This was posted 1 year 10 months 8 days ago, and might be an out-dated deal.

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$4,000 Suncorp Cashback for Refinance or Purchase (Min $1,000,000 Loan) + $500 Broker Cashback @ Suncorp

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$4,000 Suncorp Cashback for Refinance or Purchase (Min $1,000,000 Loan) + $500 Broker Cashback @ Suncorp
Go to Deal
AssociatedMortgage Broker @ Lending Clinic on 16/06/2022 - 21:21 suncorp.com.au (223 clicks)
Last edited 16/06/2022 - 21:37 by 1 other user

Suncorp has just announced a bigger cashback offer if your loan is $1m or more:

  • $4k cashback if your loan is $1,000,000 or more [new offer]
  • $3k cashback if your loan is $750,000 - $999,999
  • LVR <=90%
  • Can be used for either property purchase or refinance
  • Apply by 30 November 2022 and settle by 28 February 2023
  • Full terms & conditions on the Suncorp website

Suncorp's interest rates are generally very sharp.

Below are some of Suncorp's lowest variable rates if you don't need an offset account (effective 17 June 2022):

  • Owner Occupied (70% LVR): 2.72% (2.73% comparison rate)
  • Owner Occupied (80% LVR): 2.83% (2.84% comparison rate)
  • Investment (70% LVR) (P&I): 2.95% (2.96% comparison rate)
  • Investment (80% LVR) (P&I): 2.99% (3.00% comparison rate)
  • Investment (70% LVR) (I/O): 3.29% (3.09% comparison rate)
  • Investment (80% LVR) (I/O): 3.35% (3.13% comparison rate)
  • These loans come with free redraw facility and $0 annual fee

In addition, we're offering a broker-funded cashback of $500 on top of the bank's cashback.

  • Your net loan (net of offset account and redraw balances) must be at least $250k for the broker-funded cashback.
  • We will pay the broker-funded cashback after 18 months if you still have the loan.

Contact me for a no-obligation chat :)

Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704

Duplicate offer removed from title

Financial Cashback Home Loan Investment Loan Refinance

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closed Comments

  • jrt2020 on 16/06/2022 - 21:53

    Only for millionaires?
    What if u buy for 1 million and it fails to 500k next month

    • diazepam on 16/06/2022 - 22:17
      +2

      You still have a 1m loan tho?

    • d3al on 16/06/2022 - 22:39
      +1

      While property prices are cooling down, I highly doubt any scenario where you're going to have a market correction of 50%. More likely, it'll be around 15% or so. As long as you retain ownership of your property, its price is just a $ figure on paper, you only realise the value of your property once you sell it. Regardless, if the property is worth less than the loan you owe on it, then absolutely nothing happens (until and unless you decide to sell the property). You'll still need to pay off your mortgage as per your original agreement.

      • Enelass on 21/08/2022 - 08:57

        Fair to say if the market correction was 50%, this would no longer be deemed a correction. More like a market crash with severe consequences…

    • [Deactivated] on 16/06/2022 - 23:22
      +1

      without_my_remorse is that you?

  • Exec-Matrix on 16/06/2022 - 23:04

    I got $3000 cash back with Virgin Money for settling a $385k refinance. This deal is horrific.

    • AssociatedMortgage Broker @ Lending Clinic on 17/06/2022 - 08:31

      Lower interest rate than Virgin :) But yea not the best for smaller loan amounts.

      • Exec-Matrix on 17/06/2022 - 18:12

        For sure but not everyone needs to refinance $1 mill 😂

  • tunzafun001 on 16/06/2022 - 23:31
    +1

    Suncorp board meetings now chaired by Dr Evil…

  • payless69 on 17/06/2022 - 12:18

    Ah well finally a deal nearly as good as HN deals?

  • froddo on 17/06/2022 - 23:03

    Does anyone know what suncorp current DTI ratio requirements are?

    • AssociatedMortgage Broker @ Lending Clinic on 18/06/2022 - 13:43

      Feel free to send me a private message for a confidential discussion :)

  • GS9891 on 27/06/2022 - 18:58

    If someone with the income to service a $1,000,000 home loan still browses Ozbargain, I'd be impressed.

    • Enelass on 27/07/2022 - 22:16

      Any young families living in Melbourne, Sydney or Camberra upscaling from an apartment to a house would have payed 1M or around that for a house in the last 2 years. As for bargain hunting, I don’t think one’s income has any relevance. Whether you’re on 70K or 140K you are frugal or you’re not ^^

  • Enelass on 27/07/2022 - 22:09

    Thanks Arman,
    I currently am with UBank (86400 at the time) on a OO P&I variable (3,79%) at 85%LVR (no LMI) and started repaying my loan 2 month ago. Over 1M to go for the coming months/years
    1. If I refinance, should I expect some heavy fees (discharge, or else)?
    2. Regarding “LVR <= 90%”, does LMI not negate entirely that cashback? (LMI being non refundable / per lender and materially bigger than the bonus : ~15K vs 4K bonus)
    3. Do people refinance every 6 months to get the cashback and better rates or is there a catch? (Credit score, or else)

    Thank you!

    • AssociatedMortgage Broker @ Lending Clinic on 28/07/2022 - 10:24
      +1

      Most likely it's not economical to refinance if LVR is above 80%, due to LMI. If you work in certain occupations, doctors with Suncorp, they should be able to waive the LMI. The Suncorp cashback offer is also applicable for property purchase, it's probably their main reason for advertising this cashback with LVR up to 90%.
      Typical refinance costs if your existing loan is a variable rate loan is around $350 discharge fee (some small lenders charge more), around $250-$400 land title office fees, and sometimes you may pay overlapping annual home loan package fee for both the existing bank and the new bank, depending on the product chosen.
      As brokers we're paid upfront commission which is refundable in full or in part of you refinance within 18-24 months (Suncorp is 18 months). Some people on OzBargain I believe refinance every 6 months, which means full refund of the broker upfront commission. There's a reduction in credit score, whether or not it causes an actual issue depends on whether you need another loan soon or not, the overall strength of your application, and sometimes the bank's system decision which is difficult to decipher. I guess you can make up your own mind and do your own sums :)

      • Enelass on 28/07/2022 - 22:37

        Thank you. I might reach out to you via PM of it's ok.
        We've renovated the house, got timber flooring, ducted AC and some permanent fixture home automation. Hopefully this gets us into LVR <80%
        Now the burning question is, what's the current interest for << Owner Occupied (80% LVR)>>? I'd assume it has increased following RBA guidance…

        • AssociatedMortgage Broker @ Lending Clinic on 29/07/2022 - 08:53

          Sure thing. Suncorp is quite transparent with their rates, either with or without offset. Without offset is 3.33%, with offset it'll be 3.48%, both are variable rates, no annual fee even with offset.
          Other rates are on https://www.suncorp.com.au/banking/interest-rates/home-loans….

          • Enelass on 29/07/2022 - 14:00

            @Mortgage Broker: Thank you 🙏
            Also I got solar panels on the roof, does that make a difference with the $3000 rebate they advertise on their website? Or is it for new loan or for construction loans only?

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