The Suncorp Bank Personal Purpose Back to Basics Loan is designed for owner-occupiers and investors who want an easy-to-manage loan with a few additional features.
For a moderate to moderately-high interest rate, borrowers are offered a number of features, including the option to make additional repayments and pay interest-only for a period of time.
A redraw facility is also attached, however, the minimum redraw amount is $1000.
Repayments can be made weekly, fortnightly or monthly, in line with borrowers’ income cycle.
Customers can borrow up to 95 per cent of the property value, but lenders mortgage insurance may be charged for smaller deposits.
Who is the Suncorp Bank Personal Purpose Back to Basics Loan good for?
The Suncorp Bank Personal Purpose Back to Basics Loan may suit first home buyers who have a small deposit, but still wish to get into the housing market.
Its interest-only and additional repayments options may also suit investors and refinancers who either want to free up some cash for other projects or pay down their loan quickly.
Review - What RateCity says
The Suncorp Bank Personal Purpose Back to Basics Loan is a fairly simple loan with a moderate to moderately-high rate and a few add-on features.
Its low minimum deposit and no annual or monthly fees may suit first home buyers, while its flexible repayment options may appeal to both refinancers and investors. The flexibility is curbed however by the lack of offset account.
Before taking a loan, it is advisable to work out how much you can afford to borrow and whether the individual loan features match your desires.
Suncorp Bank Personal Purpose Back to Basics Loan Options
The Suncorp Bank Personal Purpose Back to Basics Loan is a simple loan with a few features.
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