Suncorp Fixed Rate Home Loan

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Fix a rate for up to five years and enjoy repayments which won't change

Suncorp offers great fixed rates so you can enjoy repayments which won't change each month. This means you can plan a budget which won't need to be amended down the track if rates go up. You can also take advantage of split loan options and a rate lock for up to 90 days when you apply.

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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

Available for both personal and investment purposes, the Suncorp Fixed Rate Home Loan is meant for the purchase of residential property that will either be owner-occupied or used as an investment.

About this loan

What are the features and benefits of the Suncorp Fixed Rate Home Loan?

  • Loan to value ratio (LVR). With Lenders Mortgage Insurance (LMI) you may borrow up to 95% of the home's value. You can bypass this insurance if you only borrow up to 80% of the value of the property.
  • Loan terms. Minimise your monthly repayments by spreading your term out over 30 years, or you can choose to pay your loan off within a much shorter term.
  • Repayment frequency. Choose to make your repayments weekly, fortnightly or monthly. You can also make additional repayments of up to $500 a month without any penalty.
  • Repayment type. You're able to make principal and interest repayments or interest-only repayments with this loan. You are limited to five years of interest-only repayments.
  • Loan split. Take advantage of both a fixed and a variable rate by splitting the loan. Your fixed rate portion gives you security, while the variable rate portion will allow you unlimited extra repayments.
  • Rate lock. The rate lock option enables you to lock in the advertised rate at the time of application fees may apply. This saves you from receiving a higher rate in the time it takes for your loan to settle. This comes with a fee of $600, or 0.15% of the loan amount - whichever is greater.
  • Loan amount. You can borrow anywhere between $10,000 and $3,250,000 with this fixed rate loan.

What fees and charges come with this loan?

  • Establishment fee: $600. This fee rises to $990 if the LVR is 90% or greater.
  • Maintenance fee: $10 per month. This is charged for administrative costs.
  • Discharge fee: $350. This is charged when you complete the terms of your loan.

How to apply

Ensure you meet certain eligibility requirements before beginning your application:

  • Identification. You will have to be able to provide a valid proof of identity document. Driver's licences and passports are acceptable, so long as the pertinent information is in English.

You'll also need to have the following information and documentation handy to answer any questions:

  • Income. You can use your three most recent pay slips or, if self-employed, financial statements for the past two years.
  • Residence. Homeowners can use a rates notice or home loan statement, while renters will need a rent receipt or tenancy agreement. Boarders can use a written statement of board.
  • Liabilities. This includes the details contained in your credit and charge card statements as well as any personal loan statements.
  • Savings. Your account details for any personal savings you have.

Fixed rate home loans can be very useful for home buyers who have a tight budget. When comparing this loan to those offered by other lenders you should be taking into consideration the rates being offered as well as your options for additional repayments. This will help you find a loan that matches your needs.

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