We want to help you into your first home - we can help! Here are some options you
may be able to take advantage of.
Suncorp Deposit KickStart
- Use the equity in the home of a family member or friend toward the purchase of your
new home.
- Borrow up to 110% of the confirmed value of the property to help cover other expenses
(such as fees and duties, removalist costs etc).
- Save money as Lenders Mortgage Insurance is not required.
- Your guarantor can limit their commitment by nominating a specific amount they are
prepared to guarantee, to a maximum of 30% of the value of your new home.
- Available only to owner-occupiers.
Here's an example:
The home being purchased is valued at $300,000.
With the Suncorp Deposit KickStart, you could borrow up to $330,000 (110% of $300,000).
Lenders Mortgage Insurance will not be required.
How it works:
- Two loans are set up.
- The first loan is secured by your new home, with the loan amount being 80% of the
confirmed value of the property.
- The second loan is secured by your new home as well as a guarantee (limited to a
specific amount) supported by a mortgage over the guarantor's property.
- You will be responsible for repayments for both loans.
Low Deposit Options
Borrow up to 95% of the confirmed value of the property
- You will need to demonstrate a savings record for the remaining 5% and pay all fees
and duties.
- Lenders Mortgage Insurance will be required and may be included in loan amount (conditions
apply).
- Available to owner-occupiers and investors.
Here's an example:
The property being purchased is valued at $300,000.
You can borrow up to 95% of the value of the property.
Note:
- Minimum of 3% Genuine Savings is required for First Home Buyers and 5% for subsequent
Home Buyers.
- Your savings may not be sufficient to cover the full cost of fees and duties. The
First Home Buyers Grant and /or other funds may be used to cover these costs.
Deposit Power Guarantee (2)
- A convenient way to buy a home without the worries of arranging a cash deposit.
- It's a guarantee to the vendor for part or all of your deposit (up to 10% of the
purchase price).
- You then pay the full purchase price at settlement, including the amount of the
deposit.
- A fee is payable based on the size of the guarantee you require.
Notes
- 1. Exclusions and maximum loan amounts apply. Suncorp will lend you 95% of the purchase
price or valuation (whichever is the lower). You will need to contribute all bank,
legal and government fees and charges associated with the purchase of the property.
- 2. The Deposit Power Guarantee is provided by Vero Insurance Limited ABN 48 005
297 807. Neither Suncorp nor its subsidiaries guarantee the products provided by
Vero Insurance Limited. Suncorp will receive a commission for arranging the Deposit
Power Guarantee.
