Suncorp Bank

Home Package Plus Personal Fixed Special (Principal and Interest) 2 Years (LVR ≤ 80%)

Real Time Rating™

3.19

/ 5
Advertised Rate

2.29%

Fixed - 2 years

Comparison Rate*

3.12%

Maximum LVR
80%
Real Time Rating™

3.19

/ 5
Monthly Repayment

$1,153

based on $300,000 loan amount for 25 years

Calculate repayment for Suncorp Bank product

Advertised Rate

2.29%

Fixed - 2 years

Comparison Rate*

3.12%

Maximum LVR
80%
Real Time Rating™

3.19

/ 5

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,153

based on $300,000 loan amount for 25 years

Pros and Cons

Pros and Cons

  • Interest rates ranked in the best 20%
  • No upfront fees
  • Parents can sign as guarantor
  • Limited extra repayments
  • No redraw and no offset
  • Ongoing fee
  • Discharge fee at end of loan

Suncorp Bank Features and Fees

Suncorp Bank Features and Fees

Details

Maximum LVR

80%

Total Repayments

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Owner Occupiers

Loan term range

8 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Yes - limited to $6000

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$0

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$375 annually

Discharge fee

$350

Application method

Online

Phone

In branch

Specials
  • Cashback Get up to $3,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan.
    $2,000 for loans $250k-$749k. $3,000 for loans >$750k. Excludes existing Suncorp Bank loans. Apply by 18/12/2020, settle by 26/03/2021. T&Cs & eligibility apply.

Other Benefits

$0 package fee for the first year for new customers

Pros and Cons

  • Interest rates ranked in the best 20%
  • No upfront fees
  • Parents can sign as guarantor
  • Limited extra repayments
  • No redraw and no offset
  • Ongoing fee
  • Discharge fee at end of loan

Suncorp Bank Features and Fees

Details

Maximum LVR

80%

Total Repayments

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Owner Occupiers

Loan term range

8 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Yes - limited to $6000

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$0

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$375 annually

Discharge fee

$350

Application method

Online

Phone

In branch

Specials
  • Cashback Get up to $3,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan.
    $2,000 for loans $250k-$749k. $3,000 for loans >$750k. Excludes existing Suncorp Bank loans. Apply by 18/12/2020, settle by 26/03/2021. T&Cs & eligibility apply.

Other Benefits

$0 package fee for the first year for new customers

Suncorp Bank is available through brokers

Tony Imbruglia
5.0
12 Reviews
Meet Tony Imbruglia. He is your Mortgage Professional. Tony has been in the Banking and Finance Industry since 1975 and worked for much of his career for a major Australian bank. During his career, Tony began licking stamps at a bank branch and worked his way up to become a Senior Executive, relationship managing some of the country's largest mortgage broking groups. He is a Justice of the Peace (which comes in handy when you need documents witnessed) and he holds a Diploma in Finance and Mortgage Broking Management. After leaving the bank, he became involved in developing software to help Australians manage their household budgets and mortgage brokers monitor their client's loan portfolios. Using his many years of experience in the corporate world, he also started a mortgage broking business in 2007 and after leaving this partnership, he started My Mortgage Professionals in 2016. He uses his sound communication skills to educate his clients to ensure they understand how finance works. He is extremely methodical and has streamlined his business to make the loan application process as easy as possible for his clients using technology and sound lending practices. You will find that applying for a loan has never been so easy and most things can be done remotely without the need for numerous meetings. Tony will lead you through the loan application process step by step and explain the process as he goes. In his spare time, Tony loves to entertain, listen to music, spending time with family, cooking and reading. He enjoys a glass of red wine with a good Italian meal and relaxing is his favourite pastime.
NSW2745
CRN: 494854
Madhu Chaudhuri
5.0
20 Reviews
Madhu Chaudhuri’s journey from a practicing Architect to a Broker has shaped her 27-year career in Australia culminating in the formation of her company Finance & Mortgage Solutions in 2001. Her vision to assist people to grow themselves financially, to be able to contribute and flourish in the community is the foundation of her practice, resulting in Industry recognition at the State and National level as a top mortgage broker. At FMS, Madhu leads a multi-lingual team to design and engineer finance solutions whether to build a home and material stability or supporting emerging entrepreneurs to open and run small businesses in their local communities. Coming to Australia as an immigrant herself more than 20 years ago, Madhu has lived experience and understanding of some of the struggles of relocating financially and emotionally- especially for migrants. Recognising the need for multi-lingual and multi-cultural access points, FMS has filled this need for migrant journey’s to be heard and supported. She donates her time for various women’s groups such as Saheli Club and Indian Mums Sydney and receives genuine fulfillment when counselling and advising on financial matters to help women achieve financial independence. She has now also been invited to Lean In Org to be the financial mentor in a workshop series for migrant women. Madhu’s drive lies in genuine connection with the community, recognising that it is built by diverse perspectives and experiences and there is a lot to learn from the young and old collectively. Madhu has sponsored an annual ‘Good Word Award’ at the local public school to support public speaking and communication programs for children for the past 7 years, as well as regular events and outing for the aged South Asian community. Finance & Mortgage Solutions strength lies in guiding, mentoring and coaching clients as well as brokers, which has resulted in growth in cities including Sydney, Melbourne, Brisbane, Adelaide & Canberra. Their services break down a pathway for migrants to financial autonomy into achievable milestones to build a strong, foreseeable financial future in their new country.
ACT2604
ACL: 384375

FAQs

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

Is there a limit to how many times I can refinance?

There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.

I have a poor credit rating. Am I still able to get a mortgage?

Some lenders still allow you to apply for a home loan if you have impaired credit. However, you may pay a slightly higher interest rate and/or higher fees. This is to help offset the higher risk that you may default on your repayments.

I can't pick a loan. Should I apply to multiple lenders?

Applying for home loans with multiple lenders at once can affect your credit history, as multiple loan applications in short succession can make you look like a risky borrower. Comparing home loans from different lenders, assessing their features and benefits, and making one application to a preferred lender may help to improve your chances of success

Will I be paying two mortgages at once when I refinance?

No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

If I don't like my new lender after I refinance, can I go back to my previous lender?

If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.

Can I refinance if I have other products bundled with my home loan?

If your home loan was part of a package deal that included access to credit cards, transaction accounts or term deposits from the same lender, switching all of these over to a new lender can seem daunting. However, some lenders offer to manage part of this process for you as an incentive to refinance with them – contact your lender to learn more about what they offer.

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

How to break up with your mortgage broker

If you find a mortgage broker giving you generic advice or trying to sell you a competitive offer from an unsuitable lender, you might be better off  breaking up with the mortgage broker and consulting someone else. Breaking up with a mortgage broker can be done over the phone, or via email. You can also raise a complaint, either with the broker’s aggregator or with the Australian Financial Complaints Authority as necessary.

As licensed industry professionals, mortgage brokers have the responsibility of giving you accurate advice so that you know what to expect when you apply for a home loan. You may have approached the mortgage broker, for instance, because you have questions about the terms of a home loan a lender offered you. 

You should remember that mortgage brokers are obliged by law to act in your best interests and as part of complying with The Australian Securities and Investments Commission’s (ASIC) regulations. If you feel you didn’t get the right advice from the mortgage broker, or that you lost money as a result of accepting the broker’s suggestions regarding a lender or home loan offer, you can file a complaint with the ASIC and seek compensation. 

When you first speak to a mortgage broker, consider asking them about their Lender Panel, which is the list of lenders they usually recommend and who may pay them a commission. This information can help you decide if the advice they give you has anything to do with the remuneration they may receive from one or more lenders.

Do mortgage brokers need a consumer credit license?

In Australia, mortgage brokers are defined by law as being credit service or assistance providers, meaning that they help borrowers connect with lenders. Mortgage brokers may not always need a consumer credit license however if they’re operating solo they will need an Australian Credit License (ACL). Further, they may also need to comply with requirements asking them to mention their license number in full.

Some mortgage brokers can be “credit representatives”, or franchisees of a mortgage aggregator. In this case, if the aggregator has a license, the mortgage broker need not have one. The reasoning for this is that the franchise agreement usually requires mortgage brokers to comply with the laws applicable to the aggregator. If you’re speaking to a mortgage broker, you can ask them if they receive commissions from lenders, which is a good indicator that they need to be licensed. Consider requesting their license details if they don’t give you the details beforehand. 

You should remember that such a license protects you if you’re given incorrect or misleading advice that results in a home loan application rejection or any financial loss. Brokers are regulated by the Australian Securities & Investment Commission (ASIC), as per the National Consumer Credit Protection (NCCP) Act. 

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

How can I negotiate a better home loan rate?

Negotiating with your bank can seem like a daunting task but if you have been a loyal customer with plenty of equity built up then you hold more power than you think. It’s highly likely your current lender won’t want to let your business go without a fight so if you do your research and find out what other banks are offering new customers you might be able to negotiate a reduction in interest rate, or a reduction in fees with your existing lender.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

How much of the RBA rate cut do lenders pass on to borrowers?

When the Reserve Bank of Australia cuts its official cash rate, there is no guarantee lenders will then pass that cut on to lenders by way of lower interest rates. 

Sometimes lenders pass on the cut in full, sometimes they partially pass on the cut, sometimes they don’t at all. When they don’t, they often defend the decision by saying they need to balance the needs of their shareholders with the needs of their borrowers. 

As the attached graph shows, more recent cuts have seen less lenders passing on the full RBA interest rate cut; the average lender was more likely to pass on about two-thirds of the 25 basis points cut to its borrowers.  image002

Why was Real Time Ratings developed?

Real Time RatingsTM was developed to save people time and money. A home loan is one of the biggest financial decisions you will ever make – and one of the most complicated. Real Time RatingsTM is designed to help you find the right loan. Until now, there has been no place borrowers can benchmark the latest rates and offers when they hit the market. Rates change all the time now and new offers hit the market almost daily, we saw the need for a way to compare these new deals against the rest of the market and make a more informed decision.

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).