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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 have a minimum loan amount of $5,000. Your final loan amount depends on final application review.
Our personal loans are available over a 1 to 7 year term.
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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* Rates effective 26 August 2019, and subject to change at any time. Where a rate is not specified as referring to a secured loan product, the rate refers to the rate for an unsecured personal loan.
^ Comparison rate is based on $30,000 loan over 5 years. WARNING: This comparison rate applies 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.
1 Where a loan has a fixed rate component, an early fee applies if you repay your loan within 12 months of settlement and the term of the loan exceeds 12 months.
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.
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.