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About Suncorp

Part of the broader Suncorp Group, Suncorp Bank had its beginnings in 1902 as the Queensland Agricultural Bank. It now services customers across Australia and New Zealand, offering insurance and banking products.

Suncorp Bank partners with organisations including Netball Australia, Youngcare, OzHarvest and Queensland SES as part of its commitment to supporting local communities.

Suncorp home loans at a glance

Offset accounts available
Redraw facilities available
Line of credit available
Split rate option available
Green loan available
Ability to make extra repayments
Internet banking available
Salary crediting
Choice of repayment flexibility
Refinance available
Services first home buyers

What types of home loans does Suncorp offer?

Suncorp’s range of home loan products on offer currently includes:

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Who does Suncorp lend to?

Suncorp offers a wide range of home loans, containing products that may be appropriate for first home buyers (whether they’re buying with a guarantor or not), refinancers, those looking to build their own home on vacant land, property investors and more.

However, when it comes to what types of borrowers Suncorp lends to, there are a few points that prospective borrowers should keep in mind.

The first is that Suncorp has a minimum required loan-to-value ratio (LVR) of 95%, meaning you are unlikely to be approved for a home loan with Suncorp if your saved deposit is less than 5% of your total proposed loan size.

Suncorp also likely won’t give you a home loan if you’re unable to repay your proposed home loan at a rate 3% higher than the advertised interest rate. This is because the Australian Prudential Regulation Authority (APRA) requires all lenders to assess an applicant’s ability to service their proposed home loan in the event of interest rate hikes.

Can I get a Suncorp home loan as a first home buyer?

Yes, Suncorp provides home loans to first home buyers. As well as having a home loan product specifically designed for first home buyers, they also have several tools and resources available to help first home buyers navigate the process of buying a home.

Does Suncorp offer the Home Guarantee Scheme?

No, Suncorp isn’t one of the 33 participating lenders chosen by the Federal Government to offer the Home Guarantee Scheme. Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender, so if you were hoping to access the Home Guarantee Scheme, you may want to apply with a different lender.

The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, without having to pay lenders mortgage insurance (LMI).

Can you refinance your home loan with Suncorp?

Yes, you can switch your home loan to Suncorp from another bank by refinancing. Borrowers refinancing their loan with Suncorp can choose either a fixed, standard variable rate or split rate loan to switch to and can add a redraw facility and/or an offset account to eligible loans.

Does Suncorp charge Lenders Mortgage Insurance (LMI)?

Suncorp advises that you’ll need to pay LMI if you’re borrowing more than 80% of the value of a property (i.e. your LVR is greater than 80%). You could potentially avoid paying LMI by saving a larger home loan deposit.

What home loan fees does Suncorp charge?

As of 16 May 16 2024, Suncorp charges the following home loan fees. Please note that any given fee may not apply across all Suncorp home loan products, and that these fees are subject to change without notice.

  • Establishment fee – $600
  • Establishment fee for loans with an LVR of 90% or greater – $990
  • Additional valuation fee – $150
  • Guarantor fee – $200
  • Renegotiation fee – $300
  • Monthly account keeping fee – $10

Interested in a Suncorp home loan? Compare with us today!

If you want to learn more about Suncorp home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders.

Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists on-hand to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork.

So, if you’re in the market for a home loan, compare your options today with Compare the Market.

Stephen Zeller, Home Loans Expert

Meet our home loans expert, Stephen Zeller

Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).

Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.

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