Suncorp hikes mortgage rates on rising “funding costs”

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Via The Australian:

Suncorp on Tuesday said it would be hitting owner occupier borrowers with a five basis point increase, which would leave them with a standard variable rate of 5.6 per cent. Investors will face an 8 basis point hike to standard variable loans, taking the rate to 6.07 per cent. Borrowers with interest-only loans will be slugged a 12 basis point hike, leaving owner-occupiers with a 5.77 per cent rate and investors with a 6.49 per cent rate.

“Funding costs have been steadily rising since the end of October,” Suncorp Bank boss David Carter said. “This has been driven by the outlook for US interest rates, as well as domestic factors.”

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.