Choosing the right home loan
While it’s easy to comparison shop by looking at interest rates alone, you want to consider home loan features, fees, payment flexibility and any home loan package options.
There are a lot of home loan options out there and all of them raise important questions.
- Should you go with a fixed rate or variable rate?
- What's the advantage of a Home Loan Package?
- Maybe you could split your loan between the two?
- Could you take advantage of mortgage offset capability?
- What happens if you want to increase your monthly repayments?
A Suncorp Bank Home Loan specialist can help you choose what’s right for you because it’s our job to get you the right home loan at a great rate.
I am looking to…
Lock in your interest rate and repayment amount
A rate that is variable and is subject to change over the loan term.
A comparison rate is a rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product. For more information about the comparison rate and the comparison rate warning, please refer to the things you should know section of this page.
Your own home loan specialist
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.
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.
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.
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.
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.
Buying a home can be a relatively easy process – if you know what you’re doing. But if you are trying to get into the property market, or if it’s been a while since you last bought a home, some of the language you will come across can make you feel dazed and confused.
Offset accounts? Refinancing? Variable home loans? What does it all mean?
What makes us a great choice?
Money magazine Bank of the Year 2018, 2019, 2020 & 2021.
Security is top priority
We’re committed to protecting your personal information and providing you a safe banking environment.
One point of contact throughout your home loan journey, keeping you up to date every step of the way.
What can I expect?
Whether you want to get pre-approval, a new loan or refinance your existing loan with Suncorp, you can apply quickly online. Your dedicated lender will review your application and reach out to you in the next business day to discuss your options and answer any questions you have.
^^ Correct as at May 23, 2019. The Reward and Recognition program ("Suncorp Benefits") is being operated by Loyalty Corp Australia Services Pty Ltd ABN 39 615 958 873. To be eligible for Suncorp Benefits you must hold a current eligible personal policy or service with Suncorp or an eligible personal product or service from one of the brands in the Suncorp Network. Full Terms and Conditions are available here. Eligibility criteria and limits apply
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Lending Fees and Charges and the Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.
The information is intended to be of general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.
Option to lock in rate on application
As Fixed Rates are determined at settlement of your loan, our Guaranteed Rate Fee removes this uncertainty by fixing the rate at application for up to 90 days to protect you from unforeseen increases before loan settlement.