Suncorp Bank is a financial institution that was established in 1902 as Queensland Agricultural Bank. It has since grown to be one of the leading banks in Australia. Today, Suncorp Bank operates branches across the country.
Suncorp Bank is a part of Suncorp Group, which employs over 13,000 people and serves more than nine million customers. Suncorp Group is a top 20 ASX-listed company with $96 billion in assets.
Suncorp Bank personal loan repayment calculator
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Suncorp Bank personal loans rates
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Unsecured Personal Loan Fixed
based on $30,000 loan amount for 5 years
Fully drawn advance
Unsecured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
- Secured and unsecured loans available
- Low personal loan interest rates
- Allows additional repayments
- Charges an establishment fee
- Charges a monthly fee
- Cannot borrow more than $80,000
Features of a Suncorp Bank personal loan
Suncorp Bank provides its customers with secured and unsecured personal loans. Customers can choose between fixed-rate loans and variable-rate loans.
Borrowers are charged a one-off establishment fee as well as a monthly account-keeping fee, but these may be waived for some Suncorp home loan customers.
Suncorp Bank allows additional repayments, and there is no fee for an early payout if the loan has been held for more than 12 months. For fixed-rate loans, an early payout fee may apply if the loan is paid off within 12 months of settlement and the term of the loan exceeds 12 months.
Suncorp Bank personal loan rates tend to be very low for secured loans and moderately low for unsecured loans.
Suncorp Bank personal loans have a maximum term of seven years and a maximum loan amount of $80,000.
Suncorp Bank personal loans – customer service
Suncorp Bank can be contacted by phone, email and within any Suncorp Bank branch. New borrowers can call Suncorp Bank on weekdays 8.30am-7pm (AEST), while existing loan customers can reach the lender on weekdays 8am-6pm (AEST).
Customers also have access to internet banking to manage their financial products.
Who is eligible for a Suncorp Bank personal loan?
- Must be a permanent Australian resident
- Must be aged 18 years or over
- Must employed or receive regular income
- Must have kept a good credit record for the last five years
- Must not be or have been bankrupt or insolvent
- Must have no past, present or pending judgements or claims against you
How to apply for a Suncorp Bank personal loan?
Borrowers may apply for a personal loan either online, in-branch or over the phone. Applying online involves the following steps:
- Click ‘Apply Online’.
- Choose between ‘Existing Customer’ and ‘New Customer’.
- Read the terms and conditions and select ‘Agree and continue’.
- Complete the online application form.
- Submit the online application form.
- You should get a preliminary outcome in 15 minutes.
Suncorp Bank personal loans review
Suncorp Banks offer a range of personal loans, including secured and unsecured options with both variable and fixed interest rates. Suncorp Bank personal loans have a maximum amount of $80,000 and a maximum term of seven years.
Suncorp Bank charges an establishment fee upon approval and a monthly account-keeping fee. There is no fee for extra repayments and no fee for early payout after the first 12 months for fixed-rate loans. Those on variable-rate loans won't be charged for paying off the personal loan early.
In terms of personal loan interest rates, Suncorp Bank interest rates are generally moderately low, but vary depending on the loan you choose.
To secure the best personal loan rates, borrowers should research more than one personal loan lender. When borrowers compare personal loan rates from several lenders, they are able to choose the loan and rates that suit them best.
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If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
The No Interest Loans Scheme (NILS) allows low-income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.