Suncorp might be slightly better known as an insurance provider (and the namesake of Brisbane's Suncorp Stadium) but Suncorp Bank, originally an agricultural bank in Queensland, is still one of Australia's largest. It was the banking arm of the larger Suncorp Group until 2024, when the banking division was acquired by ANZ. Suncorp has the ninth largest owner occupier home loan book in Australia, valued at roughly $39.5 billion.
Suncorp home loans
Suncorp offers a few different options for home loan customers:
Back to basics home loan
The 'Back to basics' loan is Suncorp's streamlined variable rate offering. It offers unlimited extra repayments and a redraw, as well as the option to switch to an interest only loan subject to credit approval. It doesn't have the extra features of some of Suncorp's other home loans, but has no account keeping fees, as well as no establishment fee for loans over $150,000.
Standard Variable home loan
For a slightly higher rate, the Standard Variable home loan allows borrowers to link their loan to an offset account. Borrowers connect their loan and an Everyday Options Suncorp savings account, and the balance is deducted from the outstanding loan amount when calculating interest. Since the Everyday Options Account allows up to nine sub accounts, Standard Variable customers effectively can use nine different offset accounts.
The Standard Variable rate has a $10 monthly fee and a $75 one off fee to set up an offset account. For loans with an LVR below 90%, there is a $600 establishment fee that goes up to $990 when the loan exceeds 90% LVR.
Suncorp fixed home loans
Suncorp also offers one, two, three and five year fixed rate home loan terms. Like the Standard Variable loan it has a $10 monthly account keeping fee and a $600 or $990 establishment fee depending on LVR.
Other home loans
Refinancing, construction loans, top ups and debt consolidation loans are all also available at Suncorp
Suncorp home loan rates
Here are the current advertised and comparison rates on Suncorp's range of home loans:
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Row Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.49% p.a. | 6.27% p.a. | $2,836 | Principal & Interest | Fixed | $375 | $0 | 80% | ||||||||||||||
5.59% p.a. | 5.59% p.a. | $2,867 | Principal & Interest | Variable | $0 | $0 | 80% | ||||||||||||||
5.59% p.a. | 5.59% p.a. | $2,867 | Principal & Interest | Variable | $0 | $0 | 90% | ||||||||||||||
5.59% p.a. | 6.25% p.a. | $2,867 | Principal & Interest | Fixed | $375 | $0 | 80% | ||||||||||||||
5.64% p.a. | 6.45% p.a. | $2,883 | Principal & Interest | Fixed | $375 | $0 | 80% | ||||||||||||||
5.64% p.a. | 6.44% p.a. | $2,350 | Interest-only | Fixed | $375 | $0 | 90% | ||||||||||||||
5.69% p.a. | 6.52% p.a. | $2,899 | Principal & Interest | Fixed | $375 | $0 | 90% | ||||||||||||||
5.74% p.a. | 6.41% p.a. | $2,392 | Interest-only | Fixed | $375 | $0 | 90% | ||||||||||||||
5.74% p.a. | 6.43% p.a. | $2,915 | Principal & Interest | Fixed | $375 | $0 | 80% | ||||||||||||||
5.79% p.a. | 6.50% p.a. | $2,931 | Principal & Interest | Fixed | $375 | $0 | 90% |
What makes Suncorp home loans different?
There are a few things that differentiate Suncorp from other home loan lenders:
Multiple offset accounts
Some lenders only allow a single offset account, compared to the maximum of nine separate accounts potentially available to Suncorp customers.
Home package Plus
Suncorp offer discounted rates and fees to customers who link their loan to an Everyday Options savings account. Packaging like this can often mean the above establishment and monthly fees are waived, as well as lower interest rates.
LMI waivers for medical practitioners
On all of the above loans Suncorp offers LMI exemptions for medical practitioners. To be eligible, you need to be a registered practitioner with AHPRA, have an LVR below 90% and a loan amount between $250,000 and $1,500,000. Bridging loans, construction loans and refinances of existing Suncorp Bank home loans are ineligible.
Dedicated 'home loan expert'
If you head to the Suncorp website you'll find a list of 'home loan experts' for each state and territory, with a specialist area. Their contact details are freely available and you can contact them directly for help with your loan. If you choose to just generally request a call back, the website pledges you'll receive one within two hours, or the following business day.
Suncorp home loans review
George Samios, mortgage broker and founder of Madd Home Loans, told Savings.com.au what he likes and doesn't like about Suncorp Bank.
Pros of Suncorp home loans
Multiple offset account option: "Suncorp have multiple offset accounts available. If you compare that for example with ANZ, they only give you one offset per mortgage, whereas Suncorp give you up to nine offset accounts per loan."
Low package fee: "The annual fee you pay for those multiple offset accounts is pretty cheap."
Cons of Suncorp home loans
Difficult for guarantor home loans: "We don't really do guarantor loans with [Suncorp] because it's not the easiest; they need the [guarantor] to be with the bank - [other lenders] can have the guarantors elsewhere."
Tough on exit strategy: "Suncorp are hard, very strict on age. Even if you're 40 and you get a 30 year loan, they are going to start asking you questions about when you retire - how you'll pay the loan off."
First published on February 2022
Photo by Harrison Astbury
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