Additional repayments can be made to your Standard Variable or Back to Basics Home Loan at any time. For Fixed Rate Home Loans additional repayments of up to a maximum of $1,000 are permitted per calendar month, where after an Early Payment Interest Adjustment Fee or EPIA will apply. EPIA can be costly. For more information on EPIA ask in branch for our EPIA brochure.
You can pay out your Standard Variable or Back to Basics home loan as quickly as you like. There is a fee for finalising your home loan. If you have a Fixed Rate home loan and want to break the term, an Early Repayment Adjustment Fee or EPIA will apply. For more information on EPIA ask in branch for our EPIA brochure.
Approved applicants may borrow money for the following purposes:
-to buy a residential property
-to buy a residential investment property
-to refinance an existing mortgage
-to refinance an existing mortgage and consolidate your other debts
-for investment purposes (other than property) where you provide enough equity in property as security
-for a second mortgage over current property where extra money is needed to buy a residential investment property (in this case, Suncorp Bank will hold a first mortgage over the new property).
For any home loan, residential property must be offered as security. Home loans are to approved applicants only. Lending and credit criteria apply.
There are several ways to make your repayments, and you can choose the method most convenient for you. You can:
-arrange an automatic regular repayment from a nominated account - weekly, fortnightly or monthly
-depending on which loan you have chosen
-transfer money from any other Suncorp Bank transaction or savings account through Phone or Internet Banking -make a repayment at any Suncorp Bank branch.
Please note fees apply for some methods of payment.
For a complete guide to the fees and charges on our loans, please download the Lending Fees and Charges brochure or obtain a copy from a Suncorp Bank branch near you.
Simply enter your details in our online enquiry form, and one of our home loan specialists will call you back to set up an appointment at a time that suits you. You can choose to have an appointment with either a mobile lender who will come to you, or to visit a lender at your local branch. Alternatively, you can view our list of mobile lenders and contact them directly.
Use our borrowing capabilities calculator to get an estimate. Alternatively, call 13 11 55 to speak to a home lending specialist and get a clear idea of how much you can borrow. You'll be asked to provide the following and other information:
-Your income, and your partner's income if you are looking to buy a house together,
-How long you (and, if applicable, your partner) have been in your current job/s
-Your savings and the value of any other assets
-Your debts, including personal loans and credit cards.
The minimum amount we lend for a home loan is $10,000, and the maximum loan amount depends on your borrowing capacity and the value of the residential property to be used as security for the home loan. Our loan calculators can give you an idea of how much your monthly repayments would be and how long you could take to repay the debt.
Once you submit your full application, we will assess your financial position and confirm the loan amount and term you have requested.
The deposit you need will depend on the type of transaction and loan facility you choose. If you are looking to purchase or refinance your own owner-occupied property, you can generally borrow up to 95% of the purchase price or valuation (whichever is the lesser) i.e. up to a 95% loan to valuation ratio (LVR) inclusive of any lenders mortgage insurance that may apply. Higher deposits may be required for investment lending and/or borrowing to finance the purchase of vacant land for construction loan purposes i.e. 10% minimum deposit or maximum 90% LVR.
Lenders Mortgage Insurance (LMI) is required on all borrowings in excess of 80% of the property value.
Suncorp Bank's Standard Variable home loan comes with the option of a 100% Mortgage Offset facility when linked to your Everyday Options account set in offset mode+. This account can allow you to use your income and savings to reduce your home loan interest. Note: A Mortgage Offset Fee applies to link the eligible Standard Variable home loan to the Everyday Options account set in 100% offset mode. This fee is waived for Home Package Plus customers. For a complete guide to the fees and charges on our home loans, read our Lending Fees and Charges brochure.
Mortgage Offset is not available on Back to Basics, Fixed Rate Loans or access equity facilities.
+The Everyday Options Account is issued by Suncorp-Metway Ltd ABN 66 010 831 722. Please read the relevant Product Information Document for Suncorp Bank Personal Deposit Accounts and the Terms and Conditions for Suncorp Bank accounts before making any decision regarding this product. Copies available in branch.
If you have a Standard Variable home loan with us you're eligible to set your Everyday Options account in offset mode.
By setting your Everyday Options account to offset mode you may be able to save on your home loan repayments by using the combined balance in your Everyday Options accounts and any Sub-accounts as a 100% offset facility. This will reduce the interest payable on your linked Standard Variable home loan.
How it works? Instead of getting paid interest on your savings, the total amount of money in your Everyday Options account (minus any flexiRates you may have set up) is subtracted from your home loan amount and the difference is what's used to calculate your home loan interest repayments. Put simply, the more money you're able to save, the less interest you'll end up paying on your home loan.
Note: A Mortgage Offset Fee applies to link the eligible Standard Variable home loan to the Everyday Options account set in 100% offset mode. This fee is waived for Home Package Plus customers. For a complete guide to the fees and charges on our home loans, read our Lending Fees and Charges brochure.
Need more information? Visit the Offset page or call 13 11 55 to speak to a consultant about arranging to get your Everyday Options account in offset mode.
Pre-approval is a conditional approval based on your ability to repay a loan. This means that you can search for a home, knowing how much the bank is likely to be willing to lend you. To apply for pre-approval, see your branch lender or call us on 13 11 55. You should note the conditions that apply to any pre-approval.
Our Cashback* feature lets you redraw funds that you've paid in advance of your normal scheduled home loan repayments. By making these additional payments to your variable loan you are paying off your home loan sooner, but you can still redraw this excess money at any time, for example for school and university expenses, a holiday, renovation, or any other purpose.
This feature is available on Suncorp Bank Standard Variable and Back to Basics home loans.
Accessing Cashback is easy and can be done:
- online through internet banking (account holders must be registered for Cashback and internet banking); or
- by completing and returning a Cashback Withdrawal Request Form. Simply download the form, compete and return the form to your nearest branch, or mail it to us.
A minimum Cashback withdrawal amount of $1,000 applies and Cashback fees may apply. For a complete guide to the fees and charges on our home loans, read our Lending Fees and Charges brochure.*
*You need to apply for Cashback, which is available subject to conditions.
Stamp Duty is a State Government tax that is payable on the transfer of a property, and is based on the state in which you are purchasing the property. It is one of those extras that add up when buying your home.
As an incentive for first home buyers, most Australian States and Territories offer Stamp Duty concessions to those purchasing their first property if it's under a certain amount.
To find out more about Stamp Duty and to see if you are eligible for any other government assistance visit www.firsthome.gov.au and click on your home state.
Other Stamp Duty costs to consider:
There may be more than one type of Stamp Duty payable when you buy your home. There's the duty, as described above, based on the property price. This is generally the highest government tax associated with the purchase. And then there's Stamp Duty on the Mortgage. The rates vary depending on your State and the value of the property.
A fixed interest rate does not vary for the fixed rate period, which means your rate will remain constant (as will your repayment amounts) for this period regardless of market changes. Fixed rates may appeal to customers who like the certainty of knowing that their repayments will be for an agreed fixed term.
A variable interest rate is subject to change so it may rise and fall in line with interest rate changes in the marketplace, and as a result your loan payments may change. Variable rates may appeal to customers who want the flexibility to be able to make additional repayments to their loans without penalty.
Applying for a personal loan with us is simple, you can apply online right now! The application process only takes a few minutes to complete.
Click to apply online and find out more about the information required to obtain a quick and easy loan. We will have an answer to you the next working day if you have provided all the correct information we require up front.
You can also apply by calling 13 11 55 or visiting your local branch.
Here is a checklist of what you may need to complete your application:
-Personal details of each person applying for the loan
-Pay details of each person, including employer and contact number (if applicable)
-Details of assets (eg. home, car or savings)
-Details of any loans, cards and expenses (eg. mortgage, credit cards etc)
-If you are renting, your Landlord's name and phone number