Your selected home loans
Suncorp is one of the top 10 largest bank lenders in Australia. It has three simple home loan options: the Back to Basics (Variable), the Standard Variable which adds an offset account, and the Fixed Rate with terms for 1, 2, 3 or 5 years. The Suncorp Group announced the official sale of Suncorp Bank to ANZ in July 2024.
Make extra repayments with zero fees
Redraw at no cost
In-person branches
$0 establishment fee with loans of $150,000 or more
Offset account not included
$350 discharge fee
Suncorp’s Back to Basics variable home loan offers a lower rate than you can get from one of the Big Four, while still giving you the benefits of in-person banking and customer service.
Those with a deposit of at least 20% – which gives you a loan-to-value ratio (LVR) of up to 80% – can qualify for a variable rate of 6.14% p.a. Plus, when you borrow $150,000 or more, you won’t have to fork out for an establishment fee.
Suncorp gives you the opportunity to pay off your home loan faster by letting you make extra repayments with zero fees, and if you ever need the funds back, you can access them through Suncorp’s redraw facility.
We like that Suncorp has branches if you’d like to get customer support in person, though locations are limited to most capital cities and some regional centres.
The downsides of choosing Suncorp’s Back to Basics home loan are that it doesn’t come with an offset account, and you’ll need to pay a $350 discharge fee at the end of the loan, or if you decide to refinance.
Other fees you may need to pay include a $990 establishment fee if you’re borrowing less than $150,000 with an LVR of 90% or more.
Your selected home loans
Best product on the market, features helped pay off home loan quicker.
We have shopped around and moved banks twice and the communication and honesty from suncorp was unreal, (previous bank also was, mystate) but suncorp was able to deliver better rates.
Suncorp generally has better and more competitive home loan rates for home loan packages for either fixed or variable, which includes offset accounts. Due to our loyalty we have, upon request, received a further discount on our rate. Since interest rates have remained high however, Suncorp is not entertaining requests to reduce rate. Overall I have been content with Suncorp and haven’t needed to go elsewhere…. yet!!
I like Suncorp Bank for a few key reasons. First, they offer a wide range of financial services, from home loans and savings accounts to insurance. It’s convenient having everything in one place. I’ve also found their interest rates to be pretty competitive, especially for home loans and savings accounts, which is important to me. Their customer service has been a positive experience, and I find their online and mobile banking platforms easy to use. It’s quick and simple to manage my accounts, pay bills, and transfer money. On the downside, I’ve noticed that some of their accounts have higher fees compared to other banks. This can be frustrating if you're not careful about which account you choose. Also, their branch network is somewhat limited, so if you prefer going into a branch for banking, it might not be the most convenient option depending on where you live. Another thing to watch out for is that while their interest rates are competitive, they can fluctuate, which might not always be in your favor. Lastly, the loan approval process can sometimes be slower, which can be a hassle if you’re applying for a home loan. If you’re thinking about Suncorp, I’d say the product variety and competitive rates are great, but definitely look at the fees and make sure there's a branch near you if that’s important.
It's in my state Not as good as closed branch and ATM in nearby suburban b Dif0ficult to contact by telephone
I was in the bank for another reason. I happened to mention to the teller that I was applying for a refinance with a non-bank (as I never dreamed that a bank would help due to my individual circumstance). The teller asked if I would like the lending officer to look at my situation. She wasn't pushy, just friendly. I thought it couldn't hurt, so I agreed. Within a few days the loan was approved. I had to go in to sign the mortgage but everything else was done online. What a pleasure to deal with Suncorp for my refinance. I felt like it was so easy. Don't get me wrong. You still need to produce the required paper work, which I already had prepared for the non-bank. I would highly recommend Suncorp for a mortgage. They looked at my circumstances and bent over backwards to help me. I am forever grateful.
Have had absolutely wonderful customer service, easy to approach, team is in Brisbane, no hold times, very easy to contact. Staff are very understanding and listen to individual situations. So greatful to be with Suncorp. Initial application was as also extremely efficient and easy.
We are super happy with the support and quality of customer service we have received since switching to suncorp. It is easily maintained with the mobile app and if any issue they are a phone call away and it is resolved quickly and efficiently. Would 100% recommend to anyone looking into a new bank or refinancing.
I have a small loan and am not offered the same as larger loan holders. I feel that any call to see if I can have a better deal is not regarded as the amount I owe (due to hard work) is not beneficial to the bank. I would like to refinance but don’t have the criteria needed to get a better deal. A place of do or don’t for me.
not willing to look after loyal customers
Suncorp Group sold its banking business, Suncorp Bank, to ANZ in July 2024.
Suncorp’s variable rate home loans allow you to pay off your mortgage in weekly, fortnightly or monthly instalments, or you can pay in lump sums as long as your monthly repayment amount is covered.
You can also make weekly, fortnightly or monthly repayments on Suncorp’s fixed rate home loan, but Suncorp recommends sticking to monthly payments during the fixed rate period.
That’s because its fixed rate loan allows for additional repayments of up to $500 more than your minimum monthly requirement, after which fees can apply.
A split home loan is when you divide the amount you’ve borrowed into separate portions of fixed and variable. For example, you may want to split your loan evenly into 50% fixed and 50% variable, or have one portion higher than the other.
Suncorp allows you to split any of its home loans, though each portion must have a minimum loan amount of $10,000. Suncorp can also split your home loan at no extra cost if it's part of a Home Package Plus.
Suncorp’s Home Package Plus combines an eligible home loan with an Everyday Options savings account, plus other Suncorp Bank products for an annual fee.
By linking your eligible home loan to an Everyday Options Account, Suncorp says you’ll get access to a discounted interest rate.
The annual fee for the Home Package Plus is $375, though Suncorp occasionally has a promotion which scraps the annual cost if you apply for a new loan package of $150,000 or more.
There are a few ways you can contact Suncorp. You can call on 13 11 75, use the live chat option on its website or visit a branch.
* 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. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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