Home Loans FAQs
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.
You can see the amount you’re required repay each period (weekly, fortnightly or monthly) for your home loan in Internet Banking.
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.
This feature is available on the Standard Variable home loan, using our Everyday Options account when the account if on Offset Mode.
Put simply, the more money you're able to save, the less interest you'll end up paying on your home loan. For more in-depth information, please visit the Suncorp Offset page.
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.
If you can meet our lending criteria and are over 18 years old, you can apply for a Suncorp Bank home loan.
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.
Suncorp has discontinued offering new Personal Loans in order to focus on other product improvements, additions and innovations. If you are an existing Personal Loans customer and have a question on your current loan you can contact us on 13 11 55 or alternatively visit https://www.suncorp.com.au/banking to see our range of Banking Products and offers.
We have lending experts in every state and territory. When you request a call back, we’ll connect you to a lending specialist in your area. If you have specific preferences or requirements, just let us know.
There’s no charge for talking with a lender. All home loan assistance is obligation-free.
You can meet with a lender by phone, in person at a local Suncorp Bank branch or we can come to you. In many locations, Suncorp Bank’s mobile lenders can easily arrange to meet you at your home, workplace or a local café.
In your initial discussion, your Suncorp Bank lender can answer your questions, help you understand your options and discuss your specific lending needs.
If you choose to continue with Suncorp Bank, your lender will be your single point of contact, supporting you every step of the way.