Why choose a Back to Basics Home Loan?
Our Back to Basics Home Loan offers a low variable rate with no ongoing account keeping fees. Whether you’re buying your first home, investing in property, or just looking to make your current home loan work harder for you, make your next property move with this great value variable home loan.
- Low variable interest rate
- No monthly account keeping fee
- No Loan Establishment Fee on new lending of $150,000 or more
- One free online redraw per month with our Cashback feature
- Statements issued every 6 months
The interest rates below have a standard interest rate and a minimum requirement of $10,000.
For new lending greater than $150,000, the below rates are discounted with the Back to Basics Better Together Special Offer
Account Keeping Fee
Loan Establishment Fee
$0 for borrowings >= $150,000
$600 for borrowings <$150,000 < 90% LVR
$990 for borrowings < $150,000 >= 90% LVR
Amount determined at application on loans > 80% LVR
Home Loans provided to approved applicants only. Credit and lending criteria applies and is subject to change without notice.
* Advertised discounted rate/comparison rate valid from 19 July 2017, is subject to change without notice and may be withdrawn at any time before a credit contract is entered into. Rate/comparison rate available for new owner-occupied loans of at least $150,000 where borrowings are less than or equal to 90% of the security property value (“LVR”) inclusive of lenders mortgage insurance. Rate/comparison rate includes a 1.19% p.a. discount applied to the Bank’s Back to Basics interest rate for owner-occupied lending (currently 4.97% p.a.). Discount may be varied if the loan purpose is changed before settlement or where the borrower fails to hold a Suncorp Bank transaction account. Everyday Basics Accounts are issued by Suncorp Bank ABN 66 010 831 722. Please read the relevant Product Information Document for Suncorp Bank Personal Deposit Accounts and the Terms and Conditions for Suncorp Accounts before making any decision regarding this product. These documents are also available at Suncorp Bank branches or at suncorp.com.au/banking/help-support/documents-forms. New loans only, pre-approvals and investment lending excluded.
** Advertised rate valid from 18 July 2017, is subject to change without notice and may be withdrawn at any time before a credit contract is entered into. Rate available for investment loans of at least $10,000 where borrowings are less than 90% of the security property value (“LVR”) inclusive of lenders mortgage insurance.
# Each comparison rate is based on $150,000 over 25 years. WARNING: These comparison rates apply only to the example or examples given. 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.
Interest rates and discounts are subject to change without notice. Discounts margins may be withdrawn at any time before a contract is entered into. Discounts are applied to the applicable Standard Interest Rate at the day Settlement. Loan to Value Ratio (LVR) limits are inclusive of Lenders Mortgage Insurance (LMI) where applicable. Loans with LVR limits of 90% to ≤95% are only available with a repayment type of principal and interest. A repayment type of interest only is available on loans with an LVR limit < 90%.
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 to approved applicants only. Please read the relevant Product Information Document for Suncorp Bank Personal Deposit Accounts and the Terms and Conditions for Suncorp Accounts before making a decision regarding a Suncorp Bank transaction account. Fees, charges, terms and conditions apply and are available on request or at suncorp.com.au/banking/help-support/documents-forms.
Lenders Mortgage Insurance (LMI)
If you are borrowing more than 80% of the value of the property, you will be required to pay Lenders Mortgage Insurance. This is a one-off payment and can be financed into the loan.
Lenders Mortgage Insurance protects Suncorp Bank against loss in the event of a forced sale of a mortgage property. It does not insure you but may make it possible for you to buy a home with a smaller deposit. You will still be responsible for all amounts owing in relation to your loan.
Interest only repayments subject to credit approval. Before choosing an interest-only repayment option, it’s important you understand the potential risks associated with this product feature. As the name suggests, interest-only repayments means you’ll repay the interest charges but you are not required to repay the principal during the interest-only period. Since repayments to reduce the principal are not being made during the interest-only period, the full loan amount will still be due at the end of the interest-only period. You will pay more in interest than if you made principal and interest repayments.
Split your loan
You can choose to split your loan and fix a portion of your borrowings at a fixed interest rate for greater budgeting certainty. At expiry all fixed rate loans revert to the Standard Variable rate and may differ to the the Back to Basics variable rate
Allows you to increase the value of your existing home loan, useful for purposes like renovations subject to credit criteria
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.