Suncorp Bank offers a variable rate home loan with a range of features to help you pay off your mortgage faster.
With flexibility in terms and repayments and a redraw facility, the Suncorp Bank Standard Variable Rate Home Loan allows you to pay off your home loan quickly, with a maximum loan term of 30 years and a competitive interest rate.
| Product Name | Suncorp Bank Standard Variable Rate Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comparison Rate^ | |
| Minimum Loan Amount | $10,000 |
| Minimum Loan Term | 8 years |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| 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 | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $990 |
|---|---|
| Legal Fee | $0 |
| Valuation Fee | $0 |
| Service Fee | $10 monthly ($120 p.a.) |
| Settlement Fee | $0 |
| Exit Fee | $350 |
Pros
- $0 settlement fee.
- 100% offset account attached.
- Interest only repayment options available.
- Extra repayments can be made without incurring a penalty.
Cons
- Application fee of $600 or $990 if your LVR is above 90%.
- Monthly service fees of $10 per month.
- Discharge fee of $350 to close your home loan accounts.
- Minimum redraw amount of $1000.
Things to consider about the Suncorp Bank Standard Variable Rate Home Loan
Available as a full documentation home loan, the Standard Variable Rate Home Loan can be used for either personal or investment purposes.
This is a variable rate home loan with interest starting at 5.55% p.a.. You can choose to pay the loan off early with extra repayments or enjoy low monthly repayment amounts and allow the loan to mature at 30 years.
Features of the Suncorp Bank Standard Variable Rate Home Loan
- Loan to value ratio (LVR). You can borrow up to 95% of the value of the property but will be subject to Lender’s Mortgage Insurance (LMI) if you borrow over 80% LVR.
- Loan terms. Pay off your loan quickly in just 8 years, or spread your payments out for up to 30 years.
- Repayment frequency. You have the choice of weekly, fortnightly and monthly repayments which can be drawn directly from a Suncorp transaction account, at a branch, over the phone or online.
- Repayment types. Make interest plus principal repayments or choose interest only for a maximum of five years. You can also make as many extra repayments as you want with no penalties.
- Loan split. You can lock in a portion of your home loan at a fixed interest rate and use the variable rate for the balance. This gives you the benefit of both the security of a fixed rate and the ability to enjoy rate cuts with a variable rate.
- Offset account. This loan comes with a 100% offset account, which is a linked transaction account which can be used to hold your salary and unused funds. Any amounts held in the account will offset the same amount of interest on your home loan. For example, holding $20,000 in your offset account on a home loan of $400,000 will see you only charged interest for $380,000.
- Redraw. Once a month for free you can redraw a minimum of $1,000 from any extra repayments that you have made.
Fees
Fees you can avoid
- Split loan fee: $200. You can avoid this charge by keeping your loan with a variable rate only.
- Lender’s Mortgage Insurance (LMI): Varies. If you borrow 80% or less of the LVR you can avoid having to pay this extra fee.
- Valuation fee: $0. Suncorp Bank will pay for the initial valuation of the secured property, any additional services will be paid by the borrower.
Fees you can’t avoid
- Establishment fee: Dependent on LVR. For full doc borrowers of 90% or less of the property’s LVR the establishment fee is $600. For a higher LVR the fee is $990.
- Ongoing service fees: $10. This is charged monthly totalling $120 per year.
How to apply for the Suncorp Bank Standard Variable Rate Home Loan
Please make sure that you first can meet Suncorp's eligibility requirements:
- Identification. All applicants must be able to provide an original form of photo identification that is still valid. This documentation can include a driver’s licence or passport so long as the details are in English.
Have the following documentation ready to facilitate the process:
- Income. You can use your last three most recent pay stubs or last two years financial statements if you are self-employed.
- Residence. If you are a homeowner you should be able to provide either your rates notice or home loan statement. Renters should have rental receipts or a tenancy agreement. If applicable you may use a written statement of board amount.
- Liabilities. Complete details about all current liabilities including credit and charge card statements plus information about other loans.
- Savings. Have your account information ready if you have any type of savings including term deposits and managed funds.
Having a 100% offset account is a good feature to consider when comparing your home loan options. While looking at other banks make sure that they are offering the same feature without any hidden costs or fees.
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