Choosing a new home loan
Taking the time to think about which home loan is best for you can save you big bucks in the long-term. Suncorp Bank has a great range of home loans to choose from, with competitive rates and features to help you manage your finances better.
Our home loan features could make a big difference in helping you own your home sooner.
- You have the ability to split your loan so that a portion is a fixed rate loan and the rest is a variable rate loan
- Get an offset transaction account to help you reduce interest payable on your home loan
- A line of credit or redraw facility can be an alternative to a credit card or personal loan
- The ability to make additional repayments will help you reduce interest payable on your home loan
- Change the frequency of your repayments to suit your situation
Compare our home loans to see which products offer the features that suit you best.
Refinancing your home loan simply means switching it to a new lender.
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
- Planning to buy your next home or an investment property
- Coming out of your fixed-term period and looking for another deal
- Dissatisfied with your current bank
- Looking to consolidate your debt
- Looking for a lower interest rate in line with market changes
The cost of refinancing
Refinancing gives you the ability to save lots of money in the long run, but keep in mind there may be upfront costs when exiting your current loan and switching to a new loan. This is particularly important to consider if you have a fixed rate loan as heavy early termination penalties may apply for breaking a fixed term. Other costs may include a settlement fee, new loan establishment fee, mortgage registration fee, loan fee and exit fees. 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.
Why switch my home loan to Suncorp Bank?