Suncorp Personal Loans

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Suncorp is a provider of personal loans, as well as car loans, home loans and a range of banking and insurance products.

What personal loans does Suncorp offer?

Suncorp currently offers one personal loan product, its Fixed Unsecured Personal Loan.

This loan offers the following features:

  • Loan term between one and seven years
  • Minimum loan amount of $5,000
  • Flexible repayments of either weekly, fortnightly or monthly
  • Additional repayments allowed at no charge
  • Repay the loan after 12 months with no early payment fee (early payout fee may apply if you repay the loan within 12 months)

Suncorp also offers a Secured Car Loan. This loan can be used to buy a new or used car that is up to seven years old. It can also be used to refinance a car loan held with another provider as a secured loan.

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What can you use Suncorp’s personal loans for?

Personal loans can typically be used for important life events and other large expenses, such as:

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

Suncorp says its personal loans can also be used for other purposes such as study expenses. Check the product disclosure statement (PDS) from Suncorp for any specific details on what you may or may not be able to take out a personal loan for.

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Suncorp personal loan FAQs

Suncorp’s Fixed Unsecured Personal Loans have a loan term of one to seven years.

There are a number of fees to be aware of when taking out a personal loan. At the time of writing, Suncorp advises that its personal loans come with the following fees:

  • 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

Suncorp says it charges no early payout fee after 12 months and no fees for making extra repayments. Other fees and charges may apply. Contact Suncorp for more information.

According to Suncorp, to be eligible for a Suncorp personal loan you must be:

  • At least 18 years old
  • Have a good credit record for the last five years
  • Be employed or receive regular income
  • Not be or have been bankrupt or insolvent
  • Be a permanent resident of Australia
  • Have no past, present or pending judgements or claims against you

When applying for a personal loan, Suncorp says you will need the following details at hand:

  • Identification such as a driver’s licence, Medicare card and/or your passport
  • Basic information about your wage, expenses and debts

In addition to personal loans, Suncorp also offers a Secured Car Loan. This is available for new and used cars up to seven years old, with a minimum loan amount of $5,000. Contact Suncorp for more details.

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Suncorp was founded in 1902 and says it is one of Australia’s leading banks with one million customers. The brands that come under the Suncorp Group umbrella include several insurance companies: AAMI, GIO, Bingle, CIL, Vero, Essentials by AAI, Apia, Shannons, Terri Scheer and Asteron Life in Australia, as well as Vero, AA Insurance and Asteron Life in New Zealand.

This article was reviewed by our Sub Editor Jacqueline Belesky before it was updated as part of our fact-checking process.

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Written by: Tamika Seeto | Last updated: October 23, 2020