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.
Back to Basics and Home Package Plus Refinance cashback offer
For a limited time, eligible borrowers can receive a $1,500 cashback when they refinance an owner occupier mortgage with Suncorp. The offer is available on Home Package Plus and Back to Basics Better Together Special mortgages with an LVR of 80% or less and a minimum loan amount of at least $250,000. You must apply by 31 December 2018 with settlement completed by 28 February 2019.
|Product Name||Suncorp Back to Basics Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Maximum Loan Amount||$1,500,000|
|Minimum Loan Term||8 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- You can borrow up to 95% of the property value
- There is $0 ongoing service fee to pay
- You can make extra payments at any time without penalty and access those funds via the redraw facility
- There is a $600 application fee for loans under $150,000
- If you borrow an amount that the LVR is over 90% the application fee will be $990
- A discharge fee of $350 applies when you close your home loan account
Details to consider about the Suncorp Bank Back to Basics Home Loan.
This is a full doc home loan, which means you need to submit the full range of documents to support your income and you cannot apply for it if you're self-employed. It is available for owner occupiers or investors.
Features 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.
- Redraw. The Back to Basics Home Loan gives you the ability to redraw any additional repayments you have made into your loan if you are approved for Suncorp Bank cashback. Redraws are limited to once a month and the minimum you may withdraw is $1,000.
- 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 for the Suncorp Bank Back to Basics Home Loan
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.