Suncorp has slashed its standard variable home loan interest rate to 5.99%.

Its comparison rate has now dropped to 6.15%, based on $150,000 over 25 years.

Your Mortgage’s home loan calculator shows the 0.25% drop will save customers about $33 a month for a home loan of $150,000 on a loan term of 25 years, compared to the previous rate.

The rate cut also includes Suncorp’s small business variable rates.

Changes are effective from Monday 26 August.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan