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Frequently Asked Questions
What’s the difference between a fixed rate and a variable rate personal loan?
A fixed rate personal loan locks in an interest rate and repayment amount, meaning that your payments won’t change for the life of the loan and you can rely on a regular payment schedule.
With a variable rate loan, your payments may rise or fall at any point during the life of the loan. This means that you may reap the benefit of a lowered interest rate, but you’ll also be susceptible to interest rate increases. You can make extra payments at no cost and pay off the loan at any time without penalty.
Suncorp personal loans are available for any amount between $5,000 and $80,000 dollars.
Our personal loans are available over a 1 to 7 year term, depending on your loan amount and purpose. If you’re refinancing a loan or consolidating debt, the maximum term available is 5 years.
For Suncorp Bank secured loans, we use the vehicle you’re buying as security for the loan. We can also refinance a car loan held with another institution as a secured loan.
An unsecured personal loan is where an asset is not held as security. Such a loan can be used for a variety of purposes, including to purchase a car.
The amount of interest you pay over the course of the loan will depend on your loan amount and loan term. You can calculate your repayments based on the loan size and term by using our repayments calculator .You’ll be able to see the difference it makes if you pay weekly, fortnightly or monthly.
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* The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as 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 rate is based on a $30,000 loan over 5 years.
^ Rates effective 18 March 2019. Available for Variable & Fixed Unsecured Personal Loans only.
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 Australian Credit Licence number 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document and Terms and Conditions before making a decision regarding a Suncorp Banking product. Fees, charges, terms and conditions apply and are available on request or at Product Information Documents and Forms page.
In order to take out a loan with us you are not required to take out this insurance, however, for your convenience, we will provide further information on this insurance during your personal loan application process.
The calculations provided are estimates only and based upon the information entered into the calculator by the user. The resulting calculations do not constitute a loan application or variation to an existing Suncorp Bank facility, loan offer or loan approval.
Lock in your interest rate and repayment amount.
A rate that ‘varies’ in line with market conditions.
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.