An Overview of Suncorp Home Loan Options
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When buying or investing in property, most Australians will need to apply for a home loan that meets their requirements and budget.
Suncorp Bank offers Variable, Fixed and Line of Credit home loan options. As the fifth-largest financial services group in Australia, they are one of the few Lenders that provide financing of up to 95% of your property value. Use their Home Loan Packages to save on interest rates when combining your eligible home loan with other Suncorp products and services.
Take note: ComparingExpert and consultants are not mortgage brokers. The information provided in this article is to help you make an informed decision. Please contact the home loan provider or financial institution for advice and guidance.
About Suncorp Bank
Suncorp Bank opened its first branch in 1902 in South West Queensland when it was known as Queensland Agricultural Bank. Today, the bank is a Top 20 ASX listed company and operates nationally across 200 branches. The Suncorp Group remains one of Australia's largest financial service organisations, with approximately 9.6 million customers.
The Suncorp group offers a wide range of financial services, including banking, home loans, car loans, personal loans, wealth management and insurance products.
Types of Suncorp home loan rates
The bank offers various home loan options to suit your individual requirements, including:
Back to Basics Variable rate
A low Variable interest rate that provides no account keeping fees, ongoing annual fees or establishment fees, when purchasing a new home valued at $150,000 or more. You can also make unlimited additional repayment; which you can redraw should you need to. This Basic home loan offers you the option of interest-only repayments, subject to credit approval.
Standard Variable rate home loan
Save on your interest rate with a 100% mortgage offset account when your loan is linked to an Everyday Options bank account. Also benefit from unlimited additional repayments, which you can redraw as cashback. You can further save on interest rates and fees when you combine your home loan with your bank account and other Suncorp products.
Fixed-rate home loan
Get more certainty when choosing to fix your interest rate for a specified period, 1 to 5 years. Save on interest and fees when combining your Fixed-rate home loan with your bank account and other Suncorp products.
Access Equity Line of Credit
Use the equity in your home to access a line of credit, so you can pay for renovations or buy a second property. You can then withdraw funds, while only paying interest on the amount you've drawn. Make as many repayments as you want, while remaining within your approved limit.
Home Package Plus
Save on interest rates and fees when combining your eligible home loan (over $150,000) with your transaction account and other Suncorp Bank products. For a Suncorp Home Package Plus option, you'll need to pay an annual fee of $375.
However, first home buyers may receive a refund of the annual $375 fee for the life of their loan, up to $11,250 over a 30-year mortgage.
When purchasing a Home Package Plus loan of $250,000 or more, you could receive a further cashback bonus of $2 000. Be sure to apply by 3 December 2019 and settle by 5 March 2020.
Suncorp Bank mortgage features
Suncorp offers a range of features depending on the home loan type you choose, including:
- 100% Mortgage offset facility: You can reduce your interest payable when linking your Suncorp Variable home loan with your Everyday Options. By using the balance from your savings and transaction account, you can offset it against the remaining balance of your home loan.
- Extra repayment facility: Reduce your interest over the life of your loan by making additional repayments. You can make unlimited repayments on your Variable home loan and up to $500 a month on a Fixed home loan option.
- Deposit KickStart: Allows you to use the equity in an existing home of a family member as security for the purchase of your property. Terms and conditions apply.
- Low deposit options: Owner occupiers might be able to borrow up to 95% of their property’s value. However, you’ll be responsible for Lenders Mortgage Insurance (LMI) and applicable fees.
- Choice of repayment frequency: You can choose to make repayments weekly, fortnightly or monthly, depending on the loan you’ve selected.
- You can split your home loan into a Variable and Fixed home loan option.
- Discounted interest rates and waived fees when including the Home Loan Package on your home loan option.
As soon as you're ready to apply for a Suncorp mortgage, you will need to prepare and submit the following documentation:
- Your personal ID: You need to be older than 18 years and a resident of Australia.
- Proof of a steady income: At least 3 months’ worth of bank statements.
- Proof of residence: A rates notice if you are a homeowner or tenant agreement if you are renting.
- Proof of current liabilities: Provide at least 6 months statements of your most recent accounts, for example, personal loans and credit card statements.
- Proof of non-bank savings: Provide 3 months' worth of savings account statements, term deposits and managed funds.
Once your completed application form and required documentation have been received, it can take up to three working days for a decision to be made. Should further information or a valuation be required, the decision may take a bit longer.
On approval of your application, your home loan documentation will be sent to you. On receipt of your loan documentation, you will be required to sign and return it to Suncorp Bank to finalise the application process.
How do you get pre-approval from Suncorp?
When you’ve found the property you’d like to purchase, you can start the home loan pre-approval process online or book an appointment with a home loan specialist.
Your home loan pre-approval is generally based on your ability to repay your home loan. The lender will review your application and determine if you are able to pay the home loan back.
Frequently asked questions
The Suncorp home loan calculator should give you an idea of your borrowing capacity. The maximum home loan amount you can borrow will generally depend on your income, employment status, savings and debts, as well as ongoing expenses. Suncorp Bank usually requires at least a 95% deposit on the value of the property.
Take note: In the event of borrowing more than 80% of your property value, you’ll have to pay LMI (Lenders Mortgage Insurance).
By packaging your $150,000 or more Fixed-rate, Standard Variable home loan or Access Equity Line of Credit with your Suncorp transaction account and other products, you might be able to have specific fees waived.
Yes, in most instances the bank will require a valuation. At the time of your application the bank will notify you if this applies to you.
Generally, various fees and charges may apply to your Suncorp home loan. However, the amount and type of applicable fees will depend on how much you borrow, the type of home loan you choose and other additional features you want to be added.
Yes, at the time this article was written, Suncorp made it known that they will reduce Variable home interest rates by 0.15% from Friday, 18 October 2019.
You can call Suncorp directly on 13 11 55, Mondays to Fridays 8 am to 6 pm (AEST/AEDT). Alternatively, you can book an appointment online or visit one of their many branches across Australia.
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