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Direct Debit Remediation

Why have I been sent a new Service Agreement for my Direct Debit?

Suncorp has two home loan technology systems, and each system has different functionality available for processing direct debit payments. This means we have two Direct Debit Service Agreements, one for each home loan system that reflects how direct debits work on that system. Suncorp investigations have identified that some customers may have received the incorrect Service Agreement for the wrong home loan system when establishing their Direct Debit payments. The communication sent to you includes the correct Service Agreement for your home loan. 

 

What do I need to do?

It’s important to read the service agreement sent to you to make sure you understand how your direct debit operates. If you have any questions regarding the service agreement please contact us.

 

Does this affect my Direct Debit payments?

Your payments will continue to be made the same as they have been previously. We have just updated the terms and conditions that apply to those payments.

 

What is a Minimum Repayment?

A minimum repayment is the minimum amount you need to pay for your home loan in any particular month.  If your direct debit has been set up for the minimum repayment, the direct debit will draw the value of your minimum loan repayment from your bank account on the due date of your repayment. If your minimum repayment amount changes and your direct debit is set up to pay the minimum repayment amount instead of a fixed amount, we will automatically change the amount of your Direct Debit in accordance with your new repayment amount.

 

What is a Fixed Repayment?

A fixed repayment is a payment that is fixed for a nominated amount. Until you request a change to be made the repayment will remain the same. If your minimum loan repayment amount changes, you are responsible for updating the direct debit fixed amount to ensure the minimum repayment is met. 

 

What is Suncorp doing to correct the Direct Debit issues identified?

 Suncorp is committed to ensuring our banking facilities meet customer needs. We are currently working to identify any customers loans that may have been negatively impacted by any of our Direct Debit arrangements.  If you are affected, we will contact you again in the coming months. Suncorp is working to provide a fair remediation and ensure that we provide the correct direct debit facilities to our customers. We are committed to restoring affected customers to the position they would have been in had the correct direct debit agreement been applied.

 

If you would like more information about the Direct Debit remediation program, please get in touch with us.

  • Phone: 1800 329 110 from 9.00am – 5:00pm (AEST/AEDT), Monday to Friday.

For more information about how you can manage your loan repayments please visit