Suncorp Back to Basics Home Loan

Avoid paying for features you may not use with the Back to Basics Home Loan

The Suncorp Back to Basics Home Loan offers a low variable rate in exchange for a no-frills home loan with some basic yet important features.

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Review by

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

This is a basic variable loan with minimal fees that requires a 20% deposit. While it lacks an offset account it does allow you to make extra repayments and redraw them.

About this loan

What are the features and benefits of the Suncorp Bank Back to Basics Home Loan?

  • Loan to value ratio (LVR). This loan allows up to 95% of the value of the secured property for most borrowers. Additional fees such as lenders mortgage Insurance (LMI) may apply.
  • Loan terms. You have the option of paying off your loan in as little as 8 years, or spreading it out to as many as 30 years.
  • Repayment frequency. You can make your repayments weekly, fortnightly or monthly to suit your lifestyle. These can be made by direct withdrawal from a Suncorp transaction account, online, over the phone or inside a bank branch.
  • Repayment types. You have the option of making interest-only repayments for a maximum of five years, or principal and interest payments. Be aware that if you choose to make interest-only repayments, you won't be reducing the principal on your home loan. You can also make unlimited extra repayments.

What fees and charges come with this loan?

  • Ongoing fees: $0. There are no monthly fees to pay with this loan.
  • Lenders mortgage insurance (LMI). LMI will only be necessary if your deposit is less than 20% of the property value. The amount of this insurance varies and can be more expensive the more your borrow and the smaller your deposit is.
  • Valuation fee: $0. Suncorp Bank will pay for the valuation of the secured property one time. Any additional valuations will be paid for by the borrower.
  • Establishment fee. $600. For full doc borrowers the establishment fee is $600, although this is waived if you borrow more than $150,000. If your LVR is greater than 90%, the establishment fee is $990.

How to apply

If you think the Suncorp Bank Back to Basics Home Loan sounds right for you, click on the 'go to site' button and you'll be redirected to the Suncorp Bank website or to a mortgage broker where you can discuss your borrowing needs.

Before you apply for this loan, ensure that you have the following:

  • Identification. Applicants must be able to provide an original, valid photo identification. This could include a driver's license or passport. The details on the identification must be in English.
  • Income. Your three last pay slips will be required for this loan. For individuals who are self-employed financial statements from the past two years will be accepted.
  • Residence. For renters you will have to either have rent receipts or written statements of board. Homeowners may provide rates notices or home loan statements.
  • Liabilities. Credit card and loan statements will be required.
  • Assets. If you have any type of savings accounts have those statements handy.

The Suncorp Bank Back to Basics Home Loan offers a competitive rate and useful features, including the ability to make extra repayments and no ongoing fees. However, before you apply for this loan, make sure that you compare it with a range of other products to ensure that it will meet your borrowing needs.

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