Any experience with Suncorp Bank

Any Experience with Suncorp bank home loans? Do they have relatively stable terms and conditions? Good customer support? Thanks in advance

 

We've got a loan with them just under a mil, been set up for a few years now so don't know the current conditions.
They call me one in a while to ask if there's anything they can do to improves their service, I asked for lower rates and they did reduced my rate.
Also, I transferred 3/4 mil from my suncorp offset to another bank account a couple weeks ago and they did it right away with no fees, unlike other banks who have to go through the irritating process of IMT and costs $22 each time.
However, we tried to prepay 12 months interest in advance recently and they did not accommodate that.

 

They are good. Used to renew IO loan terms without a reassessment, not sure if any recent changes. They are also very good at splitting loans into 2 or 3 etc.

Servicing is a bit tight with them though

 

Suncorp are pretty good IMO

For investors - they're not too crash hot. Their servicing calc is dismal and they can be a PITA with equity releases.

For owner occ though - they're quite good. They have sharp rates and allow multiple offsets under their pro pack.

Cheers

Jamie

 

Very conservative policy/calculator which makes them tight for most investors these days.

Their interest rates are towards the lower end at the moment, but with the huge volumes coming through to them at at the moment they will no doubt hit their caps quickly and need to start ratcheting up the rates to try taper off the flow of business.

Generally they're one of the more cheaper for your vanilla owner occupier deals.

 

Our daughter has two home loans through Suncorp and is happy with them.
Marg

 

They're very competitive on rate, especially above 80% LVR. As others have said their servicing isn't great, although given how conservative many lenders have become they compare well to quite a few lenders.

I've found them reasonably easy to deal with for variations and getting older loans re-priced.

Due to their competitive rates their turn around times are terrible at the moment unless you're going through a 'silver' or 'gold' broker. In that case they are acceptable.

 

I was happy with their customer service but moved to bankwest for better serviceability.

 

Thats probably the best finance analogy for out of the frying pan and into the fire.

 

I have used them a few times over the years.

As others say they changed servicing a while ago, one of the first lot to move.

Always found costs and rates low or very fair, no unfair practices that I found.

Call centre staff are actually here in Aus, I like that they support jobs here, however I am not sure if that is true for other parts of the business. They are known to run a good insurance company.

I have found though, that initial setting up of loans and paperwork has often been a shambles. everything from wrong docs, wrong loan amounts, re asking for same conditions over and over, a bit lacking, but it always got sorted.

They have also rectified any mistakes or changes made accidentally.

So I would say use them if you service with them. I would give them more business if I could, over the big 4 or lower end.

 

My experience with them on long existing loans (<80% LVR from the beginning) has been good.
A few niggly issues that were quickly resolved.

 

^^^^^ Would only be marginally better at best.

They are good for a owner occupier type deal and usually have sharp rates.

The service levels atm are taking weeks and even months to approve deals so if you are doing a purchase with them allow for it in the finance clause or probably best to go elsewhere at this stage.

 

We had similar experience with RAMS, however no issue with St George

 

I have several clients with Suncorp happy with the rates and service. I've been told a lot of their branches have been or are shutting down in Perth so this may be something to consider.

 

As mentioned earlier, particularly sharp rates up to 90% inc.

Good customer service, harsh servicing calc.

All in all, for Mum and Dad owner occupied they are in my opinion very good.

 

Do people really want branches ?

All the years I used them, there was no branch anywhere near me, so I travelled a few times to get Bank CHQ's, that is about it, even from back before y2k they had a good internet banking system same as any other competitor.

If a branch is important, do a check on locations first.

Ironically now I have a branch near me in the 2 areas I am most & no one wants Physical CHQ's anymore

 

We've got a split loan with Suncorp on our PPOR with $400k equity. Problem is we have a split loan with 80% fixed for two more years and 20% variable.

YOu mentioned squeezing equity is tough with Suncorp... any advice on whether you think this split will inhibit our ability to use equity on our first IP?

Experience has been great to date... responsive, helpful and keen to please. MIght find another story with our equity (seeing MB tomorrow)

 

Its the cash out that is tough with Suncorp. They want to know where it is going and want to control it until it gets there.

 

Suncorp is our major banker.

We used to have four - ANZ, NAB, St George and Suncorp.

A little while ago, we shut down our NAB accounts as we were rationising.

Then, in February last year, we bought our latest property. ANZ were the worst to deal with and weren't flexible with their loan rates.

Suncorp and St George went into a shootout and Suncorp won.

So we went with Suncorp. We keep our business with St George to keep Suncorp 'on their toes'. Working so far.

 

Unfortunately, they have removed the discount from their back to basic home loan for investors so the interest rate has jumped from 4.29% to 5.36%