One point of contact throughout your home loan journey, keeping you up to date every step of the way.
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Winner of Money Magazine bank of the year 2018 and 2019. Suncorp has a trusted reputation dating back to 1902 with commitment to supporting the communities in which we operate.
Suncorp Store Manager Amber Nijenhuis explains refinancing your home loan, how to calculate your savings and what the process is to apply to refinance.
When it comes to refinancing, a lot of people don’t realise the exact dollar savings they could make each month.
I use the refinancing calculator to put your current rate side by side with the current Suncorp Bank home loan rate, and I can say straight away 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 then that could be a great opportunity to pay your home loan off faster, or access equity, or consolidate debt, depending on your own financial situation.
To refinance, the next step is to fill out the application form with a lender like me, who will check all your documents and make sure everything is in order. Then submit the application.
If you refinance over to us with a Suncorp Back to Basics home loan and borrow $150,000 or more, Suncorp Bank will not charge an establishment fee or monthly account keeping fee - customers love that.
If you have at least 20% equity when you refinance, the other fees you may need to consider are fees to release the mortgage from your existing bank, and 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
^$2,000 Cash Bonus
The Home Loan Cash Bonus (the “Cash Bonus”) is applicable when you are approved for and settle an Eligible Home Loan with Suncorp Bank. An Eligible Home Loan is a home loan that is: (1) applied for between 2 September – 31 January 2020 and settled by 30 April 2020; (2) a loan amount of at least $250,000 in new to bank lending with a Loan to Value Ratio of 90% or less; (3) Purchase or Refinance, for Owner Occupied or Investment purposes (4) a Standard Variable or 1, 2, 3 or 5 Year Fixed Rate loan in the Home Package Plus; (5) Back to Basics & Line of Credit / Access Equity is excluded, except when application is split with another eligible loan product of at least $250,000; (6) not established in the name of a company, business or trust. Refinancing of an existing Suncorp Bank home loan or pre-approvals are ineligible for the Cash Bonus. The Cash Bonus cannot be taken in conjunction with “Switch & Save” Offer or any other cash promotional offer, unless expressly stated otherwise. A limit of one (1) payment of $2,000 will be made to a borrower and if there is more than 1 borrower one (1) payment will be made to them jointly. Each borrower, whether individually or jointly, can only ever receive a payment of $2,000 once. If any of the borrowers have received a payment whether individually or jointly under the Cash Bonus previously then no further payments will be made. The $2,000 cash payment will be credited to the linked Everyday Options account which forms part of the Home Package Plus, within 30 days of the settlement date. Suncorp Bank reserves the right to vary or withdraw the Cash Bonus 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 the Cash Bonus.
‡Discounted 3 Year Fixed Rate with Home Package Plus
Discounted rate is only available for new Personal/Owner Occupied loans taken out as part of the Home Package Plus Special Offer >= $150,000 and borrowings <= 90% of the security property value (LVR) inclusive of lender’s mortgage insurance (if applicable), with Principal and Interest repayments. The discounted rate (currently 2.89% p.a.) is calculated by subtracting a discount of 0.45% p.a. from the Standard 3 Year Fixed Rate (currently 3.34% p.a.). At the expiry of the 3 Year Fixed Rate Term, the loan will revert to the applicable Standard Variable Rate advertised at the time (currently 5.23% p.a.) less the Home Package Plus discount (currently 1.94% p.a.). The discounted rate is only applicable to the 3 Year Fixed Rate loan while the loan remains in a Home Package Plus. The discounted rate is available on eligible loans applied for from 4 December 2019. Rates and discounts are subject to change. The Standard 3 Year Fixed Rate applicable on the day of settlement of the loan will be used to calculate the applicable discounted fixed rate unless the rate has been secured by paying a Guaranteed Rate Fee, which must be selected at time of loan application. Pre-approvals excluded.
Each comparison rate is based on $150,000 over 25 years. 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. Comparison rates for Interest Only Fixed Rate home loans are based on an initial Interest Only period equal in length to the fixed rate period. Comparison rates for Interest Only Variable home loans are based on an initial 5 year Interest Only period.
**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.
^^ Suncorp Benefits
Correct as at May 23, 2019. The Reward and Recognition program ("Suncorp Benefits") is being operated by Loyalty Corp Australia Services Pty Ltd ABN 39 615 958 873. To be eligible for Suncorp Benefits you must hold a current eligible personal policy or service with Suncorp or an eligible personal product or service from one of the brands in the Suncorp Network. Full Terms and Conditions are available here. Eligibility criteria and limits apply
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 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.
For fixed loans, you can make repayments of up to $500 per month without penalty (find out more about EPIA)
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.