Suncorp Personal Loans

Suncorp provides personal loans as well as car loans, home loans, savings accounts, credit cards, insurance and investment products.

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The table below displays a snapshot of Suncorp’s secured personal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

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What personal loans does Suncorp offer?

Suncorp currently offers 2 different types of personal loans at the time of writing, which are:

  • Fixed rate personal loan
  • Variable rate personal loan

Suncorp fixed rate personal loan

This loan has the following features:

  • Rate of 10.99% with a comparison rate of 11.58% p.a.
  • Loan term between 1 and 7 years
  • Minimum loan amount of $5,000
  • Flexible repayments of either weekly, fortnightly or monthly
  • Additional repayments allowed at no charge
  • Next working day approval on most applications

Suncorp variable rate personal loan

This loan has the following features:

  • Rate of 11.19% with a comparison rate of 11.78% p.a.
  • Loan term between 1 and 7 years
  • Minimum loan amount of $5,000
  • Loan protection insurance
  • Pay off loan in the first 12 months without penalty
  • Next working day approval on most applications
  • Additional repayments allowed at no charge
  • Flexible repayments of either weekly, fortnightly or monthly

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What can you use Suncorp’s personal loans for?

A personal loan with Suncorp can be used for many important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with Suncorp could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from Suncorp to see what you can and can’t take out a personal loan for.

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Suncorp FAQs

Both the fixed and variable rate personal loan options from Suncorp have a loan term between 1 and 7 years depending on the loan amount.

There are a number of fees to be aware of when taking out a personal loan with Suncorp:

  • Establishment fee – $175
  • Monthly account keeping fee – $5 per month
  • Early payout fee – $300 if the loan is paid out within 12 months of settlement (applicable for fixed rate loans only)

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if Suncorp’s fees are more or less what the average customer is paying.

Applying for a Suncorp personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Suncorp (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • You must be 18 years or old
  • You must live in Australia
  • You must be an Australian resident from any Australian state or territory other than the Northern Territory
  • Hold a regular income (of at least $25,000 per year) and good credit rating (see here for more info on how to get a good credit rating)
  • Show an ability to afford your loan repayments
  • Take out a loan of at least $5,000

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for Suncorp if you’re an existing member.

In addition to personal loans, Suncorp also offers a secured car loan. The table below displays a snapshot of Suncorp’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in NSW.

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Founded in 1902, Suncorp remains Australia’s leading bank in regional areas. The brands that come under the Suncorp Group umbrella include several insurance companies: AAMI, GIO, Bingle.com.au, Apia, Shannons, Terri Scheer, Asteron Life, and AA Insurance.

Suncorp Bank supports the community in a big way when it comes to health and fitness, promoting sun safety in the community since 2004 through their SunWise program. They also proudly sponsor the 5km parkrun every Saturday around the country, and the runPositive community at major marathon events. Suncorp also sponsors the Blackmores Sydney Running Festival, Gold Coast Airport Marathon, and the Sunday Mail Suncorp Bank Bridge to Brisbane. They even support Youngcare so young people with a disability can have a fulfilling life with other young people in age-appropriate care.

As for protecting the environment, Suncorp promotes environmental sustainability with the cutting-edge sustainable design used and maintained in the Suncorp Stadium, and has been consolidating office space to reduce environmental impact, and providing easy to use waste recycle bins in major offices and reducing the amount of landfill waste.

Unsecured Personal Loan

Canstar Research
Rating:
Award: 3-Star Rating Personal Loans

$20,000

New South Wales

2017 Star Ratings Report

Written by: Regina Collins | Last updated: