Increase to all Suncorp Lending Rates - 0.05 > 0.25%

For those with Suncorp perhaps unaware.

This morning I happened to notice on my recent statement that the interest rate has changed from 3.99% to 4.11% p.a.

Odd? I don't remember receiving any prior notification on previous statement/s, portal secure messages, email or text regarding this, perhaps a tech glitch or something, but doubtful.

My bookmark is direct to log-in page so checked their home page, nothing on there, then found this within the News section - Suncorp announces changes to interest rates

Pretty poor that they simply assume existing customers have any requirement to view their website unless researching/seeking a new product etc, especially those that have little requirement for using a PC (technophobes etc).

For basic business common sense in avoiding customer dissatisfaction/loss, be foolish to not provide at least a min 30 days notice to their clients of any price increase via writing attached to or included on previous monthly statement, without that there's a risk of distrust, presumed trying to sneek it past their attention etc.

Annoying.

 

Notice is probably provided to customers by advertising rates in a specific newspaper. This would be part of the conditions you agreed to.

 

Most people are unaware of their rates whilst lenders increase rates at will.

This is going to be very common as customers' servicing is going to deteriorate with recent and proposed changes and thus it will be very hard for customers to refinance their loans.

That said Suncorp has a very conservative servicing calculator so you should have a bit of servicing fuel to refinance if you wanted to.

 

What is this "newspaper" thing you speak of?
Don't think I've bought or read one of those things in ~20 years, environmentally unfriendly.
Everything I need is on the idiot box or online.

Annoys me I can't stop the community ones being thrown on my verge twice a week, they go straight in the recycle bin.
I doubt I'd get snail-mail once a month these days, ensure everything is setup electronically, no junk-mail sign on the box.

They have secure options available to communicate with customers, use them when it suits them, choose to be shifty and not use them when hoping most won't notice.

 

Suncorp are our first loan product. Thanks for the heads up. What does this mean for me though? Do repayments go up? Have no issues servicing as only the variable portion of loan has gone from 3.79 to 3.84%.

 

I get a letter from ING when they increase or decrease rates. I feel like a letter is about as archaic as a newspaper!