Loans Frequently Asked Questions
Yes. You can make additional repayments to your Standard Variable or Back to Basics Home Loan at any time.
If you have a Fixed Rate Home Loan, additional repayments of up to a maximum of $500 in excess of your monthly repayment can be made without incurring extra fees.
Yes. You can payout your Standard Variable or Back to Basics home loan as quickly as you like. Please note, there’s a fee for finalising your home loan.
If you have a Fixed Rate home loan and want to break the fixed term, an Early Repayment Adjustment Fee (EPIA) will apply.
For more information on fees, view the EPIA brochure.
Approved applicants may borrow money for many purposes including:
- to buy a residential property that’s owner occupied
- 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.
- to increase or top up a home loan to fund a major purpose and get extra cash, like buying a motor vehicle, undertaking renovations or consolidating your debts.
To make home loan repayments:
- 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.
Some fees may apply for certain payments methods. To see which fees apply, please view the Lending and Fees Charges brochure.
Depending on the purpose and size of your loan, Suncorp may provide finance of up to 95% of your property value. This amount includes Lenders Mortgage Insurance (LMI) if applicable, possible bank fees and some government fees.
Yes. 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.
The interest payable on your linked home loan is calculated on the balance owning, less the balance of your Everyday Options account and any Sub-accounts (excluding any flexiRates). You’ll pay less interest on your loan when you have money in your Everyday Options account in offset mode.
A comparison rate indicates the true cost of a loan. This rate is calculated by taking into account both the interest rate and the fees and charges related to the home loan product, and reduces these to a single percentage figure for a secured loan amount of $150,000 and a term of 25 years.
Note: This rate incorporates fees and charges that are applicable for the chosen product.
Pre-approval is based on your ability to repay a loan. It means that a lender has reviewed your application and determined that you’re in a good position to be able to pay back a loan for a specified amount.
Our Home Loan Cashback feature lets you redraw funds that you've paid in advance of your normal scheduled home loan repayments.
You can still redraw this excess money at any time – for school and university expenses, a holiday, renovation, or any other purpose. This feature is available on Standard Variable, Ready Access and Back to Basics Variable home loans.
You can arrange with your employer to have your salary directly credited into your loan account on a weekly, fortnightly or monthly basis.
All you need to do is let your employer know Suncorp Bank's BSB (484-799) and your account number.
Stamp duty is a state government tax that is payable on the transfer of a property. The exact amount will vary based on the state in which you’re purchasing the property.
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’re eligible for any other government assistance, please visit the First Home Owner Grant page.
Various fees and charges may apply to a Suncorp Bank Home Loan.
For example, a new loan may incur an establishment fee, while other fees such as a monthly account-keeping fee may also apply.
The amount and type of applicable fees depend on how much you borrow, the type of loan you choose, the options – such as offset or Cashback – that you select, and if you have chosen to put the loan in the Home Package Plus.
Generally, your repayments will begin one month from the date of settlement of your term loan. For example, if your loans settled on the 2nd March, your first month’s repayment would be due on the 2nd April.
Yes. In most instances, a valuation will be required. We’ll advise you at the time of your application if this applies to you.
If you have a standard home loan, the repayments you make will require you to pay off a portion of the principal as well as paying interest charges. An Interest-Only loan, however, will only require you to pay the interest charges but not any of the principal during the interest-only period. It is important to remember that your repayment amount will increase when your interest only period ends and you begin principal and interest repayments.
Deposit KickStart lets owner-occupiers use the equity in the home of a family member towards the purchase of your new owner-occupied home – to help kick start your dream. With Deposit KickStart, you can avoid the need of paying Lenders Mortgage Insurance without the 20% deposit.
To approved applicants only. Exclusions and max loan amounts apply. Fees and charges, including government fees and charges apply. Conditions apply to all products, loan options, discounts and packages and are available from Suncorp-Metway Ltd ABN 66 010 831 722. Australian Credit Licence Number 229882.
No. You won’t be charged for using the mobile lender service and all advice is obligation-free.
You’ll have an initial visit with your mobile lender to discuss your requirements and work through the application process. From there, your mobile lender will stay in contact with you via phone or email to provide updates along the way.
Your mobile lender will let you know what information you’ll need before the meeting. As a guideline, you may need:
- Income documents
- Loan contracts
- Bank statements
No. You don’t need to be an existing Suncorp customer to apply for a personal loan.
You can apply for a personal loan online today. If you meet the criteria, it’ll take approximately 15 minutes to complete the application process online.
Final approval is then subject to verification of the information provided.
Suncorp personal loans have a minimum loan amount of $5,000. Your final loan amount depends on final application review.
A payout figure incorporates accrued interest for the number of days since your last loan due date. A payout figure will be required if you are planning to pay off your loan balance.
Our personal loans are available over a 1 to 7 year term, depending on your loan amount and purpose. If you’re refinancing a loan or consolidating debt, the maximum term available is 5 years.
A fixed rate personal loan locks in an interest rate and repayment amount. This ensures that your payments won’t change for the life of the loan and you can rely on a regular payment schedule.
With a variable rate loan, your payments may rise or fall at any point during the life of the loan. This means that you may reap the benefit of a lowered interest rate in the form of lower payments, but you’ll also be susceptible to interest rate increases. You can make extra payments at no cost and pay off the loan at any time without penalty.
For Suncorp Bank secured loans, we use the vehicle you’re buying as security for the loan. We can also refinance a car loan held with another institution as a secured loan.
An unsecured personal loan is where an asset is not held as security. Such a loan can be used for a variety of purposes, including to purchase a car.
You can choose to make repayments on your Suncorp personal loan weekly, fortnightly or monthly. You’re able to make additional payments at no cost.
You can also pay off the loan without penalty at any time if you have a variable rate personal loan, or any time after one year with a fixed rate personal loan.
The amount of interest you pay over the course of the loan will depend on your loan amount, loan term and how quickly you pay off your balance. By reducing your loan balance faster and making repayments more frequently, you’ll save in interest.
Debt consolidation is combining your existing debts like Credit Cards or other Personal Loans together, into one new Personal Loan – which may provide a more competitive interest rate and lower fees.
Having one loan for a set period of time, rather than multiple loans with multiple timeframes, means you’ll have a clear end date for your repayments. This can provide you with a clear overview of your debt and provide peace of mind with a set end date.
Can’t consolidate: Phone, Internet, Rent, or Utility
These are considered day to day expenses. Because these are reoccurring costs, these can’t be consolidated.
Payday loans are also considered as finance for day to day expenses, and cannot be consolidated.
Yes, you can use Debt Consolidation to pay off your Credit Cards. However, if you have an interest free period on your Credit Card, you may want want to consider whether this is a cost benefit.
The amount of interest you pay over the course of the loan will depend on your loan amount and loan term. You can calculate your repayments based on the loan size and term by using our Repayments Calculator. By repaying your loan more frequently, such as weekly or fortnightly, you may save more interest over the loan term.
The comparison rate is a rate that includes the interest rate, plus any fees and charges that may apply to the loan. The total figure is converted into a percentage rate to help you work out the true cost of the loan.
Apply online and get a response in 15 minutes from the time you submit your application. The final loan decision may take 3 - 5 days once we have received all of your supporting documents. Once settlement documents are returned,your funds should be in your account within 24 hours.
To apply for a Personal Loan, you must be 18 years or older and a permanent resident of Australia.
If you are self-employed, please call us on 13 11 55
Here’s a checklist of what you may need to complete your application:
- Most recent payslip
- PAYG summary
- Statements of any loans, cards and transaction accounts (e.g. mortgage, credit cards, etc.)
- Personal Identification, e.g. driver’s license, medicare card and/or your Passport
We will advise you of any additional documents that will be required