How construction loans work
Congratulations, you’re home!
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.
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.
No. You won’t be charged for using the mobile lender service and all advice is obligation-free.
Your mobile lender will let you know what information you’ll need before the meeting. As a guideline, you may need:
- Income documents
- Loan contracts
- Bank statements
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.
100% obligation free advice
A Suncorp Bank home lending specialist can work with you to help set you up for success.
We’re happy to answer all your questions so you know what to expect and how to get started. Any consultations and assistance are 100% obligation-free. Get in touch and we’ll call you within 24 hours.
Or call 13 11 55 Mon - Fri 8am - 7pm (AEST)
Things you should know:
1 A Mortgage Offset can be established by linking your Everyday Options account to the loan account and having it in offset mode. While your Everyday Options account is in offset mode you won’t earn interest on any sub-account balances except where you have fixed them in a flexiRate. flexiRates are deposit funds fixed for a set period so they will earn you interest and are not counted in your offset balance. A one-off Mortgage Offset Fee may be charged to your linked loan account, unless your loan is held in a Home Package Plus.
2 With Suncorp Bank home loans, a maximum period of five years interest-only repayments applies and is subject to you satisfying applicable bank criteria. 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 pay 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. Your repayment amount will also increase when your interest-only period ends. You will pay more in interest than if you made principal and interest repayments from the first drawdown date
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. Fees, charges, terms and conditions apply and are available on request. Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Information Document, Lending Fees and Charges and the Home Package Plus Terms and Conditions before making a decision regarding any Suncorp Bank products. We do not accept any legal responsibility for any loss incurred as a result of reliance upon this information – please make your own enquiries.