Suncorp Bank

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Suncorp Bank

Founded: 1902

Lender Type: Bank

Owned by: ASX Listed

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 Non-Major Lender award for 2016. Suncorp is always a great option to explore as they do at times offer special discounts and deals.

Key Benefits

Low-interest rates
Special discounts often available
Branch access across Australia

Drawbacks

Inconsistent lending policy
No loans for borrowers with bad credit
Not great for low doc loans

Home Loan Products

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Home Loans Description

Back to Basics

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 homebuyers as you can borrow as much as 90% of the property value.

Standard Variable Loan

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.

Fixed Rate Loan

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.

Access Equity 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.

Home Package Plus

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.

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