suncorp finance what does anyone know about it please.

i was told to go straight to cba as with 2 payslips and full time employment they will give loans

my son in law hasnt had 2 years consecutive employment. he was a student, then got employed with one of the big 4 banks, then was retrenched with many other and then immediately got full time employement with another huge company. so he can show full time employemtn but not 2 years consecutive full time employment which many lenders require

for some reason they think suncorp are offering a good loan
i dont know if its based on interst rate or what

i was told to not just look at interest rate as other fees can add up
i dont know what are the other fees that can add up

what do others know about suncorp loans
i really hope they wnt waste their time and then refuse them.

i dont know how cba and suncorp compare for their home loans

 

Why doesn't he see a broker who will work in his interest (a wide selection of lenders and products suited to his specific needs) not a bank employee who is looking out for their master?

 

maybe it was a broker who told them to go to suncorp

apparently they rang many brokers who said without 2 years consecutive employment they cant help them
then i rang a top broker and was told they should go straight o cba who will give loan with full time employment and 2 payslips
maybe it was a broker who said suncorp give good loans.

an interstate broker just told me

Suncorp in general are fairly conservative in their lending practices and their interest rates look cheap early on, but can get out of step with the market over time.

does anyone else know abut suncorpas apposed to cba for home loans currently

 

Only 1 payslip required for CBA not 2.

 

They need to go to a broker that knows what they're talking about. I can't think of any lender that requires two years consecutive or continual employment these days. The most conservative only require 6 months and as has been indicated in other posts, there's plenty of lenders that only require a single payslip.

Yes, Suncorp are quite conservative in their lending practices, but in many cases they are still equivalent to the competition. There's also other lenders that are quite comparable in product and rates. For a lot of clients they're going to be more competitive than the major banks at the moment.

Most loans tend to get out of step on rates with the market over time. I can say this about every lender, including the CBA. Most lenders are willing to renegotiate rates periodically. Some lenders will renegotiate with existing clients to the same rates as what new clients are getting, some will come up a bit short. Unfortunately I find that the CBA will renegotiate, but they won't give existing clients quite the same deal as new customers.

 

He does't need to have 2 years.

Some good bankers/brokers have responded above with good advice. I dare say you'd be better off with one of them over your current broker.

Cheers

Jamie

 

Hmm this sounds a bit odd. Most lenders don't require 2 years consecutive (i can't think of any that are that conservative, perhaps the robo loans). Swapping from Suncorp to CBA...is there something specific with the property he's buying thats triggering the switch (rather than employment policy)? E.g. CBA's postcode restrictions in QLD can be comparably good vs some others. We've had a few calls from QLD'rs buying smallish units in high density postcodes that may trigger lender swaps.

I haven't seen many cases where lenders need to be swapped for a full time employee with consecutive employment..thats usually not a reason to change course as most lenders accept this.

 

thanks for all the good help. Very helpful

Yes on the recommendation of another propertychat investor, i spoke to Peter Tersteeg who posted here n this thread and who is a top broker, and he was amazingly knowledgeable and helpful. I have a big family so hopefully we will use Peter Tersteeg as our broker in future as he was extremely helpful.

Thanks so much!!!

 

I must say I encourage all buyers to see one of the experienced brokers on PC as they are highly experienced and practical.

 

well even so i've gotten very conflicting advice re suncorp, some say its fantastic deal, though slow processing rates, others say they would never suggest suncorp so how do i reconcile that .Who do i beleive

 

As suggested, go to a broker, and let them work out who is providing the best deal for the given situation.

These guys do this for a living - they know the lenders, the products, the requirements. Get their professional input. There are a number of brokers whose posts on PC always demonstrate their extensive knowledge. You'd be crazy not to get in touch with at least one or two of them.....

 

It seems like you are very keen on going a head with suncorp, why don't you just try and see how it goes?

And on the employment side, as far as I know any banks can accept permanent employments with less than 2 years in the job.

I've recently got a loan approved for a person that just finished uni and been working FT for 6 months.

 

If your son in law is smart enough to get himself to work everyday, I am sure he's smart enough to get a mortgage sorted.