Suncorp Bank mortgages are popular in Australia for their special home loans. They can offer low interest rates, some even lower than other Aussie banks. Depending on what special offers Suncorp has available, their home loans can benefit different types of borrowers. Their offerings can vary, which makes them a wildcard when you’re looking for mortgages.
Suncorp Bank home loans are great for different needs. Their lending policies usually offer excellent fixed and variable rates. Those with more savings will likely get better offers from the bank.
Many of Suncorp’s specials offer an excellent way for borrowers to get started. Their Deposit Kickstart, for example, can help first-time homebuyers get into the market. It also helps that they have a delegated underwriting authority (DUA) with QBE Insurance Group.
Loans can get faster approvals and more flexible credit policies through DUA. Suncorp does their assessment through due diligence rather than credit score. This process can help people with bad credit scores to get a proper mortgage.
Suncorp Bank has some of the lowest Lenders Mortgage Insurance (LMI) options on the market. All these translate to a better value for different types of homeowners. Whether you’re looking for financing for dual occupancy or refinancing, a Suncorp mortgage can be the right candidate.
Suncorp Bank offers three types of mortgages to their customers. These types offer different advantages according to different needs.
Suncorp’s Back To Basics loan is a no-frills variable rate mortgage. It offers a 2.78% per annum, with a 2.79% per annum comparison rate. With the right special, this can offer a competitive value to borrowers.
Other rates include a standard variable and a fixed rate option. Suncorp has excellent specials with their 3-year and 5-year fixed-rate loans.
The most significant disadvantage with Suncorp Bank mortgages is their fickle nature. Their lending policy is among the most inconsistent in Australia, which is problematic. Even loyal customers can experience issues when dealing with the bank.
Suncorp is also infamous with how their special offers make them unpredictable. There are times when their Back to Basics offer is the best due to deep discounts. Sometimes, their best deals are for 95% home loans.
It’s hard to gain the confidence of customers if your bank changes its offer value every time. It doesn’t help that they can take a ton of time when assessing your loan application.
If you’re looking for a home loan, a Suncorp Bank mortgage could be right for you. With the right package, you would likely get a great deal.
Are you looking for the best mortgages? Check our home loan reviews and compare different providers to pick the most ideal for you. Find the best picks that will give you excellent value for your hard-earned money.