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Suncorp Bank Fixed Loan

Features

Even if you only have a 5 per cent deposit, this loan can allow you to own your first home.

In fact, if a family member guarantees the loan, Suncorp Bank will be willing to lend you up to 110 per cent of the property’s value to help you cover the cost of buying too. But be aware that doing so does carry risk.

While the loan is available to both owner-occupiers and investors, you do have to pay a higher rate if you are buying an investment property.

Interest-only options are available for up to 5 years, so it can make it easier for your pocket in the short-run.

Although some fixed loans do not permit extra repayments, the Suncorp Fixed Loan allows you to make additional repayments up to a monthly-capped amount. This will enable you to pay off your loan more quickly, and potentially reduce the amount of interest you pay.

Like most other fixed loans in the market, there is no offset account with this loan, nor is there the flexibility to redraw any additional payment you may have made.

You can also fix only part of your loan so that there is a portion that is on a fixed rate, and a portion that is on a variable rate. The beauty of the split loan is that you are able to access features like an offset account and unlimited extra repayments on the variable portion, and only pay one loan establishment fee.

Who is the Suncorp Bank Fixed Loan good for?

Suitable for buying your own home, and also for buying an investment property.

If you are looking for security and would like to lock-in your repayments for up to 5 years, the Suncorp Bank Fixed Loan will allow you to do that.

Review - What RateCity says

The Suncorp Bank Fixed Loan is suitable for people who relish certainty. The ability to make extra repayment is a real bonus, but be aware that extra repayments are capped at an amount set by the lender. 

The interest rates offered on this loan are competitive by market standards, while the low ongoing fees are average.

Suncorp Bank Fixed Loan Options

With the Suncorp Bank Fixed Loan borrowers can fix for one, two, three or five years. For more information about the options available, click the links below.

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Fixed Rates from

3.94%

Advertised rate

5.20%

Comparison rate
Pros
  • Able to make extra repayments.
  • Competitive interest rates.
  • Interest-only for up to 5 years.
Cons
  • Upfront fees and monthly fees apply.
  • No offset account.
  • Limited extra repayments allowed.
Eligibility

Must meet the lender’s serviceability requirements.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $600
  • Discharge fees: $350
  • Ongoing fees: $10 monthly

Suncorp Bank charges a loan establishment fee, and the amount depends on your deposit savings. As the interest rate may move between the time you apply and the time the loan settles, you can choose to pay an additional fee to lock in the rate. As with most fixed loans in the market, you do get penalised if you pay over an agreed amount in extra repayments each month. There is also a monthly fee and a discharge fee at the end of the loan for administrative cost.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Suncorp Bank

Suncorp Bank is one of the largest banks in Australia, and a reputable lender in the mortgage market. Its loans are available in branches, through a mobile lender, and also through a broker.

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