Take advantage of reduced interest rates when you combine a fixed rate home loan with the Suncorp Home Package Plus.
The Suncorp Home Package Plus Fixed Home Loan is a fixed rate package loan. This means you get a secure rate which won't change over the course of your fixed term, as well as rate and fee discounts and discounts on other Suncorp products. In exchange for these benefits you'll pay an annual package fee.
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 Home Package Plus Fixed |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum Loan Amount | $3,250,000 |
| Minimum Loan Term | 8 years |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | No |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | Yes |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Valuation Fee | $0 |
| Ongoing Fees | $375 p.a. |
| Discharge Fee | $350 |
Pros
- $0 application fee.
- Interest only repayment option available.
Cons
- $375 annual package fee.
- Extra repayments are limited to $500 per month.
Things to consider about the Suncorp Home Package Plus Fixed Home Loan
The Home Package Plus allows you to save on your fixed rate home loan by discounting the fixed interest rate and waiving many of the fees associated with home loan packages.
Investors and owner occupiers are both eligible for the Home Package Plus when looking to buy a residential property. However, the Home Package Plus is not available for individuals who need a low-doc loan or for pre-approved home loans.
Once the fixed rate term ends on this loan, it reverts to the Standard Variable Home Loan interest rate.
Features of the Suncorp Home Package Plus Fixed Home Loan
- Loan to value ratio (LVR). You have the option of borrowing up to 90% of the home’s value. Lenders mortgage insurance (LMI) will be charged on loans that are over 80% of the property's value.
- Loan terms. The fixed rate portion of the package can be up to five years, while the overall life of the loan can be anywhere between 8 years and 30 years.
- Repayment frequency. You have the flexibility of choosing between weekly, fortnightly or monthly repayments to best suit your wage and lifestyle.
- Repayment type. You can make interest and principal repayments for the life of this loan, or select interest-only payments for up to five years. Additional repayments may be made, but repayments over $500 a month may attract break costs.
- Loan amount. Borrowers can qualify for a loan between $150,000 and $3,250,000.
Fees
- Establishment fee. With the package, there is no charge for the application of your home loan.
- Legal fee. Legal fees for documentation preparation are waived.
- Valuation fee. You will not be charged when your secured property is assessed for value.
- Settlement fee. There are no charges to the borrower when the loan is settled.
- Lender’s mortgage insurance (LMI). The insurance will only be added to your loan if your borrowed amount is more than 80% of the home’s value.
- Annual fee $375. This fee is charged for the maintenance of your loan accounts.
Know how much you want to borrow? Use our calculator to find out what your repayments will be
How to apply for the Suncorp Home Package Plus Fixed Home Loan
If you'd like to apply for the Suncorp Home Package Plus Fixed Home Loan, click on the 'go to site button' to be redirected to the Suncorp Bank website or to a mortgage broker to discuss your eligibility.
Ensure that you have the following details for your application:
- Identification. You must be able to show an original and valid photo identification document. Passports and driver’s licenses are acceptable so long as the information regarding name, age and address are in English.
- Income. You can use your three most recent pay stubs or two year's worth of financial statements if you are self-employed.
- Residence. For homeowners, a home loan statement or rates notice is acceptable. Renters should have a rental receipt or agreement while boarders will need a written statement of board.
- Liabilities. You'll need a complete listing of your current debts including loans and credit cards.
- Savings. Provide details of any savings or investment accounts.
The Suncorp Home Package Plus Fixed Home Loan combines a low fixed rate and reduced fees. However, before you apply for this home loan, ensure that you research and compare different products to ensure that it's the right loan for you.
What banks or institutions lend to bankrupt clients
What rates are they charging
Hi Jenny,
Thanks for getting in touch.
We have a page about home loans for discharged bankrupts which you might find useful. On this page, you can enquire with one of the lenders in the table to see whether you’d be eligible for one of their home loans.
Keep in mind that you may want to opt for a basic or low-doc home loan that has minimal fees and documentation requirements. Unfortunately, however, you may be charged with a higher rate of interest due to your bankruptcy.
It’s advised that you speak to a mortgage broker as they can leverage their panel of lenders, including specialist or non-bank lenders, that may have more lenient lending criteria. A broker may be able to help you understand your borrowing power.
All the best,
Belinda