Suncorp Bank Access Equity (Line of Credit)

Features

The Suncorp Bank Access Equity (Line of Credit) loan can be used for a range of purposes, including investment or renovations on their property, for instance. Borrowers can access the funds, up to the agreed limit, via EFTPOS, mobile phone ad internet banking transfers and Suncorp ATMs. The Access Equity (Line of Credit) Loan also offers borrowers flexibility in terms of repayments.

Similar to a credit card, you decide how often and how much to pay off, as long as you stay within the approved credit limit. Plus, you’ll only pay interest on the balance. The loan offers further flexibility with the option to split the interest rate and lock in a portion with a fixed rate. The other portion remains on a standard variable interest rate.

Note however, that the interest rates charged on the Suncorp Bank Access Equity (Line of Credit), like many line of credit loans, are higher than typical loans but lower than most credit cards.

Who is the Suncorp Bank Access Equity (Line of Credit) good for?

The Suncorp Bank Access Equity (Line of Credit) Loan may suit a borrower looking to draw on any equity they have in an existing home loan to use those funds for renovations or investment or other purposes. It should be noted, though, that the Access Equity (Line of Credit) with no minimum repayments will require careful management and any borrowers who may not be able to monitor their finances carefully or who are just looking for a simple loan may want to look at other options.

Review - What RateCity says

The Suncorp Bank Access Equity (Line of Credit) Home Loan offers an extremely flexible loan in terms of repayment structure, with some flexibility in terms of loan structure provided by its split interest rate option. Borrowers will have access to a ready source of funds, but will need to be prepared to manage their finances carefully in order to avoid interest mounting up. Borrowers can draw on the funds, and make repayments at a scheduled that suits them, up to an agreed credit limit.

Suncorp Bank Access Equity (Line of Credit) Options

The Suncorp Bank Access Equity (Line of Credit) offers options at a range of loan sizes and minimum deposits, with the option of a split rate of interest for borrowers who want the extra security of a fixed rate loan portion.

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Variable Rates from

4.09%

Advertised rate

4.48%

Comparison rate
Pros
  • Flexible repayment structure.
  • Draw on any equity in current home.
  • Split loan option available.
Cons
  • Ongoing fees apply.
  • Upfront fees apply.
  • High interest rate.
Eligibility

Australian resident.

At least 18 years of age.

Proof of income.

Must meet the lender’s serviceability requirements.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $0 - $600.00
  • Discharge fees: $350
  • Ongoing fees: $10 monthly - $375 annually

Borrowers can expect to pay a monthly account keeping fee on the Suncorp Bank Access Equity (Line of Credit) Loan, as well as upfront fees. A discharge fee will be payable at the loan’s termination.

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

Suncorp Bank is one of Australia’s largest banks and was founded in 1902. It provides financial services throughout Australia, including home loans, personal loans, savings and every day banking, credit cards and investment opportunities.

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