Loans Frequently Asked Questions
You can make additional repayments to your Standard Variable or Back to Basics Variable Home Loan at any time.
For Fixed Rate Home Loan, additional repayments of up to $500 in excess of your minimum monthly repayment are permitted. After that, an Early Payment Interest Adjustment Fee (EPIA) may 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 construct a new residential property
- to refinance an existing mortgage on a residential property
- to refinance an existing mortgage on a residential property and consolidate other debts
Where applicants already have a property:
- for investment purposes (other than property) where you provide enough equity in property as security.
- to increase or top up a Suncorp Bank home loan to fund another purpose. Example: buying a motor vehicle, undertaking renovations or consolidating your debts.
Note: For any Suncorp Bank home loan, residential property must be offered as security. Lending and credit criteria apply.
Arrange an automatic regular repayment with from a nominated account (weekly, fortnightly or monthly) depending on which loan you have chosen.
Transfer from a Suncorp Bank account:
- Via Phone Banking
- Via Internet Banking
- Via a Store or 13 11 55
Suncorp Bank Direct Debit:
- Via a Store or 13 11 55
Transfer from another financial institution: Contact your financial institution.
Please note that fees may apply for some methods of payment. To see which fees apply, please view the Lending and Fees Charges brochure.
If you have an existing Suncorp Bank Home or Personal Loan, your interest rate will appear on your statement. If you have Internet Banking simply click on the account number to display a summary of the loan which will include the current interest rate.
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.
A comparison rate indicates the true cost of a loan, which 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. The comparison rate is calculated on a loan amount of $150,000 and a term of 25 years. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Pre-approval (sometimes referred to as conditional approval) will give you a good idea of how much you may be able to borrow from the bank. If a lender pre-approves you for a loan, they will do so for a specific amount, so you can house hunt properties you know you can afford.
It is obligation-free if you're successful, and you can apply more than once.
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 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.
Your minimum monthly repayments will begin one month from the date of settlement of your home loan. For example, if your home loan 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.
A home loan will have a loan term (usually between 8-30 years), which can have the option of principal and interest or interest only repayments.
For a principal and interest home loan, you will be required to pay a minimum monthly repayment. This repayment will require you to pay the interest charge, as well as reducing the principal amount of the loan over the required term.
For an interest only home loan (requires approval), you can take a maximum interest only period of 5 years. During this period, you will only be required to pay the interest charges. At the end of the interest only period, you will revert to a principal and interest repayment.
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.
In the event you are borrowing more than 80% of the value of a property from a Suncorp Bank, you will have to pay what’s called Lenders Mortgage Insurance (LMI). LMI is a cost that protects the bank in the event you are unable to pay your mortgage.
LMI is not a premium you have to pay upfront nor pay every year or monthly. The LMI is added on to your mortgage and you will pay it off with the rest of your mortgage over time.
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.
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.
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.
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
- Pay the remainder of your loan
To close your personal loan account, the correct payout amount must be paid into the account
- Get your payout figure
The correct payout figure can be obtained within a store or over the phone. This payout figure includes the remaining amount of the loan, any interest accrual since the last due date and the Early Payout fee or insurance* rebate if applicable
- For Secured Car Loans
If you are paying out a Secured Car Loan, once the correct amount has been paid into the account and the account has closed the charge over the vehicle will be released
* If you have opted in for Consumer Credit Insurance at the time of obtaining your personal loan and you choose to pay out your personal loan early, you may be eligible for an insurance rebate. This is only applicable for insurance premiums which have been capitalised onto the amount borrowed.