I suppose like any bank they never offer you the best available rate for your home loan. You always have to jump though various hoops with their phone support. I have had some good and bad experiences with phone banking. Occasionally you get customer support officers that don't explain processes too well or who fail to get back to you.
Once you are a customer, communication stays easy. Their online platform is great and works and you get a timely response. Had a need recently to contact Suncorp and was impressed with the service, even as an existing customer. Sadly not every bank looks after a customer once they come on board; but am pleased to say that Suncorp does. : )
Do not trust this bank. We needed to reduce our payments due to covid because our tenants lost their jobs. We put the loan on interest only, they failed to discuss the terms and impacts. What they did was jack the interest rate up 2% and changed the loan product without so much as by your leave. They are ripping customers off and taking advantage of people in need. This bank has learned nothing from the banking commission.
I have been a home loan customer of Suncorp since 2001. I have no other accounts with any bank. Now that my loan is sub 25k, my interest rate is still high at 4.38%. I have requested better rates with no success. The local branch manager stated (off the record!) that because the bank has made it 's profit from my borrowing, there will be no lower rates. Loyalty means nothing.
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*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.
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