Founded in 1902 as the Queensland Agricultural Bank, Suncorp is now a top 20 ASX-listed company with $97 billion in assets and close to nine million customers across Australia and New Zealand. It is the fifth largest bank in Australia. While rooted in Brisbane, there are more than 200 Suncorp branches across the country, so accessibility is not an issue.
Ooffering a range of financial planning, investment services, and financial products and services, Suncorp Bank has won a number of awards and was named Money magazine’s Bank of the Year in 2015, the first non-major bank to win the award.
One notable product offered by this lender is the Deposit KickStart option, which allows borrowers looking for an owner occupier loan to use the equity of a family member's existing home as the security for your new home. As saving up the deposit for a new property can often be a stumbling block for borrowers, especially those looking to avoid Lenders Mortgage Insurance.
Also known as LMI, Lenders Mortgage Insurance is an insurance policy paid for by the borrower in the event of a low- or no deposit loan. It gives the bank some security in the case of a default.
As always, it's best to be prepared before you apply for a mortgage, so double-check that you've got all the necessary information ready and available before you apply.
- You will need to be at least 18 years of age to apply for a home loan
- You will need to be able to provide evidence of your income when you apply, so make sure you hang on to your tax returns, pay slips, and other financial details.
- Alongside your income, Suncorp, just like any other lender, will want to examine your assets and your debts
- You will also need to be able to prove your identity – a passport, a state ID, etc.
- Any information about the property you're looking to buy, if you've already found one that strikes your fancy.