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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

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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
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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

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closed Comments

    • wellzi on 11/04/2019 - 12:33

      WHOA! WHY?! lol

      • RubenM on 11/04/2019 - 15:18

        Investment properties, however my loans are pre APRA changes and we've had a child.

    • harryzee on 11/04/2019 - 12:55

      Contact your bank or credit provider and ask for a better rate or you will go. Bluff them. It's been working for me the last few years.

      • RubenM on 11/04/2019 - 15:19

        That's what I do too.
        Works better with some than others though.

  • worker on 11/04/2019 - 12:27

    Honestly, by would you bother when you can get 3.79% - 3.82% as a comparison rate, not fixed elsewhere
    That’s without trying too hard and really searching for a competitive rate as well

    • ely on 11/04/2019 - 12:51

      Because… it's fixed? It's a fantastic fixed rate if that's the way you happen to be going, and with the 20bp discount on the variable rate that they mention that's a reasonable variable rate too if you want to split.

      • worker on 11/04/2019 - 13:34

        The comparison rates suck though, 3 years I highly doubt the interest rate will go up to even match their current fixed rate comparison

        • ely on 11/04/2019 - 13:39
          +4

          Comparison rates are essentially useless due to the way in which they're calculated, you need to run the numbers yourself to figure out what a sane comparison actually is given the various fees.

  • ShortyX on 11/04/2019 - 12:28

    What are the break costs?

    And can the split be any amount between variable and fixed?

    • AssociatedCapeFin @ Suncorp on 11/04/2019 - 12:51

      Break costs cant be calculated up front, so we suggest not fixing if you decide to refinance or close the loan within the fixed period.

      Yes you can split the amounts between fixed and variable.

  • lippy on 11/04/2019 - 12:28

    good competitive rates, but the docs required for Suncorp is tedious I've heard!

    • AssociatedCapeFin @ Suncorp on 11/04/2019 - 12:50

      Most lenders are going that way.

  • Click_It on 11/04/2019 - 12:40
    +1

    Can happily recommend Cape Finance. Toby took care of our mortgage when everyone else thought it was too hard. Top bloke too. 👍

    • AssociatedCapeFin @ Suncorp on 11/04/2019 - 12:50
      +1

      Thanks mate

  • TheWineFamily on 11/04/2019 - 12:45
    +1

    Suncorp is particularly difficult with servicing, but a great deal if you can get your deal through.

  • ely on 11/04/2019 - 12:49

    Currently on 3.79 variable and 3.74 fixed (with about 11 months still to run on the fixed). This is a great looking deal, but probably not quite enough to justify the switch for me.

  • pat25d on 11/04/2019 - 12:51

    Any idea on what costs are involved in refinancing? E.g. mortgage fees with the state government? Stamp duty?

  • hashtagbargain on 11/04/2019 - 12:56
    +1

    Does CR mean current rate or comparison rate? If it is comparison rate, why bother - I currently get 3.59% from ubank. or have I got it wrong?

    • Brouw3r on 11/04/2019 - 13:44

      Comparison rate, factors in fee's at a nominal loan value ($150,000 in this case). Agreed it does seem high.

    • EnALup on 11/04/2019 - 14:03

      What does comparison rates show other than it is for 150k loan amount when I see bank's webpage?

    • w3b3d1g1 on 11/04/2019 - 14:05

      Whats the service like with UBank and do you know if they are ethical?

    • Jettblack on 11/04/2019 - 14:11
      +1

      Also with UBank @ 3.59 - not seeing the benefits with this
      Was with CUA not going there again

  • mshanann on 11/04/2019 - 13:00

    @capefin; Question for you …
    Parents currently have an old CUA premium fixed rate loan with 100% offset (that was not capped) - 450k remains - however it is being offset with 250k (thus essentially 200k owing)
    At the end of the year the 5 year fixed component is done, and it switches to variable.
    They hope to pay off the remaining 200k in 3 years - but it could take more time.

    Any suggestions on whether they should just stick with CUA if the variable product also has 100% offset and is not capped (many banks now cap the offset at 50k), or do you think they should refinance and get a different product?

  • cantthinkofone on 11/04/2019 - 13:11

    Hi there, just confirming is this offer only valid for someone looking to refinance?
    Situation: purchased land and building an investment property home. Can I qualify for this offer if I want to get the loan just for the land only?

  • w3b3d1g1 on 11/04/2019 - 14:04

    Not sure why this has so many comments. Firstly - NOT customer owned. Second comparison rate is rubbish. Thirdly - plenty of better cashback offers. i just refinanced to the Regional Australia Bank Ozbargain deal based purely on the fact they are customer owned and bettered my rate elsewhere plus gave me $1500. https://www.ozbargain.com.au/node/446655

    • ShortyX on 11/04/2019 - 14:48
      +1

      Ignore the CR. The assumption is to refinance or negotiate a rate after the 3 year fixed rate period.

  • mr fox on 11/04/2019 - 14:08

    I'm on 3.99 variable with ING Direct. What's the magic question to ask them to negotiate it down? Ask for a close out balance or some such thing? (Sorry for amateur question.)

    I'd consider refinancing but did so only 12 months ago and the paperwork was a nightmare. Wife's just gone on paid maternity leave so that might kill an application too.

    • sagrules on 12/04/2019 - 13:01

      Just say you got a better offer from Bank X, rate X and you want to move. They will transfer to one their retention consultant people and get back to you with what rate they can offer to keep you.

  • 0FoxGiven on 11/04/2019 - 14:18
    +2

    I'm currently on a CR of 3.85% for a CONSTRUCTION loan (which is usually higher than the usual loans I think) with one of the bigger banks.

    With a CR of 4.25%, isnt this like way too high? Why so many upvotes?!

    • ShortyX on 11/04/2019 - 14:48
      +2

      Ignore the CR. The assumption is to refinance or negotiate a rate after the 3 year fixed rate period.

    • vssv on 11/04/2019 - 16:06
      +1

      Could you plz tell me the bank name? I am in same situation…

      • 0FoxGiven on 11/04/2019 - 16:08
        +2

        ANZ .. The Simplicity Plus loan. They even took care of my conveyancing fees. Didn’t pay a penny

        • Msfrugal on 11/04/2019 - 17:16

          Hi. When did you do this? Recently?

          • 0FoxGiven on 11/04/2019 - 17:51

            @Msfrugal: November last year. The conveyancing fee cover might have been a limited time offer

        • vssv on 12/04/2019 - 14:17

          Thanks

  • greater mimic on 11/04/2019 - 15:08
    +1

    the variable rate of 3.69% and $1.5k cashback looks very good. I'm looking to switch from ME Bank so might need to look into that more

    edit: of course if uBank offer cashback to offset the refinancing costs I'll jump on that

  • ITveteran on 11/04/2019 - 15:36

    Doh! Just fixed today for 3.99% I/O. Thought it's a good rate.

    Property boom 2.0? Wishful thinking?

  • plasmapuff on 11/04/2019 - 17:43
    +1

    Are you able to do 90% LVR, no LMI for medical professionals for example?

  • cuteduck on 11/04/2019 - 17:54

    Are you able to finance block of 4 units using this special rate?

  • OzFrugie on 11/04/2019 - 20:39

    How long max can Suncorp offer interest only period for?

  • Korban Dallas on 11/04/2019 - 22:44

    Um you guys are getting conned. Compare the CR..

    We have our Investments and home loans under 4% with Suncorp and the comparison rate is under 4% too.

    No fees.

  • yedija on 11/04/2019 - 22:50

    Currently on Split loan *Investment loan
    4.38% Variable with Commonwealth
    3.99% Fixed till 23/03/2021

    Guess i am tied till 2021 before i can move , is it worth breaking fixed loan ?

  • Weezle on 11/04/2019 - 23:02
    +2

    The rate is very misleading as the comparison rate tells you the TRUE cost of the loan. Pretty average tbh.

    • EnALup on 12/04/2019 - 17:37

      Can you advise how does comparison rates work compared to normal published ones.

      • Weezle on 13/04/2019 - 11:30
        +1

        To put it simply, comparison rate will reflect the actual cost of the loan as a percentage so it'll take into account the interest rate and any other fees they may charge such as monthly account keeping fees and early exit fees.

        • ShortyX on 15/04/2019 - 09:19

          In this case, you can ignore the CR if you renegotiate the rate or refinance after the 3 year fixed period.

  • neilpatrickharris on 11/04/2019 - 23:06

    Is there any leeway on applying the waived annual fee for life for refinancing customers and not just first home buyers? I'd refinance immediately if so.

  • d-hunterz on 12/04/2019 - 14:33

    I pay 3.85% on my owner-occupied with the same bank. Would I be able to do it with or without you?

  • w3b3d1g1 on 17/04/2019 - 10:07

    Once again. Not a customer owned bank. When will people wake up to the findings of the Royal Commission. Look at the CR rates here. Customer owned banks: Regional Australia Bank, Newcastle Perm, Greater, Hume and many more will do there best the match rates and you and your communities will realise the benefits. Regional Australia Bank are also doing a cashback: https://www.ozbargain.com.au/node/446655

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