Get a range of discounts on your interest rates and fees with the Suncorp Home Package Plus
The Suncorp Home Package Plus comes with a competitive interest rate and several useful features including an offset account, redraw facility and split rate options.
To set up the Home Package Plus Home Loan, simply choose the home loan that best suits your needs. While you can also choose from the Standard Fixed Rate and Access Equity Home Loans, this review refers to the Suncorp Standard Variable Rate Loan.
Note about home loan discount products
Suncorp do not offer their discounted rates below for borrowings of 90% <= 95% of the property value (including LMI) or for their special offers if the loan is a pre-approval or has interest only repayments.
|Product Name||Suncorp Home Package Plus Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|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|
|Ongoing Fees||$375 p.a.|
Things to consider about the Suncorp Bank Home Package Plus Home Loan
Each home loan in the package attracts a discount on the standard interest rate depending on your eligibility criteria.
Keep in mind that the package also includes the Suncorp Everyday Options account which can help you manage your cash flow.
There is an interest-only option available.
This loan can be used for both personal and investment purposes.
Features of the Suncorp Bank Home Package Plus Home Loan
- Loan to value ratio (LVR). You may borrow up to 95% of your property's value. Note that you'll have to pay Lender’s Mortgage Insurance (LMI) if you borrow over 80% of the property's value.
- Loan terms. You can borrow for up to 30 years with this loan.
- Repayment frequency. You can choose to make your repayments weekly, fortnightly or monthly repayments to suit your budget.
- Repayment type. You can make interest-only or principal and interest repayments with this loan. Interest-only repayments will only be accepted for up to five years. You may also make unlimited additional repayments to reduce your interest owed and pay your loan off quicker.
- Redraw. You can redraw your extra repayments using the redraw facility offered with this loan. The minimum amount allowed is $1,000.
- 100% offset account. When you choose the variable rate loan as part of your package you have access to a 100% offset account. An offset account is linked to your home loan and offsets the interest due on your home loan.
- Insurance. You could qualify for a discount on your first year's home insurance as well as for a multi policy.
- Credit card fee waiver. As long as you have this package you will not be charged any annual fee for the standard, gold or platinum credit cards offered by Suncorp Bank.
- Personal loans. You won't pay establishment fees or monthly fees on personal loans from Suncorp Bank with this package.
Fees you can avoid
- Establishment fee. There are no fees for the application or establishment of this package.
- Valuation fee. You will not be responsible for paying for the professional assessment of the value of the property.
- Ongoing fee. There are no monthly account-keeping fees charged to your loan account.
- Settlement fee. You will not be charged when the home loan package is settled.
Fees you can't avoid
- Package fee. There is an annual fee of $375 for this home loan package. However, this is currently waived for the first year of the loan for new lending before 30 June 2016 with a minimum loan amount of $150,000.
Calculate your repayments by filling in some of your details
How to apply for the Suncorp Bank Home Package Plus Home Loan
If the Suncorp Bank Home Package Plus Home Loan sounds right for you, click the 'enquire now' button and you'll either be redirected to the lender's website or to a mortgage broker. Here, you can place an enquiry to discuss your eligibility and borrowing needs.
You'll need to supply the following details:
- Identification. You will need to produce a valid photo ID such as a driver’s license or passport.
- Income. Your last three pay slips or two years financial statements if self-employed.
- Residence. If you own your home, a rates notice or home loan statement will need to be provided. For renters, a tenant’s agreement or rent receipt is acceptable. If you are boarding the bank will require a written statement of board.
- Liabilities. Have prepared your credit and charge card statements along with any for personal loans.
- Savings. If applicable you will need to provide savings account statements along with any term deposit statements and managed fund statements.
The Suncorp Bank Home Package Plus Home Loan is a competitive product that combines unique features with those of other loans offered by Suncorp Bank. Make sure you compare the features and fees of this product before making a decision.
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Suncorp Bank Home Package Plus Home Loan Interest Rate History vs RBA Cash Rate Graph
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