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Buying Your First Home

Getting your first home loan needn’t be a daunting process. With Suncorp Bank, there are just six simple steps - right from information gathering to approval.

Current Special Offers – First Home Buyers

Rates are available with Home Package Plus

Owner-occupied Rates

+

Discounted Standard Variable Rate in Home Package Plus
New to bank lending >= $150,000
Maximum LVR 95% Principal and Interest only (inc. LMI)

Owner-occupied Rates

++

Discounted 5 Year Fixed Rate in 
Home Package Plus 
New to Bank lending >= $150,000
Maximum LVR 95% Principal and Interest only (inc. LMI)

Home Package Plus First Home Buyers – other offer benefits

  • We’re waiving the first $375 annual Package fee for new Home Package Plus customers~
  • Suncorp are currently offering a contribution of $1,000 off the total LMI policy premium^
  • Also offering the first two months free off our Suncorp Home Loan Protect ^^

Step 1: Understanding the Home Loan Process

To help you understand the simple steps to securing a home loan with Suncorp Bank, we've outlined some of the key milestones in the process.

Step 2: Reviewing your situation

Before you buy, build, renovate, invest or refinance, you should first put together a budget for your income and expenses. This will help you identify how much you can borrow, and whether you can afford the loan repayments.

It's important to factor in not only your current finances, but also your future needs and any changes in lifestyle that could affect your budget. It's also a good idea to build in a contingency for unexpected costs.

Step 3: Understanding additional costs

Buying a property costs more than just the purchase price. So it's important to be aware of all the additional costs you'll incur when buying a property – and budget for them accordingly before you sign a contract.

Here are some of the costs, fees and charges you may want to consider*.

Building and pest inspections

It's a good idea to consider signing a contract subject to building and pest inspections, so you have the option to obtain a professional report on the current condition and any issues affecting the property you're about to purchase.

Property valuation

Property valuations give you an independent view on how much the property is actually worth, so you can obtain some comfort that the asking price for a property is reasonable – now that's peace of mind.

Transfer Fees, Stamp Duty and other government fees

Stamp Duty, Mortgage Registration Fees, and Transfer Fees are State Government charges that vary according to the purchase price of your new property and the amount you borrow. You should also ascertain if any other government charges apply.

Legal fees

You should also consider engaging a solicitor to do your conveyancing and to carry out the basic searches that need to be done on a property before purchase. You may also want extra searches carried out, depending on the location of your property and the information you wish to know, all of which will cost extra.

Lenders Mortgage Insurance

If you borrow more than 80% of the purchase price for Full Doc Loans, or 60% for Low Doc loans, you will need to pay Lenders Mortgage Insurance to protect the Bank against potential loss in the event of a forced sale of a mortgaged property. This insurance does not insure you.

Home/Building Insurance

It's a requirement that you take out insurance for a mortgaged property, to protect both you and the Bank in the unfortunate event of damage or destruction of the property.

You should carefully consider which insurance product and what level of cover is right for your individual needs, as this will help you get back on your feet quickly if you ever experience an insured loss or damage.

Other potential costs

  • Utilities (phone, internet, electricity and gas)
  • Council and water rates
  • Body corporate fees
  • Removalists & cleaners (or DIY and save!)
  • Any new furniture or whitegoods
  • Ongoing maintenance

Understanding Fees and Charges

A range of fees and charges apply both to home loan applications and home loans. You should make sure you understand all the costs before you apply.

For a complete guide to the fees and charges on our home loans, download our Lending Fees and Charges brochure, or pick one up from your nearest Suncorp Bank branch.

Step 4: The First Home Owner Grant

Are you eligible?

The First Home Owner Grant (FHOG) is a government scheme introduced to offset the effect of the GST with a one-off grant payable to eligible first home owners.

You can obtain information about the First Home Owners Grant by contacting the Revenue Office in your State or Territory, or by visiting www.firsthome.gov.au

We can make it easy for you by processing the grant application with your Suncorp Bank Home Loan. Ask us how.

Step 5: Deposit Options

We understand that saving a deposit for your first home is a substantial undertaking. That’s why the Suncorp Group has created options like our Deposit KickStart and Low Deposit Options. They’re all designed to help make it easier to secure your loan, and get you into your new home sooner.

Deposit KickStart

Deposit KickStart lets you use the equity in the home of a family member towards the purchase of your new owner-occupied home – to help kick start your dream.

Low Deposit Option1

Our low deposit option enables you to borrow up to 95% of the property’s confirmed value, and is available to both owner-occupiers and investors.

Step 6: How to Apply

Apply via Phone

Call 13 11 55 and we promise you'll speak to a real person. We're available from 8am to 6pm Monday to Friday, Qld EST.

Book a home visit with a lending specialist

Suncorp Bank Mobile Lenders are no obligation home loan specialists with the knowledge and expertise to find the right home loan for your needs. Our mobile lending specialists will come to you, at a time that works best for you.

Book a home visit

Apply in Person

Visit any Suncorp Bank branch

Try out our repayment calculator today

Contact us to find out more

Book a visit with one of our friendly lenders

+ Advertised rate valid from 4 May 2017, is subject to change without notice and may be withdrawn at any time before a credit contract is entered into. Rate available for new owner-occupied loans of at least $150,000 where borrowings are less than 95% of the security property value (“LVR”) inclusive of lenders mortgage insurance for principal and interest repayment types only. Rate includes a Package Variable discount of 1.56% p.a. applied to the Bank’s Standard Variable Rate for personal purpose / owner-occupied lending (currently 5.55% p.a.). The package discount is applied for as long as the loan remains part of the Home Package Plus. Offer available for Owner Occupier first home buyers who have never previously purchased a property; all applicants for the loan must be first home buyers . New loans only, pre-approvals & investment lending excluded.

++ Advertised rate valid from 4 May 2017, is subject to change without notice and may be withdrawn at any time before a credit contract is entered into. Rate available for new owner-occupied loans of at least $150,000 where borrowings are less than 95% of the security property value ("LVR") inclusive of lenders mortgage insurance for principal and interest repayment types only. Rate includes a Package Fixed discount of 0.35% p.a. applied to the Bank’s Standard 5 Year Fixed Rate for personal purpose / owner-occupied lending (currently 4.04% p.a.). At expiry of the Fixed Rate period, the rate will revert to the then Standard Variable Rate (currently 5.55% p.a.) less the Home Package Plus Variable Discount (currently 1.56% p.a.) available at the time you entered into the Package. The standard Fixed Rate offered on the day of settlement of the loan will apply unless the rate is secured by paying a Guaranteed Rate Fee. The package discount is applied for as long as the loan remains part of the Home Package Plus. Offer available for Owner Occupier first home buyers who have never previously purchased a property; all applicants for the loan must be first home buyers . New loans only, pre-approvals and investment lending excluded.

∇ Offer valid from 27/03/2017 until withdrawn. The first annual package fee is waived for new Home Package Plus customers with new lending of at least $150,000. The annual package fee of $375 is charged and refunded to the loan.

^ Offer valid from 4 May 2017 until withdrawn and is subject to change without notice and may be withdrawn at any time before a credit contract is entered into. Offer available for new owner-occupied first home buyers who have never previously purchased a property.  All applicants must be first home buyers. For new loans only of $150,000 and above in the Home Package Plus, where borrowings are more than 80% and less than 95% of the security property value (“LVR”) inclusive of lenders mortgage insurance. A discount of $1,000 will be applied to the total LMI policy premium amount at final approval. New loans only, Pre-approvals and investment lending are excluded. 

^^ Please refer to the Suncorp Home Loan Protect Product Disclosure Statement (PDF) for terms and conditions. More information can be found at https://www.suncorp.com.au/insurance/life/home-loan-protection.html

1. To approved applicants only. Exclusions and maximum loan amounts apply. Suncorp Bank will lend you 95% of the purchase price or valuation (whichever is the lower). You will need to contribute all bank, legal and government fees and charges associated with the purchase of the property.Lenders Mortgage Insurance will be required and may be included in loan amount (conditions apply).

# 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.

* Other costs, fees and charges may apply depending upon your circumstances.

Home Package Plus discount are applied for as long as the home remains part of the Home Package Plus. 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.

Fixed Rate

Lock in your interest rate and repayment amount

Variable Rate

A rate that is variable and is subject to change over the loan term.

Comparison Rate

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.