Suncorp Home Loans
Suncorp has long been one of the favourite financial intuitions for Queenslanders, and their growing national branch network means that more Australians can enjoy their products and service.
Suncorp have a range of home loan products to suit a wide variety of different customers. The range includes standard variable and fixed rates loans, as well as a line of credit and bridging loan.>
Back to Basics
The Back to Basics home loan offered by Suncorp is a variable rate loan suited to homebuyers looking for a basic loan with a discounted interest rate and low fees.
Borrowers can split their loan into various portions and can choose to pay interest only or principal and interest.
Repayments can be made weekly, fortnightly or monthly, and there are no restrictions on additional lump sum repayments. A redraw facility is also available.
Suncorp home loan customers can also apply to increase their loan amount for any worthwhile purpose such as home renovations or other large purchases.
Standard Variable Loan
The standard variable loan issued by Suncorp is a fully featured home loan with all the benefits that a homebuyer would expect.
This loan has all of the features and flexibility of the Back to Basics home loan, but with the added benefit of a 100% offset account.
The offset account feature allows borrowers to reduce the interest on their mortgage using the balance in their linked savings account.
Fixed Rate Loan
Suncorp’s fixed rate home loans can be fixed for one, two, three or five years. They are ideal for borrowers who are looking for certainty in their repayment amount.
At the end of the fixed rate period the loan will revert to Suncorp’s standard variable rate, or the borrower can choose to go with another fixed rate period.
As with most fixed rate home loans issued in Australia the Suncorp loan does not allow redraw or access to an offset facility, however borrowers can pay up to $500 extra per month with no penalties.
Borrowers can make additional lump sum payments onto the fixed rate loan, however amounts over the $500 monthly limit may be subject to penalty fees.
Investors can choose an interest only option, and also have the option of paying the interest annually in advance.
Asset Line is Suncorp’s line of credit product. This loan gives borrowers the flexibility to move within a limit set by the bank at the time of approval.
No regular repayments are required on an Asset Line provided that the balance remains below the set limit.
The Asset Line product is available to all borrowers, however it is generally most popular with investors due to the flexibility that it provides.
Suncorp’s bridging loan has been designed for clients who are purchasing a new home whilst waiting for their existing home to sell.
Generally a bridging loan is considered to be short term in nature, and must be repaid in full once the original property has been sold.
Low Doc Loans
With the exception of the bridging loan, self-employed borrowers can apply for all Suncorp home loans via a low-doc application.
For more information on the home loan products offered by Suncorp please speak with your mortgage broker or contact Suncorp.