Suncorp Loan Guide

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Suncorp is a moderately-sized financial institution based in Australia. They provide personal and business banking services, loans, superannuation and insurance to Australian and New Zealand customers.

Suncorp is a moderately-sized financial institution based in Australia. They provide personal and business banking services, loans, superannuation and insurance to Australian and New Zealand customers.

Suncorp prides itself on putting their customers first and removing barriers traditionally encountered with larger companies.

Suncorp Group Limited formed in 1996 with the merging of Metway Bank, Queensland state-owned QIDC and Suncorp. This merge allowed the company to acquire more resources, and Suncorp soon became one of Australia’s largest insurance and banking service providers – now running over 230 retail branches nationwide.

Below is a list of the loan options offered by Suncorp, including select packages that combine mortgages with transactional accounts and other Suncorp products.

  • Back to Basics
  • Standard Variable
  • Standard Fixed
  • Access Equity

Suncorp offers a few different notable features with their mortgage options. These are some of the benefits you can expect with a home loan from Suncorp:

Flexibility

Suncorp offers flexible repayment schedules and splitting loans.

Customers can choose to make payments monthly, weekly, or fortnightly, and whether to split a portion of their loans between fixed and variable-rates.

Offset Accounts

Choosing Suncorp’s standard variable-rate loan enables access to their offset account feature. With this feature, you can open a transactional account and use interest earned to offset the interest payments on your mortgage.

Choosing the ‘back to basics’ variable-rate mortgage or standard fixed-rate loan will not allow 100% offset.

Home Loan Packages

Suncorp presents their customers with two types of loan packages in the ‘home package plus’ and ‘better together special’.

The better together special is a package suited to borrowers who choose the back to basics home loan. Customers will receive a discounted rate and fewer fees when they combine their home loan with a basic transactional account.

The home package plus loan combines the standard variable rate, fixed-rate, or access equity loan with a transactional account and additional Suncorp products under one package.

Upon choosing this package, you’ll receive fewer fees and a discount on the other Suncorp products you select. The eligible products include:

  • Select Personal Loans
  • Home, Landlord, or Contents Insurance
  • Motor Insurance
  • Share Trading
  • Select Credit Cards

Suncorp offers a selection of loan types, each with benefits to suit the individual customer’s unique needs:

Back to Basics

The ‘back to basics’ home loan offers a low variable interest rate and a break in loan fees. There are no ongoing monthly account fees or establishment fees when you borrow more than $150,000.

Customers have the choice between principal and interest or interest-only repayments for the first five years of this loan. The Back to Basics mortgage also gives you access to fee-free additional repayments and online redraw.

Standard Variable

The standard variable home loan provides a variable interest rate with increased perks comparative to the back to basics loan, at a slightly higher price.

The included offset account feature allows customers with this loan to offset 100% of their account balance against loan interest. The option to make additional repayments and withdraw extra funds is also available this loan type.

Upon combining this loan with the home package plus offer, you may receive fewer fees, including the exemption of the account keeping fee and loan establishment fee.

Standard Fixed

Suncorp’s standard fixed loan allows you to lock in your rate for a period of one to five years. You can also avoid fees by including your fixed-rate loan in the home package plus option.

You will also be able to decide whether you want to make principal and interest repayments or interest-only repayments for the fixed period of this loan.

Suncorp caps additional repayments at $500 per month during the fixed term of the loan. Offset account and redraw features will be unavailable while your loan remains fixed.

Access Equity

A standard line-of-credit loan, the access equity loan option allows you to borrow from the equity of your home.

This mortgage type allows you to make repayments as desired provided you remain below the borrowing limit. You can also include the access equity loan in your home package plus to save on fees and other Suncorp products.

The Suncorp application process prioritises user convenience. In place of filling out an online application or visiting a branch, Suncorp mobile lenders come to customers.

These mobile lenders serve as a single point of contact throughout the application process, and remain available should you need to discuss a problem, eliminating the need for multiple explanations across varying staff.

To start your application, book an appointment with one of Suncorp’s mobile lenders and arrange to have them meet you at home or an alternative location of convenience.

The mobile lender will contact you via a phone call prior to the appointment and outline all of the documents you’ll require for the meeting. It is advise that you prepare documentation detailing your income, debts, and assets.

Suncorp allows you to redraw your additional funds without charge online. This applies to any of the company’s variable-rate home loans.Fixed-rate home loans do not enable the withdrawal of any additional repayments.

Suncorp’s variable-rate loans enable unlimited additional payments on your loan, however fixed-rate options cap at $500 worth of payments a month.

As with redraw facilities, larger extra repayments become available following the end of the fixed period and transition to a variable-rate.

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