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FAQs

Who can borrow money?

Anyone over 18 who can meet repayments can apply for a home loan. You don't have to be an existing customer. We look for someone who is receiving a regular income and we need to know what your current debts and expenses are.

How much deposit do I need?

The deposit required will depend on the type of transaction and loan facility you choose. If you are looking at investing or purchasing your own property you can borrow up to 95% of the purchase price or in same cases higher. If you are looking at purchasing vacant land you can borrow up to 90% of the purchase price or valuation (whichever is the lesser).

For HOME LOANS and INVESTMENT LOANS, lenders mortgage insurance may be payable if the loan is more than 80% of the value of the property. This percentage may vary, depending on the type of home loan. Where lenders mortgage insurance is payable, terms and conditions apply.

First home owners may also qualify for the first home owners grant, which can be used towards Government, legal and bank fees. We can help fill out the first home owners grant application with you and send it with your application to the bank you have chosen.
If you intend on borrowing for investment purposes you can use the equity available in your current owner occupied property or other investment properties

What is Lenders Mortgage Insurance (LMI)?

This is a once only premium payable by the borrower at establishment of the loan. Most lenders will insist on LMI cover whenever the loan is greater than 80% of the value of the property. It protects the lender (only) in case of default on the loan. If the lender takes possession of a property after a borrower defaults and there is a shortfall on the sale of the property, the insurer will cover that shortfall. The insurer will then seek reimbursement from the borrower.
 

For what purposes can I borrow money?

• to buy a residential property
• to buy a residential investment property 
• to refinance an existing mortgage
• to refinance an existing mortgage and consolidate your other debts
• to refinance an existing mortgage to purchase a new Boat, Car etc
• for investment purposes (other than property) where you provide enough equity in property as security
• for business purposes

Will the bank require a property valuation?

In most instances, a valuation will be required.

How much can I borrow?

The minimum for a loan is $10,000. The maximum loan amount depends on your borrowing capacity. Our loan calculators can give you an idea of how much your monthly repayments would be and how long you could take to repay the debt.
Once you submit your full application, we will assess your financial position and confirm the loan amount and term you have requested.

What about the First Home Owners Grant?

The Government's first home owners scheme has been introduced to offset the impact of GST and assist first home buyers.
Suncorp can make it easy for you to apply for your $7,000 Grant. We can also arrange prompt payment, and show you how to best use the money.

What sort of Fees or Charges will apply to my home loan?

Various bank fees and charges may apply for each of our home loans.

What is the difference between fixed and variable rates?

A fixed interest rate does not vary for the fixed rate period, so payments remain constant for this period.
A variable interest rate may vary according to market conditions, and may increase or decrease at any time. Your loan payments will change accordingly to reflect this change in interest rate.

What is pre-approval and how do I get it?

Pre-approval is a conditional approval based on your ability to repay a loan. This means that you can search for a home, knowing how much the bank can lend you. To apply for pre-approval, call us on 08 8575 1236.

How early can I repay my loan?

You can pay out your loan as quickly as you like. If it is repaid within the first 4 years, a deferred establishment fee will apply. There is also a fee for finalising your home loan. If you have a fixed rate home loan and want to break the term, an early repayment adjustment fee may also apply.

Can I pay extra each month?

You can pay extra in addition to your regular monthly repayment on our variable rate home loans at any time.
With fixed rate home loans, additional repayments may incur an early payment interest adjustment fee.

Can I pay-out my home loan at any time?

You can pay out your loan as quickly as you like. If it is repaid within the first 4 years, a deferred establishment fee will apply. There is also a fee for finalising your home loan.
If you have a fixed rate home loan and want to break the term, an early repayment adjustment fee may also apply.

What is direct salary crediting and how do I establish it?

You can have your salary directly credited into your loan account on a weekly, fortnightly or monthly basis. This will need to be established through your employer.

Be aware to seperate the interest payable for investment loans as compared to your personal loans, as the ATO needs to see them seperated. You can do this via a split loan which seperates the 2 portions of interest.