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.
|Product Name||Suncorp Fixed Rate Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$10,000|
|Maximum Loan Amount||$3,250,000|
|Minimum Loan Term||8 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Loan Redraw Facility||No|
|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||$10 monthly ($120 p.a.)|
- $0 settlement fee.
- Ability to split your loan between fixed and variable.
- Available for owner occupiers and investors.
- Extra repayments up to $500 per month.
- Rate lock fee $600 or 0.15% pf the loan amount.
- Establishment fee of $600 or $990 if you borrow above 90% LVR.
- $350 discharge fee when the loan accounts are closed
- Ongoing service fee of $10 per month
Things to consider about the Suncorp Fixed Rate Home Loan
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.
Features 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.
Fees you can avoid
- Valuation $0fee: . The fee charged by a third party to assess the value of the property will be paid by the lender.
- Legal fee: $0. Legal fees are also absorbed by Suncorp.
- Settlement fee: $0. You will not be charged any additional fees at the settlement of your home loan.
- Lenders mortgage insurance (LMI). This insurance will be required only if your LVR is above 80% for a full doc loan.
Fees you can’t avoid
- 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 for the Suncorp Fixed Rate Home Loan
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.