Suncorp fixed rate mortgage

Typically, a property must have an Energy Performance Certificate (EPC) rating of C or above to qualify for a green mortgage. The EPC rating is a measure of the property's energy efficiency, with A being the most efficient and G being the least efficient. A C rating indicates that the property is already fairly energy-efficient, but there may be some improvements that can be made to further reduce its energy consumption.

In addition to the EPC rating, lenders may also consider other factors such as the type of improvements that will be made to the property and the potential energy savings that will be achieved. Some common types of improvements that may qualify for a green mortgage include insulation, double glazing, solar panels, and energy-efficient boilers.

It's worth noting that the specific requirements for a green mortgage can vary depending on the lender. If you're interested in getting a green mortgage in the UK, it's best to do your research and compare offers from different lenders to find one that meets your needs and qualifications.

When your Suncorp fixed rate mortgage period ends, your loan will revert to the Standard Variable Home Loan product. Here’s what you need to know: 

Options at the end of fixed rate period 

• revert to standard variable rate (SVR): your loan will automatically switch to Suncorp's standard variable interest rate 
• refix the interest rate: you can choose to lock in a new fixed rate term 
• split loan: you can split your loan into both fixed and variable portions for more flexibility 

How to prepare for the end of fixed rate period 

• notification: Suncorp will notify you by mail before your fixed rate period ends 
• check online: you can view the end date of your fixed rate term in the Suncorp Bank app or internet banking 
• refer to documents: check Suncorp fixed rate mortgage requirements and any updated variation notices for details 

What to consider 

• interest rate changes: be aware of potential changes in interest rates when switching to a variable rate 
• consultation: speak with a Suncorp mortgage specialist to understand the best option for your needs 

Understanding your options when your fixed rate term ends can help you make an informed decision about your mortgage. Refixing, splitting, or moving to a variable rate each has different benefits, depending on your financial situation and market conditions.  

Suncorp Bank frequently evaluates its interest rates for home loans and residential investment loans. Here’s what you should know: 

Interest rate reviews 

• periodic evaluations: Suncorp assesses its rates often, particularly after the Reserve Bank of Australia's (RBA) monetary policy meetings 
• 2023 rate change: in November 2023, Suncorp raised variable home loan rates by 0.25% p.a. following an RBA cash rate hike 
• future rate changes: Available fixed rates for Suncorp mortgages are subject to change based on future cash rate adjustments by the RBA. However, fixed rates already locked in by customers remain unchanged for the duration of their fixed term 

Impact on borrowers 

• variable rate loans: an increase in the standard variable interest rate will result in higher minimum repayment amounts for variable rate loans 
• notification process: Suncorp will inform you of any changes to your minimum repayments through a separate letter 

Suncorp fixed rate mortgage 

Changes to variable rates do not affect existing fixed rate mortgages, ensuring your repayments remain constant until the end of the fixed period. 

RBA cash rate predictions 

One in five experts forecasts that the RBA will maintain the cash rate steady until July 2025. The general consensus is that the RBA will maintain the current rate of 4.35% due to ongoing economic uncertainties and mixed inflation data. 

Recommendation for future rate changes 

Being aware of any interest rate adjustments and their effects on your loan can help you make well-informed decisions. Stay updated and seek expert advice to manage your Suncorp home loan effectively. 

Fixed interest rates offer stability and predictability by keeping repayments consistent, making budgeting easier. However, there are also a few disadvantages. Here are the key points to consider: 

Benefits of fixed interest rates 

• predictable payments: your monthly repayments stay the same throughout the fixed period, giving you financial certainty 
• budgeting: fixed rates make it easier to manage and plan your budget 
• rate protection: you are shielded from increases in interest rates during the fixed term 

Drawbacks of fixed interest rates 

• limited flexibility: there are often restrictions on making extra repayments without incurring penalties 
• no rate drop benefits: you cannot benefit from falling interest rates 
• potential break fees: adjusting your loan or selling your home within the fixed term can result in costly fees 

Is Suncorp fixed rate mortgage good? 

Suncorp fixed home loan rate offer the following advantages: 

• rate certainty: lock in your interest rate for 1, 2, 3, or 5 years, ensuring stable repayments  
• Home Package Plus: link your loan with an Everyday Options Account to save on interest and fees 
• predictable budgeting: consistent repayments help with long-term financial planning 
• easy application: submit your application online and receive a reply within two hours or by the next business day 
• fast approvals: get pre-approval within one business day if your application details are verified 

Evaluate your financial objectives and the current market environment to decide if a Suncorp fixed rate mortgage is right for you. Terms and conditions apply when you buy a home, so do some research before deciding. 

With a Suncorp fixed rate mortgage, you can make additional repayments up to $500 above your minimum monthly repayment without penalties. If you exceed this limit, you may incur an early payment interest adjustment fee (EPIA). 

What is EPIA? 

The early payment interest adjustment fee (EPIA) is charged when you repay more than the allowed limit on your fixed rate loan. This fee helps Suncorp recover potential losses from early repayments. 

When is EPIA charged to Suncorp fixed rate mortgages? 

EPIA applies if you: 

• repay more than $500 extra per month 
• repay your loan in full during the fixed term 
• break the fixed rate early, such as selling your property during the fixed term 

Recognising these conditions helps manage your Suncorp fixed rate mortgage effectively. Consult a mortgage broker for detailed advice on handling additional repayments and potential fees. 

To find the interest rate on a Suncorp fixed rate mortgage, use these methods: 

• internet banking: log in, select the account number to see a loan summary with the interest rate 
• bank statement: check your most recent statement if you have a Suncorp home or personal loan 
• contact the bank: visit Suncorp contact page for direct assistance 
• talk to an expert: reach out to a mortgage broker, adviser, or specialist for guidance, especially if you’re an owner-occupier 

These steps make it easy to find your Suncorp fixed mortgage rates. If you need more help, just reach out to the bank.