- Suncorp Bank is one of Australia's top 10 home lenders
- The Queensland-based bank was acquired by ANZ in 2023 but retains its own home loan products and sets its own interest rates
- A unique feature of Suncorp home loans is the the ability to offset up to nine sub-accounts to a variable-rate loan
Suncorp may be better known as a Queensland-based insurer (and stadium sponsor), but Suncorp has offered banking services since 1996.
In 2024, Suncorp Bank was acquired by the smallest of the big four banks ANZ in a bid to expand the big bank's share of the national home loan market.
But Suncorp continues to operate under its own branding and offers home loan products independently of its big bank parent.
Suncorp home loan interest rates
Here are the current advertised and comparison rates on Suncorp's range of home loans:
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.08% p.a. | 6.09% p.a. | $3,024 | Principal & Interest | Variable | $0 | $0 | 60% | |||||||||||||
6.08% p.a. | 6.09% p.a. | $3,024 | Principal & Interest | Variable | $0 | $0 | 70% | |||||||||||||
6.13% p.a. | 6.48% p.a. | $3,040 | Principal & Interest | Variable | $375 | $0 | 60% | |||||||||||||
6.13% p.a. | 6.48% p.a. | $3,040 | Principal & Interest | Variable | $375 | $0 | 70% | |||||||||||||
6.13% p.a. | 6.14% p.a. | $3,040 | Principal & Interest | Variable | $0 | $0 | 80% | |||||||||||||
6.18% p.a. | 6.53% p.a. | $3,056 | Principal & Interest | Variable | $375 | $0 | 80% | |||||||||||||
6.18% p.a. | 6.19% p.a. | $3,056 | Principal & Interest | Variable | $0 | $0 | 60% | |||||||||||||
6.22% p.a. | 6.23% p.a. | $3,069 | Principal & Interest | Variable | $0 | $0 | 70% | |||||||||||||
6.23% p.a. | 6.24% p.a. | $3,072 | Principal & Interest | Variable | $0 | $0 | 80% | |||||||||||||
6.24% p.a. | 6.54% p.a. | $3,075 | Principal & Interest | Fixed | $375 | $0 | 80% |
Suncorp home loans
Suncorp offers three main home loan products available to both owner occupiers and investors:
Back to Basics home loan
- Suncorp's lowest variable-rate basic home loan offering
- no monthly account keeping or ongoing annual fees
- no establishment fees if taken out as part of a package home loan
- discounted interest rate with a linked transaction account
- unlimited additional repayments
- redraw facility
- flexible repayment options - weekly, fortnightly, monthly
- suitable for construction loans
Standard Variable home loan
- comes with offset account (up to nine multiple sub-accounts available)
- discounted interest rate with linked transaction account
- no loan establishment, account keeping, or offset fees with package home loan option
- fees apply, including monthly fee, if loan taken outside package option
- unlimited additional repayments
- redraw available
- flexible repayment options - weekly, fortnightly, monthly
- suitable for construction loans
For both variable-rate loan products:
- interest-only repayments available for construction loans only
Fixed-rate home loans
- one, two, three, and five year fixed terms available
- discounted interest rate for linked transaction account
- no loan establishment or account keeping fees with package home loan option
- no redraw or offset available during fixed rate period
- flexible repayments although monthly option advised (weekly/fortnightly options available but may lead to overpayment during fixed period)
- extra repayments permitted up to $500 monthly during fixed period (without penalty)
- not suitable for construction loans
Suncorp home loan establishment fees
For all loans, establishment fees (if applicable) vary according to loan-to-value ratio (lower fee for loans less than 90% LVR)
Other Suncorp home loans
What makes Suncorp home loans different?
Multiple offset sub-accounts
Suncorp allows borrowers to link a main offset account and up to nine sub-accounts, with the balances of all accounts counting towards the offset amount. This allows borrowers to allocate funds to different 'buckets' while maximising their home loan offset. Some lenders permit only a single offset account.
Home Package Plus
Suncorp offers discounted rates and fees to customers who link their loans to an Everyday Options transaction account. This allows borrowers to access a discounted interest rate and save on home loan fees.
LMI waivers for medical practitioners
Suncorp offers Lenders Mortgage Insurance (LMI) exemptions for medical practitioners. To be eligible, you need to be a registered practitioner with AHPRA, have an LVR below 90%, and a loan amount between $250,000 and $1,500,000. Practitioners taking out bridging loans, construction loans, and refinances of existing Suncorp Bank home loans are ineligible.
Dedicated 'home loan expert'
If you head to the Suncorp website, you'll find a list of 'home loan experts' for each state and territory, covering a specialist area. You can contact them directly for assistance with your loan. If you choose to request a call back, the website pledges you'll receive one within two hours, or the following business day.
Suncorp home loans: Pros & Cons
Pros
- Multi-offset option: The ability to link up to nine sub-accounts to an offset transaction account is a standout among lenders
- LMI waiver for medical practitioners: Suncorp joins a small number of select banks and lenders in offering an LMI waiver to eligible medical practitioners. (Other lenders can also extend such waivers to other professions)
- Fast approvals for 'clean' applications: Applicants with good borrowing credentials and 20% deposits can see quick approval times
- Open to self-employed applicants: For some established, stable businesses, Suncorp can offer approval times in line with PAYG applicants (within two days at the time of writing). More complex structures may need to provide more documentation and approvals will take longer
Cons
- No guarantor home loans: Suncorp no longer offers home loans with family guarantees. If you are after a guarantor home loan, it's best to look elsewhere
- LMI waiver strictly limited: Suncorp's LMI waiver is limited to medical practitioners only while other lenders will extend waivers to allied health professionals, lawyers, accountants, engineers, and other high-income professionals
Suncorp Bank Home Loans Review
Pros of Suncorp home loans
Multiple offset account option: "Suncorp has multiple offset accounts available. If you compare that, for example, with ANZ, they only give you one offset per mortgage, whereas Suncorp give you up to nine offset accounts per loan."
Low package fee: "The annual fee you pay for those multiple offset accounts is pretty cheap."
Cons of Suncorp home loans
Not the best for guarantor loans: "We don't really do guarantor loans with [Suncorp] because it wasn't the easiest." [Update: Suncorp no longer offers the Deposit KickStart family guarantee home loan product.]
Tough on exit strategy: "Suncorp are hard, very strict on age. Even if you're 40 and you get a 30-year loan, they are going to start asking you questions about when you retire, how you'll pay the loan off."