Suncorp is a Queensland based bank that offers a wide range of mortgages.
Suncorp Mortgages
April 12th, 2010
Suncorp is a Queensland based bank that offers a wide range of mortgages.
The mortgages offered are the Standard Variable mortgage, the Back to Basics mortgage, Fixed Rate home loans, the Asset Line mortgage, a Bridging Loan and a Reverse Mortgage.
All the home loans have a loan establishment fee of $600. They also all have an account keeping fee of $10 a month, although this is not the case with the Back to Basics mortgage. The repayment mortgages all allow for monthly, weekly or fortnightly repayments.
The Standard Variable loan is the default home loan mortgage. This loan follows a variable mortgage rate that is set by Suncorp but essentially follows the rate set by the Reserve Bank of Australia. This tends to be a cheaper loan rate than a fixed rate loan, but they are at the risk of a quick rise in the interest rate. It is possible to split the loan with a fixed rate loan which can blend the lack of risk of a fixed rate loan with the higher price of a fixed rate loan.
The variable loan is the only Suncorp loan to offer an offset facility. Offset is the ability to keep money in a savings account and to use this money to reduce the interest charged. There is an interest only option and there is also the ability to overpay or make lump sum repayments. There is a redraw facility.
The Back to Basics loan is the lowest price mortgage. It does not have an account holding fee, and it has a discounted variable interest rate. It also has the ability to split a loan, but there is no offset facility. As with the variable rate loan there is the ability to make extra repayments, a redraw facility and an interest only option.
The Fixed Rate loans are set at a fixed interest rate for a certain period of time, after which they revert to the standard variable rate. There are two interest only options; either the interest can be paid monthly in arrears or annually in advance. Although overpayments are allowed this is within a prepayment allowance, and any payment over that will be charged.
The Asset Line is a line of credit that is secured against the property. This is a fully flexible loan. As long as the balance is below the approved limits the loan can be repaid, or not repaid whenever the borrower chooses.
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