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.
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Pros and cons
- 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
Suncorp Bank personal loans rates
based on $30,000 loan amount for 5 years at 11.08%
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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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Where can I get a personal loan?
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.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
How long does it take to get a student personal loan?
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.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.