costs.

"Since March, we have also witnessed a change in the outlook for the RBA cash rate, with a movement now not expected until well into 2019," Carter told Channel Nine.

The Queensland bank has revealed that it will increase its variable rate mortgage loans by 17 basis points and an increase of 10 basis points in loans for small businesses.

The Queensland bank has revealed that it will increase its variable rate mortgage loans by 17 basis points and an increase of 10 basis points in loans for small businesses.

The Queensland bank has revealed that it will increase its variable rate mortgage loans by 17 basis points and an increase of 10 basis points in loans for small businesses.

"We recognize that any increase in rates will have an impact on the cost of living of our mortgage loan clients, however, our savings clients, many of whom are retired, have been supported by favorable deposit rates in recent months. ", He said.

On Wednesday, Westpac announced its plan to raise interest rates by 14 points on its standard variable mortgage.

This will mean that those with an average mortgage loan of $ 300,000 will receive an additional $ 35 in addition to their monthly mortgage payments, the bank said.

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