Suncorp Package Loan - Variable Rate of 4.69% Pa - No Package Fees for The Life of The Loan

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Suncorp Package Loan - Variable Rate of 4.69% Pa - No Package Fees for The Life of The Loan

Associatedwongsun @ Suncorp on 29/10/2014 - 17:07 suncorpbank.com.au (2416 clicks)
Last edited 30/10/2014 - 10:15 by 1 other user

Suncorp are running a spring promotion on their Home Package Plus home loan for new customers only.

Promotional variable interest rate of 4.69% pa for loans with a LVR of 80% or less.

The package fee of $375pa is also waived for the life of the loan. This is a saving of up to $11,250 over the life of a 30 year loan.

Some features of the package include:

100% offset account
Waiver of the annual fee on a standard, gold or platinum Suncorp credit card
Ability to fix portion of loan
No setup or establishment fees
discounts on general insurances with Suncorp

This is a great package and won the 2014 Smart Investor Blue Ribbon awards for the category.

I am a finance broker and have access to more info than what is available on the retail website. ~~Can't see a mention of the package fee waiver on the retail site, but it definitely applies.~~

If you want to help or more info feel free to personal message me and I can help set it up for you or point you in the right direction.

Applications must be received before the 12th December 2014.

Financial

12 Dec 2014

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closed Comments

ciab on 29/10/2014 - 17:27

Is the discount of 1.30%p.a. for the life of the loan?
- Slo20 on 29/10/2014 - 17:32
  
  The website says " The Home Package discount is applied for as long as the loan remains part of the Home Package Plus."
  0.24% discount for fixed also. Seems like a really good deal
  - ciab on 29/10/2014 - 17:34
    
    -2
    
    The only fee I can see is $5 per month for the Suncorp Bank Everyday Options account (Offset account). Seems to be a great deal.
    - Slo20 on 29/10/2014 - 17:42
      
      Usually the package fee (which is waived) covers the monthly offset fee's. Someone else may be able to correct me if I'm wrong.
    - Geewhizz on 30/10/2014 - 06:42
      
      never mind, issue already answered below
- plentifoo on 29/10/2014 - 19:05
  
  -1
  
  1.30% lifetime discount is a great deal, but then again this is deducted from their own ‘standard variable rate’ of 5.99% which isn’t governed by anything but consumer prudence. This varies from bank to bank, and some will go as low as 5.69% and attach a less attractive lifetime discount which isn’t the best marketing move. I’m currently on 4.94% with a lifetime 0.80% discount on 5.74% SVR with BWA/CBA (S&P AA, A+ rated).
tybrisbane on 29/10/2014 - 17:38

Will the other banks price match?
- Slo20 on 29/10/2014 - 17:41
  
  +1
  
  From my experience banks don't price match. I've had my package discount increased from 0.7% to 0.95% but only because that was there top tier discount.
  - tybrisbane on 29/10/2014 - 17:45
    
    +1
    
    Might give my bank (Commonwealth) a call just incase. Worth it in the long run.
    - demere on 29/10/2014 - 18:05
      
      let us know how you go with CBA… i just got them to lower the interest rate like 6 weeks ago and it took them 5 weeks to response my request and only give me a miserable discount of 0.1%!
    - Associatedwongsun @ Suncorp on 29/10/2014 - 18:13
      
      @demere: none of the big banks will be able to come close to this rate.
    - 2stroksmokr on 29/10/2014 - 20:19
      
      @demere:
      
      They won't do it. CBA would only drop mine to 4.95% and then after I raged at them over their 4.84% advertised on their website said nope only new customers? And what about existing? Go elsewhere.
    - twiz911 on 30/10/2014 - 00:15
      
      @2stroksmokr:
      
      CBA would only drop mine to 4.85% after speaking to many many people there plus $395 annual fee.
      
      CBA have a $350 exit fee plus title de-reg and re-reg government fees of $111 each.
    - demere on 30/10/2014 - 00:43
      
      @twiz911: how you get less than 5%? What package are you guys on? After so many calls, they only willing to drop mine from 5.2 to 5.1! Looks like I need to give them a rage again tomorrow…
    - alexthebargainman on 30/10/2014 - 08:17
      
      @demere:
      
      I have a $260k loan and I am on 4.95% variable with wealth package (<80% LVR with CBA)
    - unity1 on 30/10/2014 - 08:53
      
      @alexthebargainman: Is that just a basic standard variable rate homeloan?
    - twiz911 on 30/10/2014 - 09:30
      
      @demere:
      
      Multiple calls, multiple threads to leave e.t.c.
      
      They review on a case by case basis and take many factors into account.
- beermee on 29/10/2014 - 21:58
  
  +2
  
  Whilst other banks may not price match per se, CUA has a 4.65% fresh start variable loan with no monthly or annual fees and full features like multi account offset with no min loan amount.
- PeppaCat on 29/10/2014 - 23:03
  
  My home loan just approved by CBA, lifetime 1.25% discount. For now it means 4.65%.
  Then I told suncorp that I got 4.65% from CBA, they told me they can match the price and give me 4.64%..
  The only difference between CBA and Suncorp is that CBA has 395 annual fee and Suncrop has no annual fee..
- [Deactivated] on 30/10/2014 - 11:01
  
  NAB dropped to 4.82% for me and waived the annual fee after I mentioned Suncorp and CUA current offers.
  
  Less than $500k lending.
  - bottletop on 30/10/2014 - 19:06
    
    Great to hear, I was going to haggle with NAB tomorrow!
  - bottletop on 31/10/2014 - 15:51
    
    The best that NAB could do for me was 4.95% even after I mentioned the Suncorp and CUA offers. I was told that NAB won't compete with 2nd tier banks :(
    - [Deactivated] on 04/11/2014 - 11:46
      
      You need to tell them you are considering leaving, not you just want a better rate.
atlas on 29/10/2014 - 17:44

Spoke with ANZ yesterday and the lowest they can currently go is 4.68. With NAB, I've heard they can be pushed to 4.60.
- Associatedwongsun @ Suncorp on 29/10/2014 - 18:02
  
  +1
  
  In order to get those discounts with NAB or ANZ your loan size would likely need to be over $1,000,000.
  
  The Suncorp promotion applies to loans over $150,000.
  - Snoopy113 on 29/10/2014 - 19:50
    
    Actually that's incorrect about loan size. It's the LVR that they like, plus obvious shit like fulltime job, been there for more than 5 years etc. Atlas is correct about NAB, Im pretty sure we had some data at my work from some NAB loans being done under 4.6%
    - PeterC86 on 29/10/2014 - 22:42
      
      +2
      
      Actually that's incorrect that he's incorrect, it would be extremely difficult to get 4.6 with NAB or 4.68 with ANZ with $150k. Dreaming if you think otherwise.
      
      Will be much easier to get the lower rates with higher loan amounts, that's almost universally understood, not sure why you're claiming it's all about LVR (which helps, but is definitely not the only defining factor).
    - jdf on 30/10/2014 - 08:35
      
      @NewKleer: I agree, those rates are only for large loan sizes & don't even come close for a medium size loan so dreaming would be the right term for 150K.
- tokziktigah on 29/10/2014 - 20:53
  
  How did you manage to get 4.68? Just asking because I'm trying to negotiate with ANZ for best rates right now.
- zxcvb on 30/10/2014 - 12:29
  
  I tried with ANZ, they would'nt budge, they straight away told me they would not even come close but Thanked for considering them. When I asked why, they simply said Suncorp wants more customers.
  
  @atlas: would really appreciate if could PM the details on the ANZ staff that helped you with this deal.
tg on 29/10/2014 - 17:54

-5

Promotional variable interest rate of 4.69% pa for loans with a LVR less than 80%.

My UNSW math professor friend told me that <= is less than or equal to
I am so happy that I do not need to apply for a maximum 79.99% LVR loan to qualify.
JuryWheel on 29/10/2014 - 17:59

anyone know whether they would allow interest only (maybe for a set time period) with this package?
- Associatedwongsun @ Suncorp on 29/10/2014 - 18:03
  
  yes. interest only is available.
FloatingPoint on 29/10/2014 - 18:15

Do Suncorp provide upfront valuation?
- CleverCounter on 29/10/2014 - 18:34
  
  +1
  
  Yeah there is usually a valuation fee… some bank waiver. Not sure what Suncorp's does for this loan? This rate is similar to loans.com.au and ubank 80%lvr loans.
  - Jster on 31/10/2014 - 17:39
    
    No valuation fee
- Associatedwongsun @ Suncorp on 30/10/2014 - 10:25
  
  This can be organised through your broker
blairis on 29/10/2014 - 18:16

+2

Sounds like an awesome deal.

I've been on this Suncorp package for a couple of years now, currently on 4.94% plus the annual fee. Needless to say I'll be speaking to the bank about how the discount I'd originally negotiated is no longer satisfactory when there's offers such as this. Drives me nuts how these offers are always for new customers…

It would be great to see some info on the waived annual fee so that I can argue that point with them.
ceed2 on 29/10/2014 - 18:19

+4

Here is the link to the offer that states the package fees is waived: http://www.suncorpbank.com.au/home-loans/genuine-offer. OP please update the link.
JuryWheel on 29/10/2014 - 18:28

+1

currently on a 5%+ nab rate (crap i know) but really wanted to stick with nab if possible since all my banking is with them, all direct debits, credit cards, online banking etc and cant really be f**ked re doing all of that. However, even if the come near this rate, they still charge $120 a year in monthly fees, plus charge each time i want to change the loan (to interest free for instance). the suncorp offer certainly is tempting - any ideas on the lead time it would take to switch and how much the exit fees at nab are likely to be?
mwclih on 29/10/2014 - 18:34

-1

Why not go with UBank @4.62%? Are there any differences? https://www.ubank.com.au/

Edit: Sorry, I just realised that they offer credit cards etc.. But if you are just after a cheaper home loan, wouldn't UBank's rates be better?
- JuryWheel on 29/10/2014 - 18:37
  
  +3
  
  no offset and extras like credit cards i assume
- Associatedwongsun @ Suncorp on 30/10/2014 - 10:42
  
  +1
  
  You also get a lot more flexibility with a package loan. You can set up multiple splits for your loan ie. 30% variable, 50% fixed for two year and 20% fixed for 5 years for no charge.
  
  I would also say the ongoing support for a Suncorp loan is much better than for a UBank.
  
  You also have access to a branch network in QLD.
SuiCid3 on 29/10/2014 - 18:45

Can anyone say how their internet and mobile banking apps are compared to the big four?
- DaaC on 29/10/2014 - 19:52
  
  I was with Suncorp for 7 yrs and moved to NAB. IMO, Suncrop cares only about new loans and will compete if you are planning to leave. As per the apps/net bank, very good, but too much hassle to transfer money from Suncorp [offset] account to another account.
  - Geewhizz on 30/10/2014 - 07:08
    
    The offset account is an Everyday Options account, and it's a 2 second job to transfer to other accounts or sub accounts.
hoiboy on 29/10/2014 - 18:49

Hey guys - can anyone comment on how this compares with MyRate?

I've been looking to change for a while now and this looks like a good offer. Still have to pay a bit of an exit fee unfortunately (got the loan before the legislation banning exit fees) but nevertheless this could be good.
- amsaini15 on 30/10/2014 - 09:27
  
  +1
  
  Dont go with MyRate. Bunch of Crooks. I was with them before but changed to Loans.com.au. They are the best in terms of interest rate, service, etc.
tyng on 29/10/2014 - 18:59

A naive question from someone never had a mortgage but getting one soon: What's a package fee?
- navarch on 29/10/2014 - 19:04
  
  Its the fee the bank charges per year for the loan. In return they provide free credit cards, discount on standard variable rates, free account keeping fees etc
- dmiser on 29/10/2014 - 19:13
  
  Package is usually comprised of following
  
  1) An everyday banking account
  2) Loan Account
  3) Credit Card Account with additional credit cards for wife
  4) An offset account
  
  Instead of charging annual fees for individual accounts listed above, the banks charge a single Package Fee that can approximately range anywhere between $350-$450 per year.
Repstar on 29/10/2014 - 19:13

80% LVR GAAH !!!
- Cluster on 30/10/2014 - 10:43
  
  +1
  
  Australia would be much better off if every home loan had a minimum 80% LVR requirement. Housing would be much more affordable as everyone with a pulse wouldn't be able to get 95% financing and thus helping to drive up prices.
Gorodemon on 29/10/2014 - 19:28

Im with Ubank @ 4.62% int rate. The only catch is your LVR has to be under 80%. No offset facility or free credit card, however you get free and unlimited redraw facility.
- [Deactivated] on 29/10/2014 - 20:32
  
  +1
  
  Thinking about contacting Suncorp for a chat to move away from UBank just because of the offset account. If there are no fees on the offset account that will be even more of a bonus.
Lancerx on 29/10/2014 - 19:41

anyone know if their platinum card that comes with the packages has reward program like frequent flyer option? Also, does it have zero international transaction fee?
- sickllama on 29/10/2014 - 20:32
  
  QFF - yes, with an additional annual fee.
  FX Fee - yes and its quite high from memory
surat on 29/10/2014 - 19:59

+1

There is early repayment fees so I think loans.com.au better because no exit fee/early repayment fee and a bit cheaper rate 4.56%.
No credit card though from loans.
bym on 29/10/2014 - 20:00

The credit cards can be set up with QANTAS Freguent Flyer but that attracts a fee of about $50/year.
nathanhornblower on 29/10/2014 - 20:00

Hey cjb I just sent you a private msg. ☺
2stroksmokr on 29/10/2014 - 20:21

If they covered the break fees of the other loan this would be sweet!
- Lancerx on 29/10/2014 - 20:23
  
  does break fee still even exist? I thought the gov banned it? There's discharge fee as far as I'm aware but there shouldn't be penalty for switching to another bank I think
  - 2stroksmokr on 29/10/2014 - 20:32
    
    Discharge fees still exist. CBA discharge is $350 from memory as I was going to move from CBA to Suncorp 2 weeks ago but things have been crazy here.
    - Maxdax on 29/10/2014 - 22:10
      
      From memory CBA used to have a $700 discharge fee + $350 settlement fee for attending settlement for release of the property to another bank. Don't think they charge $700 anymore. $350 sucks anyways but most bank have settlement attendance fee
Moo Deng on 29/10/2014 - 20:24

So is there a $5 monthly fee for the offset account or not?
- Lancerx on 29/10/2014 - 20:33
  
  $5 is nothing, if they can waive the whole package fee of $375
- Jster on 05/11/2014 - 02:23
  
  No fee. The package makes it fee free.
sixfignig on 29/10/2014 - 20:32

+1

This might be a stupid question but it's worth asking because I have no idea.

For arguments sake let's just say my house has $300,000 owning on mortgage. The house and land is valued at $360,000. Therefore I only have 85% LVR. An additional $12,000 would be required to reach the 80% LVR threshold (being $288,000).

Now lets say that I have the $12,000 sitting in an offset account, but don't want to "pay" it off the mortgage as I need it for living expenses. Do banks consider money being deposited into offset account as part of the LVR calculation?

Cheers.
- Lancerx on 29/10/2014 - 20:34
  
  simple answer is no ..as I was in your similar position before
  - sixfignig on 29/10/2014 - 20:36
    
    Damn, thought that might have been the case.
    
    I'm assuming the banks conduct their own valuation of the property. I wonder what factors they take into consideration when assessing a property's value, as there is the potential that it's worth up to $20,000 more given the current market.
    - Lancerx on 29/10/2014 - 20:49
      
      just about to tell you that's another way you can get to 80% LVR based on equity on your current property..so you might be ok actually
- plentifoo on 30/10/2014 - 05:28
  
  +2
  
  money in offset isn't seen as equity due to it being a non-sticky asset which can be wiped out on an impulse purchase, i.e. car.
  
  most big banks wouldn't consider your liquid assets (aka savings) as leverage to qualify for a home loan.
  the aussie loan market is pretty regulated at the moment so I would say pretty unlikely for you to find a financial institution willing to issue you a subprime loan.
  
  if you however own other illiquid assets, like a house, you probably could use it as collateral to apply for the 80% LVR loan. Your best bet however would be to have the house valued at $375,000.00 then apply for the $300,000 loan with the $12,000 to offset your interest.
Bluey123 on 29/10/2014 - 21:02

+1

Has any existing customers tried to get this offer? I'm an existing customer already with a home loan with them but no package or anything. Just standard variable home loan. Wondering if they'll let me take on the offer.
- richox on 29/10/2014 - 22:56
  
  +1
  
  I am with Suncorp, similar package signed up 12 months ago. Rate 4.94 loan over 500k, better than 80% lvr. I've just emailed my broker to see what he thinks about a price match. I'll let you know if anything comes of it
- richox on 31/10/2014 - 13:29
  
  +2
  
  suncorp just matched for me.
  - Bluey123 on 18/11/2014 - 08:26
    
    thanks for the reply! Did they charge you any fee for changing it???
Tangenyahu on 29/10/2014 - 21:09

+1

My broker signed me up to this loan when it first came out at the start of October. I was all ready to submit with ING at the time, but he informed me of this, waited a few days for it to become formal and submitted. We settle on Monday and certainly the customer service to date from Suncorp has been very good and very personalised, but not sure how good it is once its all normalised for everyday banking as its my first time with them.
The Gent on 29/10/2014 - 21:29

Don't tell me that, I've already organised my loan! lol
djlech on 29/10/2014 - 21:32

+4

Not a bad deal but Comparison rate 4.7%, CUA has similar deal but 4.66%.
- ctungq on 30/10/2014 - 08:24
  
  First time poster… This topic interests me.
  
  I've been with CUA for 6 years and been very happy. Credit unions usually offer lower rates compared to banks. I also compared CUA with other credit unions, CUA has lower rates.
  
  For CUA
  Pros:
  - have branches
  - lower rates
  - is competitive (offered new package 4.65% to beat online banks)
  - customer service is better than online banks (and IMO the big 4)
  Cons:
  - don't have branch(es) in each suburb like big 4.
  
  In terms of interest rates, so far I've only seen it being beaten by loans.com.au and UBank.
  - sagrules on 31/10/2014 - 16:11
    
    When you withdraw money from ATM do you get charged the $3/$2 fee? Also which banks can you use for ATM withdrawal?
donotuse on 29/10/2014 - 23:09

Hi
My OTP purchase is expected to settle in January 2014, can I put in an application by 12/12/14 and get the discount, even though it's subject to completion and valuation?
Thanks
solace on 30/10/2014 - 00:01
Some advice please for a complete noob..
I am currently with choicelend with a variable rate of 4.98% with LVR 75% with 290k remaining owing
Very basic loan with on a free redraw facility and no ongoing fees

Will I qualify for this package?

Will I have to recontact my old broker to move loans? Should I ring my current home loan provider regarding matching rates?
- sickllama on 30/10/2014 - 06:23
  
  Give Suncorp a call directly - cut out the middle man completely.
  
  The role of the broker is to find you the best deal - youve found it…
bex000 on 30/10/2014 - 01:34

CBA refuse to waive package fees
BargainInAustralia on 30/10/2014 - 07:11

A question for those in the know.

my settlement is in july. It appears i cant sign to this plan as the loan credit must be signed for by december this year.

so anyone buying off plan with 2015 settlement appears unable to take advantage of this offer. Please correct me if im wrong as I was going with bankwests 4.94 comparison variable rate of .94 discount with similar fee waving of all package however suncorps promotion extends considerable savings.

both inc offset 100%
gibspmuh on 30/10/2014 - 08:32

+1

I've been happy with loans.com.au - 4.54%, no annual fees, includes an offset account and available for an LVR up to 90%.

With Citibank handing out no annual fee for life credit cards like candy that killed off the last advantage of going with a package from one of the banks.
- amsaini15 on 30/10/2014 - 09:31
  
  Totally agree. Loans.com.au is the best for home loan. Who cares for free everyday account and credit card when you can get them free anywhere.
  - spiderdash on 30/10/2014 - 13:38
    
    +1 for loans.com.au, have been with them fore more than a year, offset account with bpay and atm cards form and my wife, very helpful people too, processed my loan application within two weeks, when I call I do not need to key in 1 -7 -5 -3 -4 then finally 0 to speak to a customer rep. with 80% LVR I am on 4.49% rate.
Geewhizz on 30/10/2014 - 09:21

+2

Can anyone tell me how Suncorp's home loans rates have performed against others historically? ie, do they raise/drop interest rates any sooner or later than others?
sagrules on 30/10/2014 - 10:07

Can anyone tell me if this is the comparison rate? ie. the rate actually paid once all the fees for the life of the loan have been included? Currently paying 4.94% variable.
- Geewhizz on 30/10/2014 - 11:20
  
  4.7% comparison rate.
angelkulit025 on 30/10/2014 - 11:09

+1

I just recently moved to loans.com.au which has the most competitive rate so far.
- hashtagbargain on 30/10/2014 - 12:29
  
  I'm with ubank and am considering moving. Currently at 4.62%. Any words of advice?
  - angelkulit025 on 31/10/2014 - 13:13
    
    No need for words. The numbers clearly show the difference. Make the switch now =)
    - betheball on 03/12/2014 - 08:18
      
      Actually it may not be worth your time. You get a 0.1% loyalty discount with Ubank after three years bringing it to 4.52. Take that into account and work it out with the fees to change. I did, and it certainly was not worth stuffing around for the bugger all you would save.
navarch on 30/10/2014 - 11:53

The only difference of this with the CBA wealth package is that the CBA packages their Award credit cards which has reward points and travel insurance attached to it. Whereas the Suncorp ones are the basic credit cards with no frills attached.
But this surely is not worth the extra interest rate or the annual package fees.
- Geewhizz on 30/10/2014 - 11:58
  
  Whereas the Suncorp ones are the basic credit cards with no frills attached.
  
  Not quite.
  
  From the Suncorp page:
  
  "During your time in this Package, you won’t pay the annual card fee on either our Standard, Gold, or Platinum Suncorp Bank Clear Options Credit Cards."
ktks on 30/10/2014 - 12:43

Woh….this is great. Might actually change from NAB.
spiderdash on 30/10/2014 - 13:40

before you get this better check loans.com.au, a very happy customer for more than a year at 4.49%, excellent customer service, better than my 'physical' bank

This was posted 10 years 1 month 20 days ago, and might be an out-dated deal.

Suncorp Package Loan - Variable Rate of 4.69% Pa - No Package Fees for The Life of The Loan

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