Suncorp Bank Personal Purpose Standard Variable Loan

Features

The Suncorp Bank Personal Purpose Standard Variable Loan offers a number of features that allow borrowers to determine the rate of their repayments and take steps toward refinancing at whatever speed they feel is best.

The Personal Purpose Standard Variable Loan offers borrowers the opportunity for flexible repayments, allowing them to make additional repayments to reduce their loan more quickly.

The Suncorp Bank Personal Purpose Standard Variable Loan also offers borrowers the opportunity to balance out its variable rate by assigning a fixed rate of interest to a portion of their loan. This can provide some extra certainty when it comes to anticipating future payments.

Finally, the personal purpose loan offers a 100 per cent offset account that will allow borrowers to offset the amount of interest they will be paying on their loan. It should be noted that this feature is only available with the right combination of loan offers, and will require borrowers to sign up for a Standard Variable Rate Loan that is linked to a Suncorp Bank Everyday Options account.

Who is the Suncorp Bank Personal Purpose Loan good for?

The Suncorp Bank Personal Purpose Loan’s low minimum deposit and flexible payment options mean that it may suit a wide range of borrowers.

Its offset account and split loan options also make it appealing for borrowers hoping to exert some additional control over their interest payments as well as their loan.

Review - What RateCity says

The Suncorp Bank Personal Purpose Standard Variable Loan provides some straightforward features that will give borrowers the opportunity to pay off their loan very quickly.

It offers some limited flexibility in terms of interest rates and payments, and its limited redraw facility will be useful to borrowers hoping to centre their finances around their home loan.

Suncorp Bank Personal Purpose Standard Variable Loan Options

The Suncorp bank Personal Purpose Loan offers flexibility for a relatively high rate of interest. For further information about the options available, click the links below.

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Variable Rates from

5.23%

Advertised rate

5.42%

Comparison rate
Pros
  • Additional repayments allowed.
  • Split loan options available.
  • 100 per cent offset account.
Cons
  • Upfront fees apply.
  • Offset account only available with some options.
  • Ongoing fees for some options.
Eligibility

Australian Resident.

At least 18 years of age.

Proof of income.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $600.00
  • Discharge fees: $350
  • Ongoing fees: $10 monthly

Some borrowers signing up to the Suncorp Bank Personal Purpose Standard Variable Loan will be required to pay a small monthly fee.

All borrowers will be required to pay an establishment fee, and a discharge fee will be payable on termination of the loan. Borrowers providing a deposit of less than 20 per cent may also be required to pay for lenders mortgage insurance.

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 Australia’s largest banks and was founded in 1902.

It provides financial services throughout Australia, including loans and credit cards, savings and everyday banking and investment options.

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