The Suncorp Access Equity (Line of Credit) is an innovative home loan product that lets you access the equity in your property and use the line of credit like a transaction account.
The Suncorp Access Equity (Line of Credit) Home Loan is a line of credit that can be used towards the purchase of a new home and investments. You can use it like a transaction account, drawing from the account to pay for your day to day expenses or to invest in something larger.
|Product Name||Suncorp Access Equity Line of Credit|
|Interest Rate Type||Variable|
|Interest Rate (p.a.)||6.44%|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$10,000|
|Minimum Loan Term||8 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||No|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||Yes|
|Repayment Type||Interest Only|
|Lender's Legal Fee||$0|
|Ongoing Fees||$10 monthly ($120 p.a.)|
- $0 Legal fee.
- $0 valuation fee.
- $0 settlement fee.
- Extra repayments are available.
- $600 application fee.
- $10 ongoing fee
- $350 discharge fee.
- No offset account.
Things to consider about the Suncorp Bank Access Equity (Line of Credit) home loan
The Suncorp Access Equity (Line of Credit) Home Loan is a flexible product that allows you to access equity for personal or investment purposes. By borrowing into your home's equity, you are able to buy another property or investment.
As long as you stay within your allowed credit limit, you can decide when and for how much your repayments will be. Use your consistent income to pay off the home loan portion while using the line of credit to make investments or buy other assets.
Features of the Suncorp Bank Access Equity (Line of Credit) home loan
- Use of funds. The line of credit can be used like a credit card or a transaction account. For example, your income can be paid into your home loan account and then you use this line of credit for everyday purchases. Keep in mind that you have an approved credit limit and you can decide how often you can pay off your loan.
- Loan to value ratio (LVR). You can borrow up to 80% of the home's value without paying Lender’s Mortgage Insurance (LMI).
- Repayment frequency. As long as you stay within your credit limit, you are permitted to make your own decisions about how often and how much you want to make repayments. There’s no minimum monthly repayment, so you can decide how much you’d like to pay off.
- Accessibility. Access your cash easily through a Bendigo Bank or Suncorp ATM, in a branch, through EFTPOS, BPAY, a linked Visa Debit Card, phone, internet and mobile banking.
- Split option. Lock in a portion of your loan on a fixed interest rate whilst keeping the rest as a variable rate.
- Monthly statements. Your home loan statements will be issued on a monthly basis.
Fees you can avoid
- Split loan establishment fee. This extra $0 charge on top of the establishment fee will only be applied if you choose to split your line of credit into two separate terms.
- Lender’s Mortgage Insurance (LMI). For applicants who are borrowing less than 80% of the LVR this insurance may not be applied.
- Valuation fee. Suncorp bank will pay the fee for the initial valuation of the home. Subsequent valuations will be charged to the borrower.
Fees you can’t avoid
- Establishment fee. For a full doc line of credit loan the establishment fee is $600.
- Maintenance fee. This charge is $10 per month for administrative costs.
How to apply for the Suncorp Bank Access Equity (Line of Credit) Home Loan
If you think the Suncorp Bank Access Equity (Line of Credit) Home Loan sounds right for you, click on the 'go to site' button to be redirected to the Suncorp website or to a mortgage broker where you can discuss your borrowing needs.
Before you apply, ensure that you have the following information handy:
- Identification. In order to apply for this loan product you will have to be able to present an original photo identification document that has not expired. The document you use must be in English.
Make sure you have the following documentation on hand to answer any questions:
- Income. You should be able to provide your three most recent payslips. If self-employed than your last two years financial statements.
- Residence. Proof of where you live such as a rates notice if you are a home owner or a home loan statement. Renters should provide a rent receipt or written statement of board amount.
- Liabilities. Statements from your credit card, loan and charge card accounts.
- Savings. Your savings account information if any including any term deposit statements and managed fund statements.
The Suncorp Access Equity (Line of Credit) Home Loan is a competitive product that allows you to access the equity you have in your property. However, before you apply for this loan, make sure you compare a range of other products available on the market.