Get into your new home sooner
The total deposit you need will mostly depend on the price of the property you want to buy. Most lenders recommend a deposit of at least 20% of a home’s purchase price.
If you’re just getting started, decide how much you can afford to save every month and transfer that amount into a designated home savings account. If possible, set up an automated transfer, so when you get paid, you pay yourself first, prioritising your savings goals.
If you’re a first home buyer, get to know the special grants and savings schemes available to you. And don’t forget to celebrate savings milestones as you get closer to your goal.
We understand that saving for a deposit is a substantial undertaking. That’s why Suncorp Bank has created our Deposit KickStart and Low Deposit Option for owner-occupiers. They're designed to help make it easier to secure your loan and get you into your new home sooner.
Deposit KickStart lets owner-occupiers 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. With Deposit KickStart, you can avoid the need of paying Lenders Mortgage Insurance without the 20% deposit.1
Low Deposit Option
Our low deposit option enables you to borrow up to 95 percent of the property’s confirmed value, and is available to eligible owner-occupiers.2
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1 To approved applicants only. Exclusions and max loan amounts apply. Fees and charges, including government fees and charges apply. Conditions apply to all products, loan options, discounts and packages and are available from Suncorp-Metway Ltd ABN 66 010 831 722. Australian Credit Licence Number 229882.
2 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).
* Interest Rates Effective 12 July 2019. Interest is calculated daily and paid at the end of the calendar month. Bonus interest is payable for every calendar month that you grow your net balance by at least $200 and make no more than 1 withdrawal. Interest accrued does not contribute to monthly account balance growth requirement for bonus interest. If bonus interest conditions are not met the standard variable rate only will apply.
^ If you make more than one withdrawal, you’ll still receive the base interest rate.
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