Refinance to a Suncorp Bank home loan of $750K or more with LVR ≤ 90%.
Apply by 29 April 2022, settle by 29 July 2022. Unless withdrawn prior.
Winner of Money magazine Bank of the Year 2018, 2019, 2020 & 2021. Suncorp has a trusted reputation dating back to 1902 with commitment to supporting the communities in which we operate.
One point of contact throughout your refinancing journey, keeping you up to date every step of the way.
Suncorp Bank’s Amber Nijenhuis explains how our home lending experts can help you calculate your potential refinancing savings and make the refinancing process as simple and fast as possible.
When it comes to refinancing, a lot of people don't realise how much savings they can make each month.
I use the refinancing calculator to put your current rate side-by-side with the current Suncorp Bank home loan rate. I can say straightaway what the difference in repayments are likely to be if you refinance based on the figures you provide. If the savings each month are big that could be a great opportunity to pay off your home loan faster, access equity, or consolidate debt, depending on your own financial situation.
To refinance the next step is to fill out an application form with the lender like me who will check all the documents and make sure everything's in order, then submit the application.
If you refinance over to us with the Suncorp Back-to-Basics Home Loan and borrow one hundred and fifty thousand dollars or more, Suncorp Bank will not charge an establishment fee or monthly account keeping fees. Customers love that.
If you have at least 20% equity when you refinance, the other things you may need to consider are things like releasing the mortgage from your existing bank or to re-register the title with the State Revenues Office. If you don’t have 20% equity, lenders mortgage insurance applies.
Once the application goes through and gets approved, we'll go through the contract with you to make sure you understand the terms, the rate and the monthly repayments.
To refinance now, book an appointment with a Suncorp Bank mobile lender online.
Refinancing can save you lots in the long run, but exiting your current loan may cost you. If you have a fixed rate loan and you're within the fixed period, early termination penalties may apply. Other costs may include a loan establishment fee, mortgage registration fee, as well as any ongoing and exit fees.
The exact amount represented by these fees and penalties can vary depending on your arrangement with your lender, and the time left in your fixed rate loan period. Also, if you are borrowing more than 80% of the property value, you may be required to pay Lenders Mortgage Insurance. This isn't transferable across lenders.
Ensure the timing is right. If you have a fixed-rate loan, refinancing partway through the fixed period may be costly. Then compare and consider your options, while keeping your goals in mind. You should speak to a loan specialist if you need professional advice.
Establish goals. You may be after a lower rate, be dissatisfied with your current lender, or want to use your home’s equity to fund a renovation; if you know what you’re trying to achieve, it’ll be easier to choose the right loan.
You can compare our home loans to see which suits you best, and check out our repayments calculator to get an idea of how much your payments might be based on the amount you’d like to borrow.
You may want to consider refinancing your home loan if you're:
- Planning a renovation and want to borrow against the equity in your home
- Coming out of your fixed-term period and looking for another deal
- Dissatisfied with your current bank
- Looking to consolidate your debt
* Discounted rate is only available for new Personal/Owner Occupied loans taken out as part of the Better Together Special Offer >= $150,000 and borrowings <= 70% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments and who hold a Suncorp Bank transaction account. The discounted rate (currently 1.99% p.a.) is calculated by subtracting a discount of 2.41% from the Standard Back to Basics Variable Rate (currently 4.40% p.a.). Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed or where the borrower fails to hold a Suncorp Bank transaction account. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 26 November 2021.
$3,000 Refinance Offer
+ In addition to the conditions listed above, the $3,000 Refinance Offer is only available when you are approved for and settle an Eligible Home Loan with Suncorp Bank which must also meet the following criteria: (1) the Loan forms part of new refinanced lending of at least $750,000; (2) the Loan to Value Ratio, including Lenders Mortgage Insurance where applicable, is less than or equal to 90%; and (3) a Suncorp Bank transaction account is held in the name of the Borrower or all Borrowers, if there is more than one individual Borrower. Pre-approvals, or refinances of an existing Suncorp Bank home loan are not eligible. The $3,000 Refinance Offer cannot be used in conjunction with any other cash offer. If you are eligible, a cash back payment of $3,000 will be made to the Borrower.
A limit of 1 payment will be made to a Borrower. If there is more than 1 Borrower only 1 payment will be made to those Borrowers jointly. Each borrower, whether individually or jointly, can only ever receive the $3,000 Refinance Offer once. If any of the Borrowers have received a payment whether individually or jointly under the $3,000 Refinance Offer previously then no further payments will be made. If this Loan is eligible that payment will be credited to a Suncorp Bank transaction account, in the name of the Borrower or all Borrowers, if there is more than one individual Borrower, within 60 days of the settlement date of this Loan.
Suncorp Bank reserves the right to vary or withdraw the $3,000 Refinance Offer at any time. Applications subject to credit approval. Fees, and charges may be applicable. Full terms and conditions will be included in our loan offer. Depending on your financial circumstances, you should obtain independent advice before making any decisions regarding any cash offers made by Suncorp Bank.
See what you could save
** Potential savings are calculated using the information you have provided. Please note that the savings displaying are indicative only and do not represent the Bank making an offer of credit. All calculations assume that the interest rate and loan term will remain unchanged and you will make principal and interest repayments for the remaining loan term. Each calendar year has the following periods – 12 months, 26 fortnights and 52 weeks. No fees or charges have been factored into the above interest saving calculation. Please refer to Lending Fees and Charges for all applicable fees. If you have supplied your current interest rate, then total interest over the life of the loan is calculated by applying your interest rate to the amount still owing on your loan over the remaining loan term. If you have supplied your minimum repayment amount, then total interest over the life of the loan is calculated by subtracting the amount still owing on your loan from the total of all payments made in the remaining loan term. Potential interest savings are calculated by comparing the information you have provided to the above variable or fixed interest rates.
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 Product Information Document, Lending Fees and Charges and Home Package Plus 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.
Loan to Value Ratio (LVR)
LVR means Loan to Value Ratio and is inclusive of Lenders Mortgage Insurance (LMI).
Lock in your interest rate and repayment amount
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.
Access extra payments you've made on your home loan using our loan Cashback feature. You will need to apply for this.