$500 Bonus for Eligible Suncorp Bank Home Loan Customers with Solar Energy System (or Installed by 31/12/2021)

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"If you have an existing home loan with Suncorp Bank and that home has a solar power system, or if you have solar installed by 31st December 2021 on that home, you may be eligible to receive $500. If you have more than one property that has a solar system and the property is subject to an existing Suncorp Bank home loan, you may be eligible to receive $500 for each property!

  • At least $50,000 outstanding on a Suncorp Bank home loan
  • The security for the loan must be a house or townhouse (sorry, apartments, units and commercial properties aren’t eligible)
    a Suncorp Bank transaction account in the same name(s) as your home loan
  • A solar power system installed at the property and acceptable evidence provided to Suncorp Bank of this, such as:
    an electricity bill showing your solar metering service charge or feed-in tariff, a solar certificate, a 7+ star NatHERS certificate, an online property listing or property valuation report, a paid solar system installation invoice/receipt"

I think there's a real sweet spot for people looking to refinance from another bank who already have solar. You can combine the $3000 bonus with the $500 solar bonus to provide a market leading cashback.

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Comments

  • -1

    nice

  • OP, how much time it took them to send you first email confirmation after applying?

    • +2

      Mine took about 5 minutes to come through.

      • Thanks got mine after 5 mins as well.

  • +2

    Hmm I've held off solar as my roof is a single pitch, south facing. But maybe with super low install costs these days, rebates (any in QLD?), and this $500… maybe I can just about justify it…

    • Yes there are rebates in Qld, but the rebates are generally Inc in "the price" you are quoted or advertised. It equates to about half the cost, i.e if you paid 4k for your system, there was probably another 4k in rebates paid to the company you bought it from.

      But yeah, it's generally pretty worthwhile, however the feed-in tariffs are generally trending pretty heavily downwards has solar as pretty much reached saturation and daytime wholesale prices are quite often negative, so it's going to become harder and harder to get a good feed in tariff when the wholesalers are literally having to pay to offload excess power rather than people paying them for it.

      • Thanks Brad - my main concern is that efficiency will be poor with my roof almost always facing away from the sun. It's only a gentle pitch, so maybe I could stand the panels to angle towards optimal sun. Sounds like would involve some more $$ though

        • They might be ok laying flat if you're far enough north.

  • does it have to be owner occupiers or can it be for investment properties too? can a property you live in that is held as security for the loan qualify?

    • from the e-mail when I applied:
      "The electricity bill is not required to be addressed to the borrower (for example, it can be in the name of a family member, or, if the property is rented, it can be addressed to the property's tenants). "

  • +4

    This is a super cool deal if I'm able to get it, already have Solar installed on my house and have a home loan with Suncorp

  • +1

    They are probably in some sort of scheme with the Clean Energy Finance Corporation and if they can prove a certain number of loans are supporting solar the bank probably gets free money.

  • +2

    This is a welcome surprise. I happen to meet the criteria perfectly.

    Very nice, what a great find!

  • +1

    ffs, was with them for 2 years and nothing. These things have to come after you refinance.

    • +3

      it's a loyalty bonus. you were disloyal, and now you are being punished for this disloyalty.

      • +1

        Penalty got $4k to refinance. $3.5k ahead.

      • Fealty with love, valor with honor, disloyalty… with vengeance.

    • 2 years isnt very long to hold a mortgage and complain about no bonuses lol.

      Try 20 years

      • 20 years with same bank would be fine if their low interest rates were not limited to the first 2-3 years. I am with Bank of Melbourne now @ 1.79% for 2 years with offset account.

  • +2

    Wowza. I have a home loan with Suncorp and have solar installed when I moved in.
    Just applied. Thanks op. What a surprise.

  • Thanks OP- applied for it.

  • I hope the other banks match this.

    • CBA had a similar offer about 1.5 years ago

  • There is also a 3K bonus for new loans for property fitted with solar.

    $3,000 Solar Home Bonus!
    At Suncorp Bank, we want to reward your commitment to a brighter future.

    Through to 31/12/21, when you apply for a new home loan of $500K+ (LVR <= 90%) for a property fitted with a solar power system, you may be eligible to receive our $3,000 Solar Home Bonus.

  • Darn it, only personal borrowers are eligible

  • omg! do NOT take lollies
    Banks should do banking, not accepting bribes from traders

  • For those already with Suncorp, I was able to negotiate my variable rate with offset to 2.34% without any annual fees.

    • +2

      For anyone that is time-poor or wants to avoid a phone call for this; go into your online account (desktop - not mobile) and use the secured message to send a message to the mortgage team and ask for a review. You can do this 2x per year :)

      • I know it is very unlikely but Do you think they will do anything for fix rate at all?

        • Best for you to send a message or call up to get an answer directly from Suncorp.
          As a consumer; the word "fixed" is self explanatory and I would expect the answer to be No.
          Good luck though!

        • My loan is split. I was able to get 1.84 for two years instead of the advertised 1.89

          • @jewboy: I have a split too. They reduced my variable. Still waiting on them offer me something better than 1.89% for 2 years fixed.

            Initially asked about doing better on their 1.99% for 3 years as UBank has a 1.85% fixed for 3 years. They offered 1.94%.

      • thanks, I ll try, it has been a while since they did anything nice to us

        • they brought it down by 0.1% not huge but still something for a 2min email :)

    • That's a good rate. May I please ask you what's your apprx loan amount to get that rate of 2.34% ?
      Mine is about 400k and rate is 2.59%.

      • Approx 730. But the LVR has dropped to below 60% with recent house price increases. I’d be asking for minimum 2.54.. that’s what a new customer can get.

        • Thank you. Will reach out to Suncorp.

          • @bargainrus: Suncorp offered me 2.49%. Not a great percentage off but any interest saved is good !!!!.

            • @bargainrus: Well done! I have 2.64% $560k and my lvr is well below 60%! Time to call them

    • Was that their offer or did you screw them down?

      They just offered me 2.69 and i said yeah whatever, but my loan so small i got no bargaining power, there is stuff all better deals for me
      ( am on free for life package plus have a LOC)

      • That was their offer. That being said, I did mention ME Bank and other current rates and bonuses on the market at the moment. I’m fee free for life as well so if they maintain competitiveness with their rates I have no intention of leaving.

        I definitely think I’m in the sweet spot though - >700k loan with a LVR less than 60%. Kind of win win for both parties.

        • +1

          thanks for sharing that, good to know. I dont even owe 100k (after offsets) so not much of a bargaining position, nor would 0.25% amount to much. I think i compared to other lenders and outside of ridiculous offers, 2.69% is on par once monthly/annual fees is accounted for. Base rates not an option for me becuase i want LOC and offsets.

          If i increase my borrowings later, at least I know they can go a bit better.

  • +4

    This has got to be post of the year for anyone (like me) who has a home loan with Suncorp. Thanks very much OP

  • Wish they gave $3k cashback for $400k loans. :(

  • +2

    Hey all! Just got the approval for $500 bonus! Thanks!!!

    • Same! Thanks OP!

  • Got declined just now. Said my name is different on the accounts where Suncorp made my name initials in one everyday basic account and full name on the home loan account. Idiot.

  • Got mine approved too.. but I'm in the middle of refinancing to another bank…. I hope it gets deposited soon!

    • Hope you get it however they do say 60days for the money to get into your account

      • Yes got the money deposited yesterday! 💰 thanks op

  • @jewboy thank you so much for posting this. Just got approved for 2 x $500 (different properties).

    • Just wondering if you have joint accounts on your home loans or on your own? I think I got declined because my loan is joint account with my wife but the every day account is on my own.

  • Thanks op, just applied :)

  • i got 2 joint loans applied havent received the cash yet. how long does it take to be deposited after you apply?

  • i spoke to soon i just received the $500 in the jnt transaction now. took about 10 days. great promo. now have to see it they will pay another $500 for a new house under construction we paid with cash from the offset ac but we haven't moved in yet because of delays but the solar is already connected and bill is in wifes name.?

  • +1

    Applied on the 29th Sept, approved via e-mail on the 4th October, money in account on the 8th October
    Very cool.

    • Nice! I applied on Friday, keeping fingers crossed

      • Same timeline for me, applied on the 29th and got the money on the 8th. However never received a approval email.

        • Interesting, thanks for heads up

  • My payment just appeared in my account. The whole process from application to payment was about 2 weeks.

  • Hi all,

    Just wondering how do I get NatHERS certificate? Is it something that already existed and I can get a copy online?

    TIA.

  • Has anyone been able to get the $3000 for a new home loan when you have installed the solar after moving in?

  • What kind of evidence did you guys had to submit to be eligible?

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