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Suncorp Package Loan - Variable Rate of 4.69% Pa - No Package Fees for The Life of The Loan

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Suncorp Package Loan - Variable Rate of 4.69% Pa - No Package Fees for The Life of The Loan
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Associatedwongsun @ Suncorp on 29/10/2014 - 17:07 suncorpbank.com.au (2414 clicks)
Last edited 30/10/2014 - 10:15 by 1 other user

Suncorp are running a spring promotion on their Home Package Plus home loan for new customers only.

Promotional variable interest rate of 4.69% pa for loans with a LVR of 80% or less.

The package fee of $375pa is also waived for the life of the loan. This is a saving of up to $11,250 over the life of a 30 year loan.

Some features of the package include:

  • 100% offset account
  • Waiver of the annual fee on a standard, gold or platinum Suncorp credit card
  • Ability to fix portion of loan
  • No setup or establishment fees
  • discounts on general insurances with Suncorp

This is a great package and won the 2014 Smart Investor Blue Ribbon awards for the category.

I am a finance broker and have access to more info than what is available on the retail website. Can't see a mention of the package fee waiver on the retail site, but it definitely applies.

If you want to help or more info feel free to personal message me and I can help set it up for you or point you in the right direction.

Applications must be received before the 12th December 2014.

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closed Comments

  • Lancerx on 30/10/2014 - 15:52
    +1

    Bloody hell the reps on the phone were pretty useless I have to say!

    I phoned up to request 80% LVR of 600k loan for house and land (title due Jan 15), which I already have unconditional finance approval from Bankwest (contract not signed yet though). The rep on the phone just said "Sorry there's no way we couldn't offer finance approval as part of the package to you now as your title is due in Jan, and the offer expire 12/12" Then, I asked her why is Bankwest able to do so? She just said "I don't know, sorry we couldn't help you as we only offer loan to titled lot only" I asked her again is there any way it could be done since bankwest is able to do so without any fuss? She still insists nothing she can do and wished me good day…Well too bad then, I was also thinking of refinancing 3 other home loans worth 1 mil to her, and she just lost my business…

    Seriously? I would have fired them if they were my staff! No effort or desire whatsoever to secure a new customer! Guess I just stick to my bankwest package then, rather pay $395 a year than have to deal with some incompetent rep.

    • BargainInAustralia on 30/10/2014 - 18:28
      +1

      I had this question earlier, this promo can only be used for someone settling in 2014. Any settlement after 2014 appears ineligible in their small print.

      • Lancerx on 30/10/2014 - 19:08

        Well, ended up getting better bargain from bankwest..after I mentioned this deal from suncorp, they lowered all my loans to 4.69% ( two of them 4.8% and one on 5.14%), I ended up saving even more (about 2k saving in interest annually even with the package fee included) :) Sometimes you just gotta ask ..;)

        • Jster on 31/10/2014 - 01:29

          How is your bankwest loans a better bargain if you're still paying the package fee?

        • Lancerx on 31/10/2014 - 01:48

          @jsavory:

          Well it's complicated.. I got few loans with bankwest.. And since suncorp couldn't help me, so I asked bankwest to match offer.. They ended up reduce rate for all my home loans worth over 1.2 Mil, which suncorp won't even try to do business. Just by reducing 0.5% on one loan, and no frills involved, I already saved almost 2k annually, so yes 395 is a small price to pay for piece of mind.

        • Jster on 31/10/2014 - 02:30

          @skyl: So if you're happy with Bankwest that absolutely fine, but if you are paying 4.69% now plus $395 fee, you are paying more than this Suncorp deal correct?

        • Lancerx on 31/10/2014 - 12:30

          @jsavory:

          Well, in that context yes, it does look like I'm paying more. But home loan is all about the big picture, especially when you have few home loans as investment. Bank like Suncorp won't touch some of my loans (untitled lot & 90% LVR loan), hence no point of me even thinking of taking up this offer. However, I managed to use this offer from Suncorp to make Bankwest increased my permanent discount to 1.2% off standard variable rate to ALL my loans which is pretty dam good.So yes, hope this finally made sense to you.

  • kimba88 on 31/10/2014 - 12:54

    ANZ don't seem to want to even take this deal or CUA's deal into consideration for helping me out. Anyone else had any luck with getting ANZ to budge on a $300,000 loan with 88% LVR?

    • Lancerx on 31/10/2014 - 13:08

      FYI ANZ is probably the worst of the bunch out there when it comes to loan..Been there myself so I know..the only thing I see good about ANZ now is they got ATM pretty much every Caltex station LOL

    • Jster on 31/10/2014 - 14:23

      Initial response from my ANZ account manager - "I will email our Pricing Team and request a lower rate for you. The turn around time is between 24 - 48 hours so I may not get back to you until Monday. I know that Suncorp is very aggressive with their rate discounts at present and I fear I will be unable to match the 4.69% you are quoting" Also this - "The annual fee ($375) on the Breakfree package can not be waived" I am commencing my Suncorp application as we speak :)

    • pumpkins on 31/10/2014 - 14:44
      +1

      ANZ had the same response for me, even with significant lending all less that 80% LVR. Currently on 4.88, said they expect the pricing team will come back with 4.80. Will wait til they come back formally, but looks like I'm moving.

      They guy actually asked where I found the Suncorp offer as they'd had large numbers of enquiries but saw nothing re advertising so had no idea how word was getting around :-P

      • pumpkins on 03/11/2014 - 19:53

        Ended up offering 4.77% based on my lending, and waived only 1 year of the breakfree package. Decision time.

        • naira on 04/11/2014 - 11:44

          ANZ is the worst. Saw them on Thursday, I was told that someone will call me monday or Tuesday. Went back today (Tuesday) as I have not heard anything, I was told I was getting already a good deal at 5.08% Plus package fee of $375. They won't budge. I will move out from them and never go back with ANZ. I will let my friends know to get out of ANZ.

        • edgar28 on 13/11/2014 - 19:00

          @naira:
          yup, my friend and myself already moved away from ANZ…….
          they expect people to trust them with "you already get a best deal from us or you not going to get better deal other than this"

          some do believed them and stays on

  • sagrules on 31/10/2014 - 16:05

    Sorry if this has already been covered but does Suncorp charge for withdrawing from ATMs? And are their cards valid at all ATMs?

    • Jster on 31/10/2014 - 16:37

      This package includes unlimited fee free use of Suncorp and Bendigo Bank atms and some other atms (where specified on their website) eg. some redi atms where there is no Suncorp atms anywhere near them. Definitely need to check your locality if this is a big issue for you, I suspect regional areas could be a problem for many.

      • sagrules on 31/10/2014 - 16:45

        Thanks for replying. I have just called them and they have reiterated the same thing. They also have a postcode finder to see what ATMs are available at your local area.

      • delfredo on 04/11/2014 - 11:04

        Just bank with other banks such as CBA or ING Direct. You don't have to have your everyday banking account and home loan account with the same bank. Use ING Direct, make minimum $1K deposit monthly (no requirement to maintain that balance), and you can use any ATM in Australia for free. Always try to get the best of both worlds.

    • linoc66 on 04/11/2014 - 22:48

      Get cash when you use eftpos, buying fuel (usually max $50) or groceries (~$200) etc, I haven't used an ATM for >3yrs

      Funny how some wholesale customers still give us a cheque when wanting to COD rather than simply direct debiting the business account

      Smarter ways to handle finances/reduce fees these days

  • Jster on 31/10/2014 - 16:59
    +1

    Spoke to a Suncorp Lending Manager today, very helpful. They don't even charge a valuation fee. It's pretty much just govt. charges (which depend on your state) and $300 discharge fee at the end of the loan.

    • Geewhizz on 05/11/2014 - 10:19

      Thanks for posting this, was wondering about valuation fee

  • Duece1995 on 31/10/2014 - 23:16

    Can you apply for this loan for 15 years or does it have to be a 25 year loan to get this rate?

    • unity1 on 01/11/2014 - 07:52

      It shouldn't matter should it? If it starts out as 25 years you simply adjust your repayments as though you were taking out a 15 year loan.

  • linoc66 on 04/11/2014 - 23:33

    @Wongsun,

    Quoting your OP - "Ability to fix portion of loan"
    Firstly; does that mean the entire amount can't be fixed?

    2nd; From site; http://www.suncorpbank.com.au/home-loans/genuine-offer
    Disclaimer:
    3. Does not apply to fixed rate loans.

    Assuming its related to these fixed options?? http://www.suncorpbank.com.au/home-loans/options/fixed-rate-…

    However;
    The "Home Package Plus" page; http://www.suncorpbank.com.au/home-loans/options/home-packag…
    "Home Package Plus Fixed Rate Special Offer" lists the 3yr fixed @ 4.89% p.a.
    (Which is a different rate to their 3yr "Fixed Rate Home Loan" @ 5.13)

    However nothing mentioned about the 5yr rate on the Plus deal, Any idea?

    Ta

  • uccoffee on 05/11/2014 - 11:26
    +1

    just rang ANZ and they cannot price match.. any one using suncorp? How is their service and which Credit card do you get with their package?

    • Geewhizz on 06/11/2014 - 16:13

      "During your time in this Package, you won’t pay the annual card fee on either our Standard, Gold, or Platinum Suncorp Bank Clear Options Credit Cards"

  • Duece1995 on 06/11/2014 - 16:24
    +1

    I can confirm 4.70% is the comparison rate one off $220 processing fee and you can take a loan anywhere from 8 to 30 years.

    I rang ANZ they basically said get lost we can't do any better than 5.09% Time to change.

    • ciab on 06/11/2014 - 18:24

      Nice one. Screw the big 4 and their BILLION dollar profits.

    • Geewhizz on 09/11/2014 - 07:58

      one off $220 processing fee

      This is typical of where it all becomes confusing for firt-home buyers. This processing fee doesn't necessarily contradict this earlier claim, but it wouldn't necessarily be expected.

      No setup or establishment fees

      Someone who has done/ is doing this switch, are their legal fees also on top of this?

      • Duece1995 on 10/11/2014 - 07:03

        It might of been a settlement fee.

        In any case I currently pay a $375 annual fee anyhow.

      • Jster on 19/11/2014 - 14:08

        I'm in the process of swapping. Conditional approval took about a week and the valuation was done 2 days later. Only fee I've been told about (apart from the govt. fees of a few hundred) is a discharge fee at the end of the loan of $300/$350. If anything else crops up I will update this.

  • fleetoiler on 10/11/2014 - 00:41
    +1

    Anyone an existing customer with Suncorp loans tried getting this applied to an existing HPP with Suncorp? I thought about ringing up but would love to know if anyone has had success already and what story to tell them? Unfortunately a portion is fixed until Feb next year so I can't threaten to leave just yet.

  • linoc66 on 10/11/2014 - 00:45
    +1

    For anyone not aware there's some great discussions including info from brokers about this and other loans at WP
    https://forums.whirlpool.net.au/forum/150?g=368

  • tissue on 03/12/2014 - 06:54

    Just to keep anyone looking at this aware, Suncorp are snowed under with applications so be aware if you have a short settlement period.

    I'm currently going through the motions and thought it is worth commenting on.

    • naira on 03/12/2014 - 07:06

      what is wrong with a short settlement period? How many days is short? I just sent the final signed formed thursday last week.

      • tissue on 03/12/2014 - 13:29

        http://forums.whirlpool.net.au/forum-replies.cfm?t=2343016

        Looks like im not the only one. Seems they are taking 14 days min to just get finance approval - I know my process isnt much different. If they are taking that long just for approval you might be pressed if you had a 30 day settlement, for example.

        It wouldnt affect anyone that was refinancing, but more for new purchases.

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