Suncorp Bank strives to offer the most competitive rates, and a personalised, specialist service to all customers.
Suncorp is one of Australia’s largest banks and it offers many excellent loan products. It is the fifth largest bank in the country and was recognised by Money magazine as the Bank of the Year in 2015. The primary reason for receiving this award is Suncorp’s outstanding customer service. The bank has focused on truly helping its customers get loans since its start in 1902. It continues to help communities through partnerships, community fundraising, and programs for staff volunteering.
Compare Suncorp Home Loans
Suncorp Bank Home Loan Products
Suncorp’s Line of Credit or Access Equity loan is a flexible and versatile product which can fund an owner occupier property purchase or another investment. To put it simply, this loan makes it possible to access any equity already built up.
Customers selecting this loan will also get the opportunity to split their loan, freezing a component of the loan on a fixed interest rate while interest is applied to another portion on a variable rate.
Other features of this product include;
- Flexible repayments
- Redraw facility on additional repayments
- Use property equity to free up additional funds for extra investment
Juggling a range of different monthly payments can be exhausting. This is why Suncorp provide their Back to Basics account, bringing home loan payments, home insurance payments and transaction account payments together in one, easily manageable product.
Customers will benefit from;
- Simple access to cash redraw facilities on additional payments made (Suncorp Bank Cashback)
- Repayment flexibility
- Loan terms flexibility of between eight and thirty years
- Interest only or principle and interest options
Some customers prefer to experience the reliability of a fixed term of interest when refinancing. To accommodate this, Suncorp provide a range of fixed interest rate products, each securing a frozen interest rate across the nominated term.
The Suncorp Fixed Rate Interest loan terms are as follows;
- One year of fixed interest
- Two years of fixed interest
- Three years of fixed interest
- Four years of fixed interest
- Five years of fixed interest
The fixed rate loan will revert to a variable rate of interest upon completion of the term. Other features include;
- Opportunity to split the loan between fixed and variable interest rate components
- Guarantee the interest rate at the date of application for 90 days (this will incur a fee)
- Flexible repayments, additional repayments allowed but capped
- Loan terms of between eight and thirty years
- Principle and interest and interest only options available
With the standard variable rate home loan offered by Suncorp, customers will benefit from competitive interest rates and a high level of flexibility. This product is suitable for people in varying situations.
Other features include;
- Personal or investment purpose configurations
- Additional repayments allowed with no penalty and no cap
- Loan terms available of between eight and thirty years
- Opportunity to the split the loan between the variable interest rate and also the fixed rate of interest
- Can be offset with the Everyday Options account
- Redraw facility is available
The Home Package Plus service from Suncorp can be used to merge payments and bring different products together in order to make payments more manageable. Loans which are consolidated in this way will be subject to discounts, which could save you thousands of dollars over the full term.
Many Home Loan Products
Finding a new home loan with Suncorp refinancing is made easy because it offers products to fit your budgets. Loans can be obtained with a variable or fixed rate, depending on your needs. Combinations of the two types are also possible with financing that offers split loans.
Suncorp offers loans for as much as 95% LVR if LMI is obtained with it. Additional repayments can be made with some plans that will enable you to reduce the interest faster. Some loans also provide the option to pay interest only for a number of years.
Different loans carry different options. Some provide you with options to redraw, offset accounts, and split loan. The bank even permits additional loans to be taken out if the requirements are met.
Suncorp likes to say that they are dedicated to flexibility. They have a number of loans that enable borrowers to choose what kind of payments they want to make. Choices on most of them include paying weekly, fortnightly, or on a monthly basis.
Most of these choices will also let you choose between paying interest only, or paying principal and interest. The money obtained from the loan can be used for refinancing an existing mortgage or to buy an investment property.
Extra Mile Service
Not only are they willing to help you however they can, but Suncorp will even go out of its way to do so. If there is not a bank branch located near your house, they have a mobile lender that will be glad to make a home visit.
Finding the ideal Suncorp refinancing loan can be achieved by talking to one of their representatives. They also have other products that may be of interest, and combining them will result in even more savings. Be sure to experience for yourself why Suncorp became the Bank of the Year.
What is the purpose of refinancing?
The main purpose of refinancing is to save money on your home loan! This occurs by switching to a home loan with a lower interest rate or shorter term period, so you have less interest repayments to make. However, other reasons people refinance include to consolidate debts or access the equity in their home.
Do I need an appraisal to refinance?
Yes, most lenders require that your home is valued when refinancing, in order to safeguard against you defaulting on your loan.
Does refinancing reset your loan term?
Yes, when you refinance, it essentially starts your loan over again. However, you can choose to change to a shorter long term (for example, from 30 years to 15 or 20) and coupled with the lower interest rate, this can mean you pay off your mortgage faster than you would otherwise.
Is there a downside to refinancing?
Refinancing isn’t always the right choice for everyone at that particular point in time. There can be quite a lot of administration and fees involved, just like applying for any home loan.
Is it worth refinancing my home loan?
If you have done your research, run the numbers and are certain that switching to a new home loan will save you money in the long run (and outweigh the costs of refinancing), it can certainly be worth doing.
Do mortgage brokers help with refinancing?
Yes, working with an experienced broker can be incredibly valuable when refinancing. Not only can they help you compare all the different home loan products on the market, but they can assist with the refinancing process and documentation to ensure it all goes smoothly.
How much can you save by refinancing your mortgage?
While there’s no solid figure as to how much refinancing your mortgage can save you, this can easily add up to tens of thousands, even just by reducing your interest rate by 2%.