This was posted 9 years 5 months 3 days ago, and might be an out-dated deal.

Related
  • expired

Suncorp Margin Loan 20k and over 1 Year Fixed Rate 5.20% Pa + $600 Free Brokerage

32
Suncorp Margin Loan 20k and over 1 Year Fixed Rate 5.20% Pa + $600 Free Brokerage
Go to Deal
chowmanly on 24/06/2015 - 02:05 suncorpbank.com.au (230 clicks)
Last edited 24/06/2015 - 02:07

No establishment or application fees
Basically if your loan is $20000 the interest payable will be $1040, taking the $600 free brokerage into consideration the actual interest you would pay at the end would be $440 or a 2.2% interest

No minimum loan balance, specialist service from our account management team, no establishment or application fees for individuals, and no account keeping fees or ongoing costs, regardless of whether you're an individual, company, or trust.

A great deal for short term traders looking to build some cash over the next 12 months

Financial Loan Share Trading

Related Stores

Suncorp
Suncorp

closed Comments

  • sonicentropy on 24/06/2015 - 02:18
    +1

    Or rack up $20 debt on a margin call

  • sparkles on 24/06/2015 - 02:52
    +4

    Eeeek, this type of product shouldn't be touted as a bargain to the average punter. If you lose value on your shares, you are magnifying your losses.

    And aren't trade brokerage and margin loan interest completely different things? They don't offset each other. You won't just be paying $440 at the end, looking at the details this deal is for fixed (prepaid) interest. You'd pay the $1040 now upfront, clearly a deal aimed at lenders/investors who want to prepay interest for tax purposes before 30 June which is common. Tax deduct now, stress later. And cross your fingers.

  • chill on 24/06/2015 - 05:02

    Good deal.

    What sort of credit checks to they do? Same as a credit card or less due to the shares acting as some security?

    • Logical on 24/06/2015 - 08:36

      ha ha, shares acting as security… probably that's all the shares will do 'act'. there is no real security in shares.

      • chill on 24/06/2015 - 13:45

        I was not trying to be funny. It was a serious question.

        some security (meaning partial)

  • Slo20 on 24/06/2015 - 05:17
    +1

    Further 0.25% discount for existing Suncorp home package plus customers. Also as sparkles stated, the OPs calculations are off. You pay the interest upfront so it's not offset by the free brokerage trades. The interest is tax deductible but margin loans should only be for people who know what they are doing. Getting a margin call can send a lot of people backwards.
    I've had margin loans before so it can definitely magnify your earnings but it can also magnify your losses.

  • CyberMurning on 24/06/2015 - 06:41
    +1

    Still margin loan is much better than cfd or fx trading or pokies

  • s12345 on 24/06/2015 - 07:25
    -3

    it's a terrible interest rate and the $600 "free commissions" (really ~$100 worth) is fiddly.

    • Slo20 on 24/06/2015 - 07:56
      +1

      I tried clicking on your link to a better margin loan interest rate but it doesn't appear to be working. I also don't think fiddly was the word you are after.

  • SilverRanger on 24/06/2015 - 07:35

    CommSec and NAB Trade offers free brokerage as well, no need to apply for a margin loan.

    • chowmanly on 24/06/2015 - 13:51

      They do, but if you have cash then why would you apply for a margin loan ?

  • sillyhead on 24/06/2015 - 08:00

    That guy from goulburn got a good margin loan package… Unlimited ATM use. Should have posted on ozbargain.

  • [Deactivated] on 24/06/2015 - 08:57
    -2

    WHat are the T&Cs on the $600 "free" brokerage? Usually is upto $xx per trade and and only available for the first month whether you use the full $600 or not…

    No deal…

    Besides, cheaper to get the $ out of a home loan than taking out margin loan.

    • sillyhead on 24/06/2015 - 09:29

      But the interest from margin loan is tax deductible.

      • roughana on 24/06/2015 - 10:13

        That depends on what you use the money for.
        If you borrow against your existing shares and spend it on cheap alcohol then the interest is not tax deductible.

      • [Deactivated] on 24/06/2015 - 10:58

        The same applies to interest on an investment loan.

  • Baysew on 24/06/2015 - 09:17
    +1

    Cheaper at Westpac

    A great deal for short term traders looking to build some cash over the next 12 months

    Care to explain that statement ?

    • bort on 24/06/2015 - 10:30

      that westpac variable rate looks very good

    • chowmanly on 24/06/2015 - 13:42

      westpac does not provide the 600 free brokerage.
      Investing in the right shares you can easily pay that money back, I understand this deal is only targeted for a very small percentage of people here, but if it helps 1 or 2 then why not share.
      IMO is only worth it if you borrow the minimum 20k quantity to take fully advantage of this deal.

  • devilbabies on 24/06/2015 - 11:59

    1. rates are better elsewhere (eg. anz and westpac are offering 4.7%) ..

    2. you need to use the free brokerage by the end of august ..

    3. heaps of other stock brokers give free brokerage without needing to take out a margin loan ..

    so it's not really a great deal

    • chowmanly on 24/06/2015 - 13:46
      1. Do they provide 600 worth of free brokerage?
        2.If you invest in the stock market you would know that now is a great time to buy shares.
        3.If you are already fully invested you would have used all your free brokerage allowance, besides all the big banks have an expiry date for the 10-20 free trades (usually 30-45 days)
Login or Join to leave a comment
Login Join