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Submission: On September 22 via manual from AU — Scanned from AU
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1. Home
2. Banking
3. Home Loans
4. Tips
MANAGE YOUR HOME LOAN REPAYMENTS
REPAYMENTS MADE EASY
We want to help make paying your loan off as easy as possible. That's why we've
given you the option to make repayments weekly, fortnightly, monthly or in lump
sums as long as you've covered the monthly repayment amount. You can pay how you
like - with direct debit, phone and internet banking all available.
HOW TO SET UP YOUR REPAYMENTS
Setting up your home loan repayments is quick and easy with online banking.
USE SUNCORP INTERNET BANKING
1. Log in to Internet Banking
2. Go to Transfer & Pay
3. Select Transfer, and choose your accounts you want to transfer between, as
well as the amount
4. You can then choose to pay now, schedule a repayment in the future or set up
recurring repayments
USE THE SUNCORP APP
1. Launch the Suncorp App
2. Tap Pay / Transfer and select Transfer
3. Tap Transfer and choose your accounts you want to transfer between, as well
as the amount
4. You can then choose to pay now, schedule a repayment in the future or set up
recurring repayments
Please note that fees may apply for some methods of payment. To see which fees
apply, please view the Lending and Fees Charges brochure (PDF, 244KB).
WE CAN SET UP A DIRECT DEBIT FOR YOU
Request Suncorp to set up a direct debit so your repayments can automatically be
paid from a nominated account to your Suncorp loan account. Depending on your
loan type, these payments can be made weekly, fortnightly or monthly. We can
accept payments from both Suncorp and non-Suncorp accounts. Contact us to set up
a direct debit.
CONTACT US
* Use the secure message feature via Internet Banking
* Send an online enquiry with your loan account number to request a Direct
Debit Request form
* Call us on 13 11 55. Mon - Fri 8am - 6pm (AEST)
* Visit one of our stores
HOW TO MANAGE YOUR REPAYMENTS
You can see the amount you’re required repay each period (weekly, fortnightly or
monthly) for your home loan in Internet Banking or the Suncorp App
If you’ve set up a recurring payment to your home loan from your Suncorp Bank
account, you can edit it at any time (including cancelling) through Internet
Banking or the Suncorp App.
If you have a direct debit set up to make repayments to your home loan, or
you’re making repayments from an external bank account, you’ll need to contact
us or your other bank to change or cancel your repayments.
For cancellation of non-lending direct debits or recurring payments generally,
please see the How can I cancel a direct debit? FAQ.
EXTRA REPAYMENTS
Lump sum or extra repayments at any time can help reduce the time and interest
cost of your loan by reducing the balance and interest you will pay on that
balance.
If your loan has the flexibility1 to allow lump sum or extra repayments without
incurring additional fees or charges, take advantage of it whenever you can.
You can make additional repayments to your Standard Variable or Back to Basics
Variable Home Loan at any time.
For Fixed Rate Home Loan, additional repayments of up to $500 in excess of your
minimum monthly repayment are permitted. After that, an Early Payment Interest
Adjustment Fee (EPIA) may apply.
For more information on fees, view the EPIA brochure (PDF 182KB).
KEEPING TRACK OF YOUR LOAN.
Subject to the terms and conditions of your loan, we will generally send a
statement at least every six months. Please make sure you let us know if you
change your address, so we can always keep the loan records up to date. You can
ask us for a statement at any time.
Rather than waiting for paper statements to arrive in the mail, if you have an
eligible account, you can easily switch from paper statements to eStatements.
This can give you more convenient access to your statements at any time. They
also enable you to store information without having to have a physical copy on
hand and are much better for the environment than paper statements.
Find out more about switching from paper statements to eStatements.
HOME LOAN REPAYMENT TIPS
TIP 1: PAY OFF YOUR MORTGAGE AS QUICKLY AS YOU CAN
One of the simplest ways to save money on your mortgage is to pay it off as
quickly as you can. The longer you take to pay off the loan principal, the more
interest you’ll end up paying along the way, and the higher the overall cost of
your loan will be.
TIP 2: THINK ABOUT THE WAY YOU MAKE REPAYMENTS
How you make repayments can have a huge effect on the overall term and cost of
your loan.
* If your loan has the flexibility to allow increased regular repayments
without incurring additional fees or charges, take advantage of it whenever
you can.
* Make more frequent repayments – such as weekly or fortnightly. In both cases,
you’ll actually be making the equivalent of 13 monthly repayments each year,
saving you money by reducing the principal and therefore the interest you’ll
pay over the term of your loan.
Use our extra repayment calculator to see how you could save.
TIP 3: DEPOSIT ANY SPARE CASH INTO YOUR LOAN AS SOON AS YOU CAN
Lump Sum or Extra repayments at any time help reduce the time and interest cost
of your loan by reducing the balance and interest you will pay on that balance.
If your loan has the flexibility1 to allow lump sum or extra repayments without
incurring additional fees or charges, take advantage of it whenever you can.
Suncorp Bank’s Cashback redraw facility can also give you the added flexibility
of being able to access the additional repayments you paid, when you need it2.
Use our lump sum repayment calculator to see how you could save.
TIP 4: ALIGN YOUR LOAN REPAYMENTS WITH YOUR INCOME CYCLE
Set up your repayment periods with the same regularity as you get paid – so if
you get paid fortnightly, make fortnightly repayments1 on your home loan. By
structuring repayments this way, you will always be in a position to maximise
the amount of money paid against your home loan. All Suncorp Bank home loans
give you the option of making weekly, fortnightly or monthly repayment periods.
TIP 5: DON'T LOWER YOUR REPAYMENT
If your contracted minimum home loan repayment drops because interest rates
fall, don't lower your repayment.
Using this strategy, you’re effectively making regular extra repayments, because
you’re paying more than the minimum monthly requirements each month. And as
you’re used to paying this amount already, you won’t even notice.
TIP 6: USE AN OFFSET ACCOUNT TO HELP KNOCK YEARS OFF YOUR HOME LOAN
A Standard Variable Rate Home Loan comes with the option of linking an Everyday
Options Account to the home loan as a 100% Home Loan Offset facility,
which enables you to use your income and savings to reduce your loan interest3.
CALCULATORS & RESOURCES
I’d like to learn more about…
Buying my first home
Buying my next home
Switching to Suncorp
Investing in a property
All home loan calculators
What could my repayments be?
How much could I borrow?
Stamp duty & concession calculator
Compare home loans
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Things you should know
1. For Fixed Rate Home Loans, an Early Payment Interest Adjustment (EPIA)
applies if more than the prepayment allowance (currently $500 per month) is paid
in excess of the agreed monthly repayment. The EPIA also applies if the loan is
repaid in full or the agreed fixed rate period is broken for any reason. EPIA
applies to the whole amount prepaid. For more information on EPIA ask in branch
for our EPIA brochure (PDF 182KB).
2. You need to apply for Cashback, which may be available subject to conditions
specified in the contract. Please read these conditions carefully. Available
Cashback may exclude any recent cheque, direct debit or pay at post payments and
external transfers cannot be performed using online Cashback. Fixed Rate home
loans are excluded from Cashback.
3. A Mortgage Offset facility can be established by linking your Everyday
Options Account to the loan account and having it in offset mode. A Mortgage
Offset Fee may apply to link the 100% Home Loan Offset facility to your home
loan, which is waivered under the Home Package Plus. The Mortgage Offset fee is
charged to your linked loan account.
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No
229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants
only. Please read the relevant Lending Fees and Charges and the Home Package
Plus terms and conditions before making a decision regarding any Suncorp Bank
products. Fees, charges, terms and conditions apply and are available on request
or on our Product Information Documents and Forms page.
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Products and services including banking and insurance (including home and car
insurance) are provided by separate companies in the Suncorp Group. Suncorp Bank
is only liable for the banking products or services it provides and not the
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