This was posted 6 years 6 months 21 days ago, and might be an out-dated deal.

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Suncorp Home Loan 3.68% (3.69% Comp Rate) before Bonus Rebates up to 0.25% p.a.

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Suncorp Home Loan 3.68% (3.69% Comp Rate) before Bonus Rebates up to 0.25% p.a.
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AssociatedLFlongle on 25/09/2017 - 11:55 unbiasedmortgagebrokers.com.au (563 clicks)
Last edited 25/09/2017 - 11:59

This is a great, low cost variable rate which also includes a free separate transaction account with free Visa Debit Card.

  1. Free everyday bank account included
  2. Unlimited extra payments
  3. No monthly or ongoing fees
  4. From Suncorp - A leading Australian bank
  5. Bonus Monthly Rebates up to 0.25% p.a. from us!

The bonus monthly rebates are paid by us as we rebate all lender commissions to you to ensure independence, charging a fixed fee instead. Suncorp's Upfront commission exceeds our fixed fee and it's monthly trail commissions start at 0.15% p.a for the first 3 years, then step up to 0.25% p.a.

This Suncorp + Unbiased was a great offer even before the Citibank Basic offer ended, but now it's even better.

Unbiased Mortgage Advisers is Credit Representative of ZIPPLER PTY LTD, ABN 55 604 626 511, an Australian Credit Licensee (no. 484655)

Financial Home Loan Mortgage Broker Suncorp

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closed Comments

  • itajac on 25/09/2017 - 12:04

    Is an offset account included?

    • FloatingPoint on 25/09/2017 - 12:09
      +1

      Looks like it's just the same offer from the bank, so no offset account
      https://www.suncorp.com.au/banking/loans/home-loans/basics.h…
      The only different is their 0.15/0.25% rebate

    • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 12:24

      Hi, thanks for the question, and no offset on this one.

      However we have a Australian bank that's not advertising its special that has an offset account. The rate's slightly better, but it has a $395 annual fee.

      Because it's a non-sadvertised deal that could be withdrawn quickly, we haven't posted it here.

    • ely on 25/09/2017 - 12:31

      Redraw is available. I don't really get the offset account obsession, I just leave all my cash in the mortgage. Unlimited redraws at no cost in my case, but I really only do one a month anyway - pay goes into the mortgage, all expenses go on credit cards and I just redraw monthly to pay them off.

      • chumlee on 25/09/2017 - 14:56

        Agree. I don't understand the obsession with offset account unless you plan on renting the house out and negative gearing it.

        Pay off the mortgage as quick as possible should be the goal

        • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 15:23

          Absolutely. Smallest possible loan. Largest possible payments.

      • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 15:14
        +1

        Offset accounts are not for everybody and the way you approach it would work with a loan like this one.

        However there are some times having an offset account might make more sense:

        1. All you have is investment debt and you want to use your savings to offset interest. If you put that money into your investment loan, redrawing for any other purpose can mess with your tax situation.
        2. Like most businesses, you like simple visibility of your savings vs. your general cash vs. your debt.
        3. The offset account comes free (properly free) like ING Orange Adfantage if you deposit your salary to it.
        4. Redraw only has hurdles like minimum redraw a=mount, access delays, redraw fees etc.
        5. The offset account is effectively free cause the extra cost is offset or exceeded by the spending money you like to keep in hand.

        The rule of thumb is that everybody is individual so it comes down to a combination of factors like your banking pattern vs. the deals you can secure with/without offset… and that bit is a whole other post on it's own :)

        • ely on 25/09/2017 - 17:49

          Yeah, I don't mean to suggest that it's not a good option sometimes, it just seems like many people assume that they need it even though redraw would be fine in most of those cases :)

      • SuiCid3 on 25/09/2017 - 19:39

        If you aren't aware, you will be in for a MASSIVE headache if you ever decide to turn this into an investment property while still under mortgage.

        • ely on 25/09/2017 - 20:09

          Investment property? I would have already surrendered all self respect at that point in time, so probably wouldn't care much anyway ;)

      • itajac on 25/09/2017 - 20:10

        For me personally, it's because I own less than 150k with the offset in place, so if I were to pay that into the mortgage it will be difficult ( if not impossible) to access a better deal. Also for my family circumstances, it's best kept in the offset :)

  • bohn on 25/09/2017 - 12:07
    +1

    Any investment P&I or IO deals?

    • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 12:30

      Hi, Thanks for the question, Yes… 4.09% (4.23% Comp Rate) before Bonus Rebate of 0.2% p.a.

      Lenders have really switched to rate for risk so the deals can vary significantly dependent on your scenario.

  • btaussie on 25/09/2017 - 12:38
    +1

    If Suncorp's upfront commission exceeds your fixed fee, does that mean the customer also pockets the difference along with the trailing commissions outlined in your post?

    • ihbh on 25/09/2017 - 12:49

      Also, what is your upfront commission?

      • aussman on 25/09/2017 - 13:12
        +1

        Read through their credit code 0.65%+gst

        They also charge $1.50/month to deposit the trail

        • ihbh on 25/09/2017 - 13:54

          Thanks for details of their upfront fee.

          Do they disclose Suncorp's upfront commission?

        • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 14:53

          @ihbh:

          Hi, I've referred the Credit Quote to compliance as our fees changed from 15 September to 0.59% + GST and $5.50 per rebate deposit.

          Suncorp's commission is 0.65% upfront, then 0.15% p.a. for the first 3 years then 0.25% p.a. for all years after.

          Edit:

          Hello Compliance has checked our site pricing and credit guide which are correct as per the above. It may be that Aussman is referring to an older Credit Quote which is created individually for you.

        • aussman on 25/09/2017 - 17:37

          @Flongle:
          you need compliance for your compliance your terms and conditions published on the front page of your website
          https://s3-ap-southeast-2.amazonaws.com/cdn-images-videos/Mo…

          "FEES YOU MAY NEED TO PAY US
          Our comparison and expert advice service is provided to you obligation free and free of charge.In providing this service, we hope you might consider our Platinum Service to arrange a Unbiased Verified loan or our Gold Service to reveal third party Mortgage Contest Bidder Information, however you are not obliged to do either of these things.
          If you choose our Platinum Service we will do all the legwork to arrange and settle your loan; then rebate all lender payments made to Unbiased in full including Upfront and Trail Commission and any other money paid to us by the lender for your loan. In lieu of retaining lender payments, we will charge you a once off, flat rate Unbiased Advice Fee(“the UAF”)on unconditional approval of your loan. You can deduct the UAF from lender paid commission which are otherwise deposited to your loan account to avoid being out of pocket for our fee if you prefer. The UAF is calculated as 0.65% plus GST of your base loan amount. It is factored into all “Our Cost” calculations provided to you assuming you deduct it from lender paid commissions, The UAF is the same rate and amount regardless of which loan or lender you choose.
          Additionally, each commission deposit to your loan account incurs a processing fee comprising of a $1.00 processing fee which is fixed for the life of your loan plus an electronic transfer fee, which is currently 50c. The electronic transfer fee is a fee charged by the bank and may change from time to time."

        • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 18:12

          @aussman: Please accept my sincere apologies on behalf of Unbiased.

          This information is incorrect and I have raised a trouble ticket to have it re-investigated first thing tomorrow morning.

          The reduced pricing I have quoted is correct as at 15 September, but given both versions are visible, the borrower can chose which they would prefer.

          However the new/current pricing of 0.59% and per deposit of $5.50 is as reduced pricing and gets your rebates flowing faster.

    • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 14:50
      +1

      @btaussie: Yes if you choose to deduct our fee from commission, then any surplus upfront commission is paid to you also. We also distribute any non-specific bonuses (i.e bulk volume bonuses) to our clients.

      Thanks for your question.

  • yohankorea on 25/09/2017 - 12:55

    Sent you PM

  • martyn on 25/09/2017 - 14:21

    Any minimum mortgage amount?

    • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 14:59
      +1

      Yes, the minimum is $150,000.

  • superbass on 25/09/2017 - 15:02

    Would this be same deal for Construction Loan?

    • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 15:18

      This loan can be used for construction, but depending on your individual situation it may not be ideal. In the very least, during the construction phase your loan will be interest only which will attract a different interest rate.

      I hope this helps.

      • superbass on 25/09/2017 - 15:51

        Thanks. I assume when you say different rate for interest only, it will be higher?
        I am still ~6 months away from start building or requiring loan. might reach out to later in coming months to see what the options are.

        • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 25/09/2017 - 16:01

          Yes, the same or higher, but that's not necessarily the main focus when it comes to construction loans.

          No doubt what's here today will be different to what's on offer in six months time so yes to that too. Except for borrowing capacity and acceptable property restrictions, it's best to check the market 6-8 weeks out from when you think you'll need the money so your time and effort's not wasted on out of date information. :)

  • LayG on 26/09/2017 - 06:56

    Thinking to move to this loan from Anz. What are the fees and limits on redraw?

    • AssociatedFlongle @ unbiasedmortgagebrokers.com.au on 26/09/2017 - 07:58

      Thanks for your question.

      If you have an ANZ Simplicity Plus or Break Free package, then this is only one of 40+ deals that Unbiased has with lower rates and fees than those products, even before you factor in our monthly commission rebates.(Not all of these may be suitable for you). This is a basic loan with one free redraw per calendar month, which is all most people need, especially if they use a credit card sweep strategy.

      If you use redraw more than once a month, this loan is not for you as the redraw fee after that is $25. Click here for a full list of Suncorp's fees.

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