Compare Suncorp home loans

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on February 23, 2022 Fact Checked
Compare Suncorp home loans

Learn about Suncorp’s home loans and find out how they compare to loans from other lenders.

Suncorp is a Queensland-based financial institution that first launched in 1902 as an agricultural bank. Today, Suncorp employs more than 13,000 people and has more than nine million customers across Australia and New Zealand. It has grown to become the sixth-largest bank in Australia in terms of market capitalisation.

Suncorp offers personal and business bank products and services such as savings accounts, home loans, credit cards, term deposits, insurance, and superannuation.

What home loans does Suncorp offer?

Suncorp offers home loans for refinancers, owner occupiers, first home buyers, and property investors.

It offers variable and fixed rate home loans, and customers have the option of paying principal & interest, or interest-only.

See some of Suncorp’s home loans for owner occupiers in the table below:

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Suncorp home loan features

Suncorp features three main home loan product lines, including a ‘Back to Basics’ home loan, variable rate home loans, and fixed rate home loans. Features include:

  • 100% mortgage offset: Some Suncorp home loans allow you to save on interest by linking the loan to a Suncorp Everyday Options bank account that can be put in “offset mode”.

  • Suncorp package: For an annual fee, you can bundle other Suncorp products (like bank accounts and credit cards) into your home loan, while also obtaining interest rate discounts.

  • Redraw facility: Suncorp Cashback lets you withdraw additional repayments you’ve made via internet banking.

  • Split option: You can split your loan between fixed and variable rates to offer the flexibility of variable with the payment certainty of fixed.

  • Rate lock: Lock in your fixed rate from time of application for up to 90 days.

The ‘Back to Basics’ home loan line also comes with no ongoing account keeping fees. For fixed rate home loans, customers can fix for a period of up to five years.

“We know what’s important to our customers, and we are committed to delivering banking that is good for them and for the world.” - Suncorp Bank CEO Clive van Horen.

Suncorp cashback offers

Suncorp generally has two ongoing cashback offers.

  • Solar Home Bonus: Eligible home loan applicants for homes fitted with a solar power system could receive up to $3,000.

  • Cash Bank Boost: New customers on eligible home loans could receive up to $3,000 cashback.

How to apply for home loan with Suncorp Bank

Eligibility criteria

Before you can apply for Suncorp home loans, you must meet the following requirements:

  • You must be at least 18 years of age

  • You must be an Australian resident

  • You must be employed or earning a steady income

  • You must have a good credit history for the past five years

  • You must not be bankrupt or insolvent

  • You must not have any past or present claims or judgements against you

If you meet all the requirements, you can get started with your home loan application by completing a pre-approval application form online. You can also speak with a home loan lending specialist in a branch or call 13 11 55 to request a callback.

Documents needed

To apply for a Suncorp home loan you’ll probably need the following documents:

  • Personal ID such as a drivers licence, Australian Passport, Medicare card etc.

  • Proof of income, such as your latest PAYG statement for the last three months

  • If you’re self-employed, your last two years of tax returns and a notice of assessment from the ATO

  • Proof of residence if you are a homeowner or a tenancy agreement if you are renting

  • Asset and liability documents

  • Proof of savings, term deposits, managed funds etc.

Photo by Harrison Astbury

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Harrison is's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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