Suncorp customers urged to check offset accounts before ANZ takeover
Bea Garcia
- Finance journalist
- Writer
- Researcher
Do you like & trust our expert, human-written content?
Simply click this button to tell Google you want to see more of us in your Google Search Results, AI Overviews and AI Mode answers.
- Suncorp borrowers could lose a key mortgage-saving perk when they're moved to ANZ.
- Money in offset sub-accounts may stop reducing home loan interest after the switch.
- Borrowers are being urged to review their setup before the migration.
Suncorp Bank home loan customers who use multiple offset accounts are being urged to review their arrangements before moving to ANZ, with money held in some accounts set to lose mortgage interest-saving benefits.
As part of ANZ's integration of Suncorp Bank, customers will be moved to ANZ banking products, services and digital platforms by June 2027.
The move follows ANZ's acquisition of the bank in July 2024 and will ultimately see customers transition from Suncorp Bank products to the ANZ brand.
For mortgage holders, one of the biggest changes involves offset accounts.
According to Suncorp, customers who currently use an Everyday Options account in offset mode will be moved to a single ANZ offset account known as ANZ One Offset.
Any linked sub-accounts will become ANZ Access Advantage transaction accounts and will no longer offset the balance of a home loan when interest is calculated.
That means borrowers who have spread savings across multiple offset accounts for budgeting purposes could see some of their money no longer reducing the interest charged on their mortgage unless they take action before the migration.
'A big issue' for some borrowers
Jayden Vecchio, a mortgage broker at Hunter Galloway, said the ability to link multiple offset accounts to a home loan was a key reason some customers chose Suncorp Bank.
Many borrowers use separate offset accounts for day-to-day spending, savings goals, and emergency funds while still receiving the full interest-saving benefit.
"A lot of people have multiple savings or offset accounts linked to the home loan, and it just helps them with their budgeting and even for safety," he said.
"Rather than having one offset account with $50,000 in it. If your card gets hacked, it could be a risk. Suncorp allows you to have more than one."
Image: Hunter Galloway Mortgage Broker Jayden Vecchio (supplied)
That setup will change when affected customers move to ANZ.
Under the migration, only one account will remain linked to a home loan as an offset account, while former sub-accounts will become standard transaction accounts that no longer reduce the loan balance used to calculate interest.
"Any money left in those ANZ Advantage transaction accounts or sub-accounts will no longer offset the loan, which is obviously a big issue for a lot of people who have gotten used to using the multiple offset accounts at Suncorp."
According to Suncorp, customers should consider transferring funds from offset-linked sub-accounts into their main account before the migration if they want to retain the full offset benefit.
Any money left in sub-accounts will be moved into ANZ Access Advantage transaction accounts, which will not offset the home loan balance.
More changes ahead for borrowers
The offset account changes are not the only adjustment facing Suncorp mortgage holders.
Suncorp has warned that customers with significant funds available in redraw could see their minimum repayments increase after moving to ANZ because the two banks calculate repayments differently.
While extra repayments reduce the amount of interest charged at both banks, ANZ generally does not recalculate minimum repayments based on a reduced loan balance in the same way Suncorp does.
For borrowers considering a switch, Mr Vecchio said a number of lenders still offer multiple offset accounts, but refinancing costs should be weighed carefully against any potential savings.
Advertisement
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.19% p.a. | 6.23% p.a. | $3,059 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
6.14% p.a. | 6.05% p.a. | $3,043 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
6.38% p.a. | 6.56% p.a. | $3,121 | Principal & Interest | Variable | $199 | $0 | 70% | |||||||||||||
6.23% p.a. | 6.23% p.a. | $3,072 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
