Suncorp home loans

3.6
Based on 941 Suncorp home loan product reviews.
Fact Checked
Last updated

About Suncorp 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.

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Editor’s pick: Suncorp Back to Basics (Variable)

Back to Basics Special

  • LVR 70-80%
  • Owner Occupier
  • Principal & Interest
Interest rate
6.14 % p.a.
Variable
Comparison rate
6.15 % p.a.
Link not supplied
  • 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

Our verdict

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.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 25 October 2024 Important disclosures and comparison rate warning*

Suncorp home loans

  • Back to Basics Special

    • LVR<60%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.13 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,040
    Link not supplied

  • Standard Variable Home Loan Special

    • Owner Occupier
    • Principal & Interest
    • LVR<60%
    Interest rate
    6.19 % p.a.
    Variable
    Comparison rate
    6.54 % p.a.
    Initial monthly repayment
    $3,059
    Link not supplied

  • Fixed Home Loan Special Offer

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.39 % p.a.
    Fixed 5 years
    Comparison rate
    6.66 % p.a.
    Initial monthly repayment
    $3,124
    Link not supplied

  • Fixed Home Loan First Home Buyer

    • Owner Occupier
    • Principal & Interest
    • LVR<95%
    Interest rate
    6.39 % p.a.
    Fixed 5 years
    Comparison rate
    6.93 % p.a.
    Initial monthly repayment
    $3,124
    Link not supplied

  • Back to Basics Special

    • LVR<60%
    • Investment
    • Principal & Interest
    Interest rate
    6.43 % p.a.
    Variable
    Comparison rate
    6.44 % p.a.
    Initial monthly repayment
    $3,137
    Link not supplied

  • Fixed Home Loan Special Offer

    • Investment
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.50 % p.a.
    Fixed 2 years
    Comparison rate
    6.88 % p.a.
    Initial monthly repayment
    $3,160
    Link not supplied

  • Standard Variable Home Loan Special

    • Investment
    • Principal & Interest
    • LVR<60%
    Interest rate
    6.53 % p.a.
    Variable
    Comparison rate
    6.88 % p.a.
    Initial monthly repayment
    $3,170
    Link not supplied

  • Standard Variable Home Loan First Home Buyer

    • Owner Occupier
    • Principal & Interest
    • LVR<95%
    Interest rate
    6.74 % p.a.
    Variable
    Comparison rate
    7.09 % p.a.
    Initial monthly repayment
    $3,240
    Link not supplied

  • Fixed Home Loan

    • LVR<95%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.84 % p.a.
    Fixed 5 years
    Comparison rate
    8.30 % p.a.
    Initial monthly repayment
    $3,273
    Link not supplied

  • Fixed Home Loan

    • LVR<90%
    • Investment
    • Principal & Interest
    Interest rate
    6.95 % p.a.
    Fixed 2 years
    Comparison rate
    9.24 % p.a.
    Initial monthly repayment
    $3,310
    Link not supplied

  • Back to Basics

    • LVR <90%
    • Investment
    • Principal & Interest
    Interest rate
    9.07 % p.a.
    Variable
    Comparison rate
    9.12 % p.a.
    Initial monthly repayment
    $4,048
    Link not supplied

  • Standard Variable Loan

    • LVR<95%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    9.23 % p.a.
    Variable
    Comparison rate
    9.41 % p.a.
    Initial monthly repayment
    $4,106
    Link not supplied

  • Standard Variable Loan

    • LVR<90%
    • Investment
    • Principal & Interest
    Interest rate
    9.70 % p.a.
    Variable
    Comparison rate
    9.85 % p.a.
    Initial monthly repayment
    $4,277
    Link not supplied

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Suncorp home loan ratings

Overall customer rating for Suncorp home loans

3.6
Based on 941 product reviews.

Customer reviews

Important disclosures

Suncorp products

Suncorp home loans: FAQs

Which bank owns Suncorp?

Suncorp Group sold its banking business, Suncorp Bank, to ANZ in July 2024.

What repayment options does Suncorp offer?

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.

Does Suncorp offer split home loans?

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.

What is Suncorp’s home loan package fee?

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.

How can I contact Suncorp?

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.

Home loan quick links


* 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.

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