Suncorp home loans

Compare interest rates and fees for Suncorp home loans.

By   |   Verified by David Boyd   |   Updated 23rd September 2021

Comparing Suncorp home loans for $450,000.00 over 30 years

Suncorp Back to Basics Home Loan (Owner, Principal and Interest)

Suncorp Back to Basics Home Loan (Owner, Principal and Interest)

Interest rate (p.a.)

2.44%

Comp rate^ (p.a.)

2.45%

Max LVR

80.00%

Application fee

$0.00

Monthly repayment

$1,764.04

Total repayment

$635,054.40

Highlights

  • Low variable interest rate.
  • No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.
  • Unlimited additional repayments. Redraw additional repayments as cashback. Interest-only repayment option subject to credit approval.
Suncorp Standard Variable Home Loan (Owner, Principal and Interest)

Suncorp Standard Variable Home Loan (Owner, Principal and Interest)

Interest rate (p.a.)

2.54%

Comp rate^ (p.a.)

2.96%

Max LVR

80.00%

Application fee

$0.00

Monthly repayment

$1,787.42

Total repayment

$643,471.20

Highlights

  • Save on interest with a mortgage offset.
  • Combine new lending over $150,000 with an Everyday Options bank account to get this discounted interest rate.
  • Redraw additional repayments as cashback.

Overview

Suncorp Bank is part of the Suncorp Group, and can trace its origins back to 1902. It’s Australia’s fifth-largest financial services group, and offers banking, insurance and wealth management services, with some well-recognised financial brands, in Australia and New Zealand. Suncorp has won Money Magazine's Bank of the Year award for four years in a row, including in 2021.

Suncorp has home loans to suit first home buyers, next home buyers, home construction, property investors, renovators and those looking to refinance. They offer 10-minute online applications, with a promise that a dedicated lender will review your application and contact you during the following business day.

Product and service offerings

Suncorp has a variety of home loans for owner occupiers and investors, with LMI required on all loans with an LVR over 80%.

  • Back to Basics is the no-frills, basic variable rate home loan, with the following features:
    • Discounted variable interest rate
    • No account-keeping or annual fee
    • Zero loan establishment fees on smaller loans
    • Unlimited additional repayments
    • Additional repayments redraw facility
    • Flexible payment options – weekly, fortnightly, monthly
    • Suitable for construction loans
    • Available for investment properties
    • Offset account not available
  • Standard variable rate home loan with offset account is Suncorp’s most popular home loan, and offers:
    • 100% mortgage offset account to save on interest costs
    • Eligible for annual package (fee payable) with discounted interest rate for loans over $150,000
    • Unlimited additional repayments
    • Additional repayments redraw facility
    • Flexible payment options – weekly, fortnightly, monthly
    • Split fixed and variable rate loans available
    • Suitable for construction loans
    • Available for investment properties
    • Account keeping fees (waived for Home Package Plus customers)
    • Loan establishment fees (waived for Home Package Plus customers)
  • Fixed rate & term loan. Lock in your home loan rate for a few years, for repayment certainty:
    • Eligible for annual package (fee payable) with discounted interest rate for loans over $150,000
    • Can be fixed for 1, 2, 3 or 5 year terms
    • No additional repayments redraw facility
    • No mortgage offset account
    • Building construction and renovations loans not available
    • Available for investment properties
    • Monthly repayments recommended
    • Weekly or fortnightly payments possible with an interest adjustment
    • Account keeping fees and loan establishment fees (waived for Home Package Plus customers)

What makes Suncorp home loans different

  • First home buyers can get upto 95% LVR with LMI (i.e. can be eligible even with only 5% deposit) and up to 110% LVR with a home loan guarantor.
  • Interest-only option available on some loans
  • Split rate loans available
  • Can make lump sum and extra repayments on all loans
  • Flexible repayment frequencies – weekly, fortnightly, or monthly repayments
  • Range of other Suncorp financial products offer special benefits to home loan borrowers

Record on rate cuts

Suncorp passed on RBA rate cuts to its customers in March 2020 and again in November 2020.

Eligibility

To be eligible for a Suncorp home loan, you will need to meet the following requirements

  • Be at least 18 years of age
  • Be a permanent Australian resident
  • Be employed or earning a steady income
  • Self-employed people may apply
  • Have a good credit rating for the past 5 years

Documents you need

Identification documents

  • Details of your Medicare card, driver's licence, passport &c.

Proof of income

  • For salaried employees – most recent payslip, or bank statements for three months showing salary credits into your personal transaction account, along with the name of your employer.
  • For self-employed/small business – last two years’ financial statements, tax returns and tax assessments (or management accounts if not yet completed).
  • For rental income – copies of leases or rental agreements, or property manager’s statement.

Proof of liabilities

  • Most recent month’s statement for non-Suncorp loans, transaction accounts and credit cards.

Proof of savings

  • Most recent three months’ statements for non-Suncorp accounts, managed funds, term deposits.

Pros and cons

Here are the pros and cons of Suncorp home loans in comparison with other lenders’ offerings.

Pros

  • First Home Buyers get up to 110% LVR with no deposit with a guarantor home loan.
  • Up to 95% LVR (i.e. 5% deposit) with LMI.
  • Offset accounts, additional repayment and redraw facilities, split rate loans, construction loans, investment property loans, are all offered.
  • Business owners and self-employed people are eligible for loans.
  • Secondary income sources accepted with documentary proof.

Cons

  • Comparatively strict documentation requirements.
  • Application and account keeping fees apply if you don’t pay for the annual package.
  • Extra features (e.g. offset account, redraw facility) are not available on all loans.

Home loan comparison