Suncorp Bank is Australia’s fifth largest bank. It has the capacity of a major bank to offer a range of home loan products yet still offers a community feel with a small bank feel to personalised service and community involvement. Suncorp has won multiple awards, including being named Money Magazine’s Business Bank of the Year and MFAA’s NonMajor Lender award for 2016. Suncorp is always a great option to explore as they do at times offer special discounts and deals.
A low variable interest rate home loan with no ongoing monthly
Here is a low variable rate loan that can help you own your home faster. You’ll pay no ongoing account fees and have the freedom to make additional repayments or redraw when you want without having to pay any extra fees. This is a popular choice with first time home buyers as you can borrow as much as 90% of the property value.
A variable rate home loan with a 100% mortgage offset
If you are planning on taking advantage of an offset account to reduce your overall interest owed, this Standard Variable home loan is an attractive choice. It comes with a low interest rate and all the flexible features you need to repay your mortgage as quickly as you’d like.
Enjoy the comfort of knowing exactly what your monthly repayments will be
For the peace of mind of stable monthly repayments, Suncorp has a competitive fixed rate home loan product. Choose a fixed term ranging from one to five years. At the end of the term, your loan will automatically switch to the Standard Variable loan or you can refix your loan for another fixed term. You even have the ability to make extra repayments, although there are limits. You can pay an additional $500 per month.
Easily access the equity in your home with a flexible line of credit
Suncorp has one of the most competitive lines of credit home loans on the market. This is a fantastic option if you already have equity built up in your home as you will have access to funds to make an investment, consolidate, or cover other expenses and purchases. You can always withdraw funds up to your approved credit limit. Want to pay down your loan quickly? You can make additional repayments through depositing your income or making any time lump sum payments without penalty.
Package your accounts to save more
You can bundle your Standard Variable, Fixed Rate, or Access Equity home loan into Suncorp’s Home Package Plus mortgage package and enjoy fantastic savings on insurance, account fees, and more. You’ll also get a complimentary consultation with one of the bank’s financial planners. Suncorp does, on occasion, offer special extra discounts such as a waived annual package fee or special rate discounts.
The interest rate examples listed on Suncorp Bank’s website are based on $150,000 over 25 years. Their Interest Only Fixed Rates are based on an initial interest only period equal in length to that fixed rate period, while the comparison rates for Interest Only Variable Home Loans are based on an initial 5-year interest-only period. However, it’s important to keep in mind that these examples are listed for comparison only. Costs such as redraw fees, early repayment fees, and cost savings such as fee waivers will affect your actual home loan interest rate. Compare Suncorp’s Home Loan interest rates now.
The size of a deposit you’ll need for a Suncorp home loan depends on the price and purpose of the property you’re purchasing, the home loan type and your individual circumstances (for example, whether you’re a first home buyer) Depending on the purchase and size of the loan, you may be able to borrow up to 95% of your property’s value, in which case you would only need to provide a 5% deposit. However, you may need to pay Lenders Mortgage Insurance if you’re not eligible for an exemption. You’ll also need to factor in additional costs when saving to purchasing a home, such as val-uation fees, moving costs and solicitor’s fees.
The best way to see how much you need for a deposit for a Suncorp home loan is to use their borrowing calculator.
The easiest way to access your home loan statements from Suncorp is via their Internet Banking website or app. This will allow you access all the im-portant information related to your mortgage, including:
Suncorp offers fee waivers for several of their home loan products, provided you meet a certain criteria. For example, on their Back To Basics Home Loan, there are no monthly account keeping fees, ongoing annual fees or loan establishment fees for new lending of $150,000 or more. Or, if you’re a first home buyer, Suncorp will waive the annual package fee in their Standard Variable Rate Home Loan. These fee waivers are generally only available for a certain period of time, so it’s best to check their website to see what current deals apply.
You may choose to split your home loan with Suncorp, allowing you to lock in a portion of home loan on a fixed interest rate and a portion as a variable home loan. This is available on all of their home loans, apart from their Bridging Loan. Some customers choose to do this, as it gives them the best of both worlds. The fixed rate gives them the security of knowing exactly how much their repayments will be and protects against the fluctuations of the market, while the variable rate allows you to make unlimited additional payments and withdraw at any time. You can choose to split your home loan in any way you like, whether it’s 50/50 or 75% fixed and 25% variable. Simply let your broker know when you’re applying for a home loan. To see whether a split home loan would benefit you, check out Suncorp’s Split Loan Calculator.