In this guide

  • Our verdict
  • Details
    • Product details
    • Fees
    • Pros & Cons
  • About this loan
  • How to apply
  • Your reviews
  • Ask a question

Suncorp Back to Basics Home Loan

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Updated
Fact checked
Suncorp Bank Back to Basics Home Loan
Interest rate
9.07 % p.a.
Comparison rate
9.12 % p.a.
Minimum Deposit
10 %

Our verdict

Avoid paying for features you may not use with the Back to Basics Home Loan

This is a basic variable loan with minimal fees that requires a 20% deposit. While it lacks an offset account it does allow you to make extra repayments and redraw them.

Pros

  • You can borrow up to 95% of the property value
  • There is $0 ongoing service fee to pay
  • You can make extra payments at any time without penalty and access those funds via the redraw facility

Cons

  • There is a $0 application fee for loans under $150,000
  • No offset account
  • A discharge fee of $350 applies when you close your home loan account

In this guide

  • Our verdict
  • Details
    • Product details
    • Fees
    • Pros & Cons
  • About this loan
  • How to apply
  • Your reviews
  • Ask a question

The Suncorp Back to Basics Home Loan offers a low variable rate in exchange for a no-frills home loan with some basic yet important features.

Fee waiver
Eligible borrowers can get their annual package fee reimbursed for the life of the loan (while the package is active). This offer is available to new home loan packages for customers borrowing $150,000 or more. Other conditions apply.

Details

Product details

Product Name Suncorp Bank Back to Basics Home Loan - (Investor, P&I)
Interest Rate Type variable rate
Repayment Type Principal & Interest
Comp. Rate 9.12%
Minimum Loan Amount $150,000
Maximum Loan Amount $1,500,000
Maximum Loan Term 30 years
Maximum LVR 90%
Loan Redraw Facility Yes
Offset Account No
Split Loan Facility Yes
Fixed Interest Option No
Extra Repayments Yes
Available as equity loan/line of credit No

Fees

Application Fee $0
Lender's Legal Fee $0
Valuation Fee $150
Ongoing Fees $0 p.a.
Settlement Fee $0
Discharge Fee $500

Pros & Cons

Pros and Cons

Pros

  • You can borrow up to 95% of the property value
  • There is $0 ongoing service fee to pay
  • You can make extra payments at any time without penalty and access those funds via the redraw facility

Cons

  • There is a $0 application fee for loans under $150,000
  • No offset account
  • A discharge fee of $350 applies when you close your home loan account

About this loan

What are the features and benefits of the Suncorp Bank Back to Basics Home Loan?

    • Loan to value ratio (LVR). This loan allows up to 95% of the value of the secured property for most borrowers. Additional fees such as lenders mortgage Insurance (LMI) may apply.
    • Loan terms. You have the option of paying off your loan in as little as 8 years, or spreading it out to as many as 30 years.
    • Repayment frequency. You can make your repayments weekly, fortnightly or monthly to suit your lifestyle. These can be made by direct withdrawal from a Suncorp transaction account, online, over the phone or inside a bank branch.
    • Repayment types. You have the option of making interest-only repayments for a maximum of five years, or principal and interest payments. Be aware that if you choose to make interest-only repayments, you won't be reducing the principal on your home loan. You can also make unlimited extra repayments.

What fees and charges come with this loan?

  • Ongoing fees: $0. There are no monthly fees to pay with this loan.
  • Lenders mortgage insurance (LMI). LMI will only be necessary if your deposit is less than 20% of the property value. The amount of this insurance varies and can be more expensive the more your borrow and the smaller your deposit is.
  • Valuation fee: $0. Suncorp Bank will pay for the valuation of the secured property one time. Any additional valuations will be paid for by the borrower.
  • Establishment fee. $600. For full doc borrowers the establishment fee is $0, although this is waived if you borrow more than $150,000. If your LVR is greater than 90%, the establishment fee is $990.

How to apply

If you think the Suncorp Bank Back to Basics Home Loan sounds right for you, click on the 'go to site' button and you'll be redirected to the Suncorp Bank website or to a mortgage broker where you can discuss your borrowing needs.

Before you apply for this loan, ensure that you have the following:

  • Identification. Applicants must be able to provide an original, valid photo identification. This could include a driver's license or passport. The details on the identification must be in English.
  • Income. Your three last pay slips will be required for this loan. For individuals who are self-employed financial statements from the past two years will be accepted.
  • Residence. For renters you will have to either have rent receipts or written statements of board. Homeowners may provide rates notices or home loan statements.
  • Liabilities. Credit card and loan statements will be required.
  • Assets. If you have any type of savings accounts have those statements handy.

The Suncorp Bank Back to Basics Home Loan offers a competitive rate and useful features, including the ability to make extra repayments and no ongoing fees. However, before you apply for this loan, make sure that you compare it with a range of other products to ensure that it will meet your borrowing needs.

Sources
  1. Suncorp Back to Basics Home Loan information page
  2. Suncorp Back to Basics Home Loan TMD

Your reviews

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Richard Finder

Editor

Hi there, looking for more information? Ask us a question.

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Sue

May 01, 2023

how do i speak to a real human directly?


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Richard Whitten Finder

May 14, 2023

Hi Sue,


I suggest calling Suncorp directly on 1300 714 230


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kristy hay

March 16, 2023

would you please provide the fortnightly repayments based on 300,000 based on 20 years for a home loan at a variable rate


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Richard Whitten Finder

March 16, 2023

Hi Kristy this loan has different rates depending on your borrowing situation. Choose the rate that suits you and then use our loan repayment calculator to work out the fortnightly repayments.


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Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full profile

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