Suncorp Fixed Rate Home Loan 3yrs P&I Owner Occ 3.49% (CR 4.25%), I/O Investment 3.69% (CR 4.5%) + $1,000 Refinance CB @Cape Fin

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Suncorp Fixed Rate Home Loan 3yrs P&I Owner Occ 3.49% (CR 4.25%), I/O Investment 3.69% (CR 4.5%) + $1,000 Refinance CB @Cape Fin

AssociatedCapeFin on 11/04/2019 - 09:51 suncorp.com.au (2527 clicks)
Last edited 16/04/2019 - 14:23 by 2 other users

For an undisclosed period, Suncorp Bank are offering the below 3 year fixed rate specials, with the first year package fee ($375) being waived.

We think the interest rates alone are pretty sharp but in the spirit of OZBargaining, we are prepared to offer $1,000 cash back if you decide to use Cape Finance to help arrange the loan and the minimum total lend is $400k. Your rebate will be paid within 60 days of settlement.

The following 3 year fixed rate specials are available:
• Owner occ P&I 3.49% (CR 4.25%)
• Investment P&I 3.69% (CR 4.52%)
• Investment I/O 3.69% (CR 4.5%)

Please note that the banks current cashback offer is not available with these specials.

To take advantage of this offer, please email: [email protected]

We always suggest a review of your banks post fixed rate offering close to any fixed rate loan maturing, as this is a perfect opportunity to make sure you are still getting a good deal. This is also the reason the comparison rate is quite high, given the variable rate the bank would switch you to if the loan is not renegotiated.

The following terms for offer have been communicated:
- Maximum LVR 90% (inc LMI)
- Establishment fee waived as part of the members package for the first year
- Valuation fee waived as part of members package
- Credit card and offset account included as part of members package
- Minimum loan size $150,000

We strongly suggest utilising the 'rate lock' option to secure this rate at the time of application - cost is 0.15% of the loan amount (min $600). If you do not rate lock then you will be eligible for the fixed rate on the day your loan settles.

Cape Finance are Perth based finance brokers and are able to service clients Australia wide FREE of charge. Note that we are not directly associated with the bank and they make up one of more than forty lenders on our residential loan panel. Please let me know if you would like to discuss alternate lender options.

Authorised credit representative 478455 of Connective Credit Services Pty Ltd Australian Credit Licence Number 3889328.
And for that legal bit.. Your full financial situation would need to be reviewed prior to acceptance of any offer or product. Normal lending criteria and fees and charges apply. Terms and conditions apply and are available upon request.

NB: I tried to keep this post from being too long, feel free to shoot me a message if you have any questions.

EDIT updatd comparison rates provided by the bank

Financial Home Loan Investment Loan Loan

17 Apr 2019 4:00pm

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easternculture on 11/04/2019 - 10:07

+5

we are prepared to offer $1,00 cash back if you decide to use Cape Finance

So generous of you to offer $1 CB

😬 😂

Might wanna fix deal description
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:09
  
  +5
  
  Thanks mate that was a typo, should have read $1,000 to match the title
llllllllllllll on 11/04/2019 - 10:13

+3
Credit card and offset account included as part of members package

Are there offset account attached to those fixed rate loan?
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:14
  
  Not for the fixed rate loan, only if you take a variable split. Full details on members package can be found on the following link: https://www.suncorp.com.au/banking/loans/home-loans/package-…
- Peter File on 11/04/2019 - 10:16
  
  +1
  
  Are there offset account attached to those fixed rate loan?
  
  Yes for a split fixed/variable loan according to the written offer I got.
  100% offest account for both.
  
  Credit card and offset account included as part of members package
  
  Doesn't seem like it, their basic credit card is $55 a year.
  - AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:52
    
    Might want to have another chat with your loan advisor, there is no offset on the fixed rate loan at Suncorp.
    
    Also from the members package page: https://www.suncorp.com.au/banking/credit-cards.html
    "Eligible Credit Cards
    Pay no Annual Card fee on new Suncorp Bank Platinum, Gold or Standard Credit Cards."
  - ShortyX on 11/04/2019 - 11:00
    
    The variable rate is 3.99%?
    - AssociatedCapeFin @ Suncorp on 11/04/2019 - 11:04
      
      For which product, owner occupied or investment?
      - EnALup on 11/04/2019 - 11:46
        
        @CapeFin: Owner occupied variable and is a bit sus taken HSBC is offering much less. Fixed rate is quite good though. I have heard rumors of 2 interest rates downs this year.
        
        AssociatedCapeFin @ Suncorp on 11/04/2019 - 11:58
        
        @EnALup: We can get a 20 point discount to bring the Suncorp offer down to 3.79%
Peter File on 11/04/2019 - 10:13

+2

I've been offered this deal yesterday by my loan advisor and I'm re-financing.
This rate is very competitive.

Their variable rate is also very low.
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:15
  
  It sure is a great offer at the moment.
- EnALup on 11/04/2019 - 11:47
  
  +3
  
  I can see variable rate of 3.99% for OC and it is not competitive TBH unless I am missing anything.
- w3b3d1g1 on 11/04/2019 - 14:07
  
  Mate, you are dreaming.
Moncastle on 11/04/2019 - 10:13

+1

Any variable rate offer with Suncorp with rebate?
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:15
  
  Yes, would you like to shoot me a PM so I can quote for your desired structure.
  - navarch on 11/04/2019 - 10:49
    
    I'd like to know as well please.
    - AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:53
      
      Please shoot us a PM or an email to [email protected] and a response will follow shortly
      - navarch on 11/04/2019 - 10:56
        
        @CapeFin: Already did half an hour ago..
  - EnALup on 11/04/2019 - 11:48
    
    +1
    
    Can you share here unless it is too good to be shared :)
    - AssociatedCapeFin @ Suncorp on 11/04/2019 - 12:02
      
      +2
      
      Variable owner occ P&I 3.79%, variable investment P&I 4.09%, both with offset.
      - EnALup on 11/04/2019 - 13:20
        
        +1
        
        @CapeFin: Thanks. Little higher compared to HSBC offerings and cashback with Offset. Fixed one is good though.
lachhelix on 11/04/2019 - 10:19

That 90% LVR is very tempting!
- geoffs87 on 11/04/2019 - 10:38
  
  +4
  
  dont do it….
  - steve84 on 11/04/2019 - 11:37
    
    -4
    
    Agree 100% - don’t do it. People like this are the reason that when shit hits the fan, the house of cards will implode big time. Did no one learn from 2008? That’s just the beginning
    - Diji1 on 11/04/2019 - 12:25
      
      +1
      
      You're repeating banking industry public relations stories where it wasn't the banks fault even though they are to blame.
      
      The US banking sector collapsed because they paid Bill Clinton to deregulate the banking sector in 1998. After the industry tool Clinton removed the banking regulation put in place after 1929 to prevent another Great Depression from occurring the industry crashed the economy again in a mere 10 years.
      
      And then suddenly became fans of Government intervention as the Government paid them billions so that they could continue destroying the US economy - in 2016 they paid off industry tool Obama to deregulate the sector again so expect another 1929 style crash in the next 5 to ten years.
      
      Australia operates a much more tightly regulated banking sector where they cannot build houses of cards. Our banking sector is constantly working for deregulation but so far there hasn't been the sheer madness shown by politicians like Clinton and Obama to crash their own economies and pay off the people that crashed it.
      - timbo83 on 11/04/2019 - 12:36
        
        @Diji1: While still having their hands in the pockets of major developers, bankers and anyone else involved in the real estate game. I wouldn't hold them on too high a pedestal but otherwise agree with your points.
    - Splashtash on 11/04/2019 - 12:52
      
      Lol what a bad statement to make. U assume everyone can’t manage their finances.
      - steve84 on 12/04/2019 - 08:49
        
        @Splashtash: Many people are over leveraged. If someone needs 90% LVR then what interest do they have buying a house? It just adds to the debt problem which is going to eventually crash like a ton of bricks.
        Australia doesn’t operate in a vacuum, just because we are more tightly regulated (not enough in my opinion if banks are offering 90% or more LVR in a falling market) doesn’t make us immune. Next recession will be global and won’t be pretty.
      - lachhelix on 12/04/2019 - 09:31
        
        @Splashtash: This.
        I save a good 80% of my salary every month so feel I can manage/budget just fine, but I'm sick of living at home and I'm not going to waste (?) my money renting
        
        steve84 on 12/04/2019 - 09:44
        
        +1
        
        @lachhelix: So you would lever up 90% on a house? What if you lost your job and the value of the house plummeted, you would end up owing more money on the property than the value with no way to pay it back. And let’s say many people found themselves in this situation, prices would drive further down as a result. High house prices have driven our economy as people feel richer. When prices go down, even those that can stay afloat will spend less, in turn companies will lay off workers - its a downward spiral of a debt and spending based economy which will eventuate. History will repeat itself and anyone who thinks otherwise is delusional - the signs are all there.
        Renting then doesn’t seem like such a bad idea. If you really want to live the “dream” (it’s not that exciting trust me) then at least save some more. 10% deposit on a house is sweet FA
        Edit: even 16%. If you’re saving 80% of your salary a month, you can do much better than $60k on a $350k place
  - lachhelix on 12/04/2019 - 09:24
    
    Interesting feedback from people.
    Perhaps I'm wrong (and I'm happy to be corrected) but take this example scenario:
    
    Relatively low loan. Let's say 350k house
    You have 60k for a deposit (and say another bit saved)
    To avoid LMI you need a 20% deposit of 70k~
    
    With a 60k/16%~ deposit, you're up for $1900-ish in LMI fees which you pay upfront?
    
    Understanding it makes financial sense to wait until you have a complete deposit so you're not paying an additional insurance, if you find the right property what's so bad about going forward?
    - geoffs87 on 24/04/2019 - 10:29
      
      LMI just gets added to the top of the loan, so your loan becomes $291,900 - but i would double check that amount, my first loan (~$500k) needed LMI and was about $15k from memory… no regrets from me on my first purchase with 90% LVR, but i wouldnt do it today!
      
      Its mostly around what if you lose your job, what if you can't meet repayments, what if you have to sell for personal or financial reasons… at the end of the day, a 10% drop in value, less sales/advertising costs will quickly see you in negative equity.
      
      From what I've read, many people today are seeing negative equity because 10%+ drops in value and low LVR. If you had to sell, you would still have a debt to the lender with no property. thats bad.
      
      I today have a property in a favourable part of sydney, i think its dropped a few percent. I'm ok though, because my LVR is something like 68%
      
      Anyway - up to you, i took the risk when i was 23 with 90%, and it paid off. Today, i don't think it would.
llllllllllllll on 11/04/2019 - 10:22

+5

https://www.reddit.com/r/AusFinance/comments/bbhaim/suncorp_…

I assume there is an option to go for 3.64% IO Investment refinance?
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:25
  
  Good question, not something we have been made aware of but I will check with the bank now.
yourflights on 11/04/2019 - 10:23

+1

Is the investment interest only rate applicable to construction loan? or it has to be established new home and/or refinance only.
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:26
  
  +1
  
  You would need to have the construction component variable but the land component can be fixed.
  - OzFrugie on 11/04/2019 - 20:30
    
    So the IO Inv rate is not valid for established property?
    I've got burned before with Suncorp with this exact scenario.
    They advertised IO Inv with good rate. went thru everything and when it was up to credit check they said it was only for construction loan.. wasn't mentioned anywhere in the ad.. freaking bs..waste of time and prob left a bad mark on my credit profile
CachePC on 11/04/2019 - 10:24

+6

The comparison rate is terrible - does this include all the fees, including the professional package fee and/or monthly fee. I realise that comparison rates are based on lower borrowings than the 400k minimum you are offering but we are looking around at present as CBA are sooooo expensive and they say they've sharpened their pencil as much as possible, but your comparison rate for Investor is only 0.05% different to CBAs
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:30
  
  +1
  
  Yes it does factor in the fees and another big impact is the variable revert rate which is not competitive, at which point we would renegotiate with your lender or present alternate options in the market if they don't offer you anything sharp.
Soluble on 11/04/2019 - 10:29

+2

Refinanced using CapeFin 2 years ago. Pleasure to deal with.

Unfortunately only 2 years in so I can't jump on this ;)
surg3on on 11/04/2019 - 10:38

+1

Most banks do not do offset+fixed loan, does Suncorp? only asking because it mentions "- Credit card and offset account included as part of members package"
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:39
  
  Only for a variable split, or for once the fixed rate matures and goes variable.
4foxache on 11/04/2019 - 10:38

+2

Good rate but comparison rate makes it noncompetitive for mine, in reality its 4.25% and that's not a good deal
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:40
  
  Agreed on the comparison rate, we would discuss alternate options close to the maturity of your fixed rate.
- trainingwheelz on 12/04/2019 - 10:05
  
  Yes, very poor comparison rates (the true percentage rate). There are so many better comparison rates out there.
mlburnian on 11/04/2019 - 10:40

This should tell u that the smart money is betting on multiple rate cuts by RBA
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:43
  
  Let's hope the banks pass them of if it happens.
  - Steptoe on 11/04/2019 - 11:30
    
    +2
    
    and monkeys 🐵 might fly out of my butt.
- YellowKnight on 11/04/2019 - 10:43
  
  How so?
  - abb on 11/04/2019 - 11:14
    
    The bank wouldn't be offering bonuses to sign up to their lowest-ever fixed rate if they thought rates would increase.
    - AssociatedCapeFin @ Suncorp on 11/04/2019 - 11:29
      
      They aren't, we are offering the cash back as Suncorp is not paying their bonus incentive on these specials.
Brouw3r on 11/04/2019 - 10:48

+2

Wouldn't this be much better? Much lower CR and only $300 less cash back.
- jackwoz on 11/04/2019 - 10:56
  
  Isnt that Variable?
  - AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:57
    
    +1
    
    Different offering being variable
  - Brouw3r on 11/04/2019 - 11:08
    
    +9
    
    Yes, but why lock in a fixed rate if there's no signs the rate will increase?
    - surg3on on 16/04/2019 - 08:38
      
      Banks like to increase rates out of cycle. Once there are signs rates will increase the banks have already jacked up their fixed rates, they know the expected next 3 years better than you do.
      
      Fixed rates make your payments predictable and should the unexpected happen you don't have to worry about a sudden increase in rates.
- sagrules on 12/04/2019 - 10:30
  
  Looks good, anyone had any positive experiences?
daleyboy79 on 11/04/2019 - 10:57

+1

Suncorp are offering $1500 to refinance with them directly… and im my experience you can always get 0.05% better than what a broker offers from a particular bank. In saying that i would still recommend someone who is getting their first home loan and has limited knowledge on the subject to go through a broker.
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 10:57
  
  The $1.5k rebate does not apply to these fixed rate specials released today.
jackwoz on 11/04/2019 - 11:00

+4

Whenever ive decided to go on a fixed rate, i always get burnt. I end up watching the variable drop way below the fixed rate im paying. I reckon the boffins at the bank are quite good a predicting what the variable rate will be in the future.

Has anyone ever won with a fixed rate here?
- llllllllllllll on 11/04/2019 - 11:05
  
  Never for me. It’s like a gamble when you win short terms but always lose out in the long run.
- CrocDundee on 11/04/2019 - 11:34
  
  I've been lucky over the years with my fixed rates. I haven't always fixed my loans but since 2006 when my wife and I bought our first home we have been fortunate enough to always come out on top when fixing. For the last 13yrs we've probably had loans fixed for a total of 7yrs. But we have just gotten lucky. I know others who have fixed and then the variable dropped 1% within a year.. Luck of the draw I guess.
- kulprit on 11/04/2019 - 13:05
  
  +13
  
  The main reason people should fix their rate is not to try and pay less money, you more than likely won't as the banks are much smarter than us.
  Fixing is about being sure of your repayments and being able to budget accordingly.
  - CrocDundee on 11/04/2019 - 14:00
    
    +1
    
    Definitely agree with this ^^ - Spot on Kulprit.
  - ozbd on 11/04/2019 - 17:51
    
    This. And to add to this the banks are taking on risk by offering a fixed rate. They don't do this for free.
- [Deactivated] on 11/04/2019 - 17:10
  
  Never lost on a fixie
navarch on 11/04/2019 - 11:01

+4

What other fees and charges are applicable ? Quite a big gap from 3.49% to a CR 4.25%. Does this mean for a loan of $150,000 x (4.25%-3.49%)=$ 1140 fees per year? Seems quite high.
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 11:03
  
  It factors in the revert variable rate after the fixed rate matures as well, I have queried the CR supplied by the bank as they do not look correct and should have an update soon. Annual package fee is $375 and waived for the first year, this also covers the application and valuation fee.
- EnALup on 11/04/2019 - 18:03
  
  Good to know. Never knew of this calculation .
hazzad on 11/04/2019 - 11:06

I thought interest only loans were being abolished?

These are very competitive rates. Currently on a interest only at 4.04 with CUA for remainder of 1 year construction but we will be ticking over to p&I in next few months but that rate appears to be about 5.25 or so which is quite high given I've seen offers from both sun Corp and king with 4 and below. Has something changed lately with these investment rates dropping so much as they seemed to shoot up last year.
- Steptoe on 11/04/2019 - 12:05
  
  Not abolished. Limited % of written loans. Currently running much lower than Royal Commission guided.
ozbmm on 11/04/2019 - 11:15

Very competitive. Just wished this offer had surfaced earlier. I just did a refinance away from Suncorp :-(
ozbmm on 11/04/2019 - 11:24

Will we get $1000 and same inv I/O rate for new loans?
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 11:28
  
  +1
  
  Yes this can be for refinances or purchases
cunningdrew on 11/04/2019 - 11:29

+5

RBA about to drop interest rates. So while this deal is good, it will be common in a month or two from now. Suncorp have effectively dropped their rate to suit the forthcoming cut to interest in a bid to win customers early. Actually, very clever.
- dcep on 11/04/2019 - 11:42
  
  +2
  
  how sure are you ?
  
  Banks will say their foreign funding cost rises as Feds increase rates, regardless of RBA cutting rates.
  - serpserpserp on 11/04/2019 - 12:06
    
    +1
    
    If he was really sure. He'd put money down with a bookie and be rich.
    
    To be honest, I don't think a lot of fixed rates for owner/occupiers will go much below 3.50% from the big banks even after a rate cut. So to get this for 3 years is probably good.
    
    However, the comparison rate is pretty high. My home loan is 3.89% on a CR basis. So even though I'd love to take up that lower headline rate, i'll be out of pocket more.
    - NigelTufnel on 11/04/2019 - 12:49
      
      +1
      
      I mean, odds say the next decision will be downward (~$1.20), but indicate strongly that next months decision will be no change (~$1.01). Decrease next month is paying >$5.
- surg3on on 12/04/2019 - 11:19
  
  Please note that the expectation of rate drops are already priced in to most fixed rate offers.
mrvaluepack on 11/04/2019 - 11:38

What is the current variable rate? Which the loan would theoretically convert to after the fixed period?
amanda89 on 11/04/2019 - 11:39

Isn't it better to go HSBC 3.69 variable? As it isn't a honeymoon rate
- serpserpserp on 11/04/2019 - 12:08
  
  These are fixed rates.
- lolcoaster on 11/04/2019 - 15:14
  
  Where's the HSBC 3.69% offer?
GuitarNeo on 11/04/2019 - 11:44

Have 2 home loans- cross collateralized

Can 1 of these be switched out or does it have to be both?
- serpserpserp on 11/04/2019 - 12:09
  
  Only your security documentation can tell you that.
ohsotight on 11/04/2019 - 11:44

+3

If anyone is looking at going with Cape finance, I must say they were first class with my refinance which settled couple of months ago.

Nothing was too much of a bother and extremely fast in responding.
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 12:03
  
  Thanks mate
Russ on 11/04/2019 - 11:49

+10

When I saw the title, with "CR 4.25%", my first thought was "How do you get CashRewards on a home loan?".

Damned acronyms with multiple meanings.
ledzep on 11/04/2019 - 11:49

Hopefully someone can help.

Looking at the refinance option with Suncorp on the basic variable home loan.

I refinanced with my current bank in Dec for a reduced rate.

Is it worth it doing it with Suncorp? I'm on 3.99% variable now

That 3.69% is tempting!

Thoughts?
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 11:54
  
  I will send you a PM to work out if it is worth doing
  - ledzep on 11/04/2019 - 11:59
    
    Thanks mate
kungfupanda on 11/04/2019 - 11:52

sadly I am already locked with a bank for 3 years starting last year at 4.14%… :(
{quietly handing over my ozbargain badge}

does OP/anyone know the penalty fees if I want to switch from the fixed term?
- AssociatedCapeFin @ Suncorp on 11/04/2019 - 11:54
  
  First step would be to check the break fee from your current bank and then we can work out how long it would take for you to be ahead and if its worth doing, feel free to email [email protected] if you would like to do so
- MountFranklin on 11/04/2019 - 12:07
  
  I am locked at 4.19 for another year….investment I/O
serpserpserp on 11/04/2019 - 12:02

We strongly suggest utilising the 'rate lock' option

How much of that 15 basis points goes to your business OP? I'm taking you just bank the differential on the rate on the day it is drawn (and you are banking that the 15bps is less than the movement over the settlement period?)

That comparison rate looks really wide. 76bps is very expensive. Care to outline what makes up this amount?
AssociatedCapeFin @ Suncorp on 11/04/2019 - 12:10

Hi mate,

We don't get any of the rate lock fee, it is paid directly to the bank and is optional.

As for the CR, my response above "It factors in the revert variable rate after the fixed rate matures as well, I have queried the CR supplied by the bank as they do not look correct and should have an update soon. Annual package fee is $375 and waived for the first year, this also covers the application and valuation fee." Hoping for an update from the bank shortly.
theprodjuicer on 11/04/2019 - 12:14

spoke to Toby from Cape Fin - nice bloke - no muckin around - we will proceed and keep you updated
kiwijun on 11/04/2019 - 12:17

I already have some home loans including investment loans with Suncorp. Can I get this deal as well?
RubenM on 11/04/2019 - 12:21

I wish I was able to refinance! This rate would save me nearly $10k/year and that's disregarding principal payments.

This was posted 5 years 7 months 12 days ago, and might be an out-dated deal.

Suncorp Fixed Rate Home Loan 3yrs P&I Owner Occ 3.49% (CR 4.25%), I/O Investment 3.69% (CR 4.5%) + $1,000 Refinance CB @Cape Fin

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