Suncorp is a Queensland-based financial institution that first launched in 1902 as an agricultural bank. Today, Suncorp employs more than 13,000 people and has more than nine million customers across Australia and New Zealand. It has grown to become the sixth-largest bank in Australia in terms of market capitalisation.
Suncorp offers personal and business bank products and services such as savings accounts, home loans, credit cards, term deposits, insurance, and superannuation.
What home loans does Suncorp offer?
Suncorp offers home loans for refinancers, owner occupiers, first home buyers, and property investors.
It offers variable and fixed rate home loans, and customers have the option of paying principal & interest, or interest-only.
See some of Suncorp’s home loans for owner occupiers in the table below:
| 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 | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.82% p.a. | 5.82% p.a. | $2,940 | Principal & Interest | Variable | $0 | $0 | 80% | |||||||||||||
5.99% p.a. | 6.49% p.a. | $2,995 | Principal & Interest | Fixed | $375 | $0 | 80% | |||||||||||||
5.99% p.a. | 6.55% p.a. | $2,995 | Principal & Interest | Fixed | $375 | $0 | 80% | |||||||||||||
5.99% p.a. | 6.70% p.a. | $2,995 | Principal & Interest | Fixed | $375 | $0 | 80% | |||||||||||||
5.99% p.a. | 6.66% p.a. | $2,995 | Principal & Interest | Fixed | $375 | $0 | 80% | |||||||||||||
5.99% p.a. | 6.53% p.a. | $2,995 | Principal & Interest | Fixed | $375 | $0 | 80% | |||||||||||||
5.99% p.a. | 6.65% p.a. | $2,496 | Interest-only | Fixed | $375 | $0 | 90% | |||||||||||||
5.99% p.a. | 6.69% p.a. | $2,496 | Interest-only | Fixed | $375 | $0 | 90% | |||||||||||||
6.13% p.a. | 6.14% p.a. | $3,040 | Principal & Interest | Variable | $0 | $0 | 60% | |||||||||||||
6.14% p.a. | 6.15% p.a. | $3,043 | Principal & Interest | Variable | $0 | $0 | 70% |
Suncorp home loan features
Suncorp features three main home loan product lines, including a ‘Back to Basics’ home loan, variable rate home loans, and fixed rate home loans. Features include:
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100% mortgage offset: Some Suncorp home loans allow you to save on interest by linking the loan to a Suncorp Everyday Options bank account that can be put in “offset mode”.
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Suncorp package: For an annual fee, you can bundle other Suncorp products (like bank accounts and credit cards) into your home loan, while also obtaining interest rate discounts.
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Redraw facility: Suncorp Cashback lets you withdraw additional repayments you’ve made via internet banking.
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Split option: You can split your loan between fixed and variable rates to offer the flexibility of variable with the payment certainty of fixed.
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Rate lock: Lock in your fixed rate from time of application for up to 90 days.
The ‘Back to Basics’ home loan line also comes with no ongoing account keeping fees. For fixed rate home loans, customers can fix for a period of up to five years.
“We know what’s important to our customers, and we are committed to delivering banking that is good for them and for the world.” - Suncorp Bank CEO Clive van Horen.
Suncorp cashback offers
Suncorp generally has two ongoing cashback offers.
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Solar Home Bonus: Eligible home loan applicants for homes fitted with a solar power system could receive up to $3,000.
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Cash Bank Boost: New customers on eligible home loans could receive up to $3,000 cashback.
How to apply for home loan with Suncorp Bank
Eligibility criteria
Before you can apply for Suncorp home loans, you must meet the following requirements:
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You must be at least 18 years of age
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You must be an Australian resident
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You must be employed or earning a steady income
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You must have a good credit history for the past five years
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You must not be bankrupt or insolvent
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You must not have any past or present claims or judgements against you
If you meet all the requirements, you can get started with your home loan application by completing a pre-approval application form online. You can also speak with a home loan lending specialist in a branch or call 13 11 55 to request a callback.
Documents needed
To apply for a Suncorp home loan you’ll probably need the following documents:
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Personal ID such as a drivers licence, Australian Passport, Medicare card etc.
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Proof of income, such as your latest PAYG statement for the last three months
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If you’re self-employed, your last two years of tax returns and a notice of assessment from the ATO
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Proof of residence if you are a homeowner or a tenancy agreement if you are renting
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Asset and liability documents
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Proof of savings, term deposits, managed funds etc.
Photo by Harrison Astbury
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