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Suncorp Home Loans

Suncorp Home Loans

1.6 from 54 reviews

Suncorp Home loan

I have been with Suncorp bank for almost 5 years now. Recently I applied for a new home construction loan. I think the time for getting building approvals from council is much faster than Suncorp home loan approval process..
Suncorp should be geared up to compete with new technology banks coming into market.

Transparency
Customer Service

Terrible - didn't process loans

We thought we were the only ones but see others experienced the same problem we did. Went through Suncorp's mobile lender, did all the paperwork for 4 separate loans (refinancing) and looking for a new 5th loan, informed all good, got on-site valuations (which came back significantly less than RPData and RE valuations, and didn't include 10's of thousands of renovations too) so amazingly they wanted to apply LMI TO ALL THE LOANS!!! We said no to the 5th but told bank to proceed with refinancing the 4 anyway. Then nothing. After 4 weeks discovered Suncorp had done nothing. Nothing! So called their specialist home loan centre who advised they would get on top of it and contact us etc. Then...nothing!! They have not once contacted us. This is incredible. We eventually told them to stop everything, destroy all our paperwork and confirm this has been done. Oh wait... two weeks later waiting for confirmation but....nothing!

Stay clear. My credit rating has mysteriously slipped down since this experience. I have retained all correspondence from this experience.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate

Great Lender Augustine Disano

The end to end loan process with Suncorp was good, although it was the service from the mobile lender Augustine that made all the difference. I'd recommended him to others!

Transparency
Customer Service
Application Process
Timeliness
Loan used for:First Home

Useless Product, would not pass full rate cut instead surprise rate increases

I have been with Suncorp for over 3 years. I had 3 surprise rate increases which I had to chase up with them, but now when all the banks are passing on decent rate cuts ( even top 4 passing the full rate cuts at least once) but these guys have been holding 0.06 of both the cuts so far. I am on 3.61% where other lenders offering rates as low as 2.89%. Now as this is getting pathetic as their phone lines have to wait of over 60 mins. I am switching to Athena and just can not wait to say thanks but no thanks to Suncorp.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2016
Loan used for:First Home

The worst bank ever

I have wasted a month waiting for suncorp to process my refinance with no response. The loan was pre-approved, finances all good, 70% LVR loan and nothing. Now I am losing money having rolled over with my current loan and been charged the annual fee that I was trying to get out of. No apology from Suncorp. They have great rates but they are absolutely useless.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeFixed Rate
Loan used for:Refinancing

Rude mobile lender

Rude mobile lender named [name removed] Brisbane Queensland. Useless service! Terrible communication. Waste of time. Changing to another bank! Don't waste your time on clowns. Shocking !
Do not recommend at all!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeLine of Credit
Loan used for:Renovation

Fantastic service

Just sold a previous house with one of the big four banks and wasn’t sure how to go about everything and if I was set to buy a new property. I went to the face to face meeting and we discussed my position and I was stepped through how to reach my goal, what needed to be saved, how to step up Suncorp accounts etc. Then I went off and everything was done easily over email, even the applications. My questions answered quickly, everything explained and the loan rates very competitive. Now after following the instructions my loan has now been approved without fuss and I couldn’t be happier.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Second Home

Pathetic Customer Service

Their Service is Awful in all areas, No respect to clients
The Loan Application Delayed by the months and no unsatisfactory replies from
I urge the new customers please avoid these frauds

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateApril 2019
Loan used for:Refinancing

They use a low teaser rate and increase it by 0.20% after a few months

Got my home loan with Suncorp at 3.69% and 3 months later they increased it to 3.8% and 3 months later again to 3.9%. Moved to UBank where my current rate is 3.59%. The advertised rate in Suncorp continues to be 3.69%. You’re better off going strait o UBank as the 3.59 does not change and to finish your loan with Suncorp you’ll face refinancing costs of at least 350+189=$539 plus wasted time and a period with the higher rate of 3.9%

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate

Failed in basic lending process

I am already a customer with Suncorp, I have applied for extending loan to add grannyflat. The application was pre-approve and I was asked/insisted to get signed contract. The contract from builder is prepared only after planning and design phase, which costs me 7k. Once Planning and design was done and contract was produced they said the existing home doesn't have enough value to extend loan. That is a failure! failure in very basic process. This is after 3 week long wait in processing pre-approved application, because the lady who did the pre-approval [name removed] is on leave, the whole application was waiting for her to come back. That made me think how many people are working in lending dept (just one?).

Shame, Westpac evaluated the house with 85k more than what was valuated by suncorp and westpac was happy to process the loan in 5 business days.

I would say, lack of experience, an insurance company turning into back is a disaster.


Awful!! Zero star

Husband completed online secured loan application on 6 october with pre-approval... we then called suncorp on 9 october as we hadnt heard from them, on the phone for over an hour 'completing the application' even though this was already done.
They didnt believe our income/savings so we had to run around and complete their checklist, pay slips, payg summaries and bank statements which were all emailed to them.
Called again a few days later as we still hadnt heard from them and were told that they didnt receive any of our paperwork so all was emailed through again. Its now been 3 weeks and still we havent heard a peep out of suncorp! They clearly dont want our money which is quite substantial. Even if we are ever approved from suncorp there is no way in hell we will be going ahead with this loan! We will take our business elsewhere which will also include a mortgage in 6 months time so you lost out twice suncorp! Terrible service, terrible bank!


Terrible service and care factor is 0

The lack of service and care factor at the loan dept is unbelievable. I have now been waiting for more than 9 days since my application was approved. No one communicates to me or cares. The waiting times every day this week that I have called have been more than 30 minutes and when you get through every one say they will call back which they don’t. General response is that I have to wait for 3-5 business days as they are understaffed and busier than normal apparently. If I got the finance from the dealer then it would have been 2 days. What a joke!


Terrible

I am pretty sure i am atleast on an above average pay. Suncorp declined my pre-approval saying i have another personal loan so not good enough to borrow. The big 4 were more than happy to lend me around 500K mark with the same data. Atleast they should have had the courtesy to say Suncorp cannot lend the loan. Not any other bank. Would never go here anyway for a loan. Plus your interest rates were also higher compared to other bigger banks.


Bad at keeping in touch

I'm really annoyed at Suncorp. We have our finance due in two days. They evaluated the house over a week ago and put it in the process to get our mortgage approved. Only today did they decide to tell us that the contract we put in for a 3 bedroom, 1 bathroom, double lock up and electrical garage with 700 square meters of land was not worth 260,000 (not including our deposit), even though other houses in the area are selling for more than 300, 000 and don't have a downstairs living area and are in the same condition. Did I mention that only minor things showed up in the building and pest report?? I don't care if they don't want to approve the house. But taking a whole week to tell us it didn't meet evaluation after it had moved past that process has really screwed us over.

Worst Experience Ever

Similar views to all the other poor people who have experienced terrible customer service. We have had such a terrible and stressful experience too. Multiple delays, no communication, promise of deadlines which they failed to meet...and so on and so on. Basically my 31yr old partner had one grey hair from the date of contract, by the time we settled he had turned fully grey. Wouldn’t wish the stress on anyone. For my first home it’s been a shocking experience.

Worse bank ever!

Loan increase for construction was approved 2 weeks ago.
Still no bloody sign of paperwork to sign in the mail.
Disgraceful bank!!! so damn slow
Not to mention the amount of head we had to get the loan approval.
Go elsewhere people! not worth your time!


home loan experience

We got a loan for our build with no hassles. We found Louise very good to deal with and the communication was excellent ( wish I could say the same for the builder). We went with them because of their rate and the local branch manager was very good ( branch closed a few months later). Since then our rate seems to go up when ever they feel like. No longer are we getting 3.68% but it has gone up to 3.91% even though the advertised rate for new clients is 3.68%. Watch this! When we were with ING it usually fluctuated with the reserve bank changes. Thinking about changing the loan to another bank.

1 comment
My accountant suggested I see a mortgage broker to get a better rate. So I rang Suncorp first see what they could do. The current advertised rate for a back to basics home loan is 3.76%. My rate for this loan is now 4.08%. I rang them to see if I could get a better rate and all they could give me was 3.97% ( I have a low LVR). I have only had my loan for about 2 years. It still amazes me that they are allowed to advertise one rate and then change it as they see fit. I guess I'm going to have to head to the broker.

CONSOLIDATED PROPERTY LOAN DISASTER CREATED BY SUNCORP

A simple straight forward process developed into a huge disaster by Suncorp, please think very carefully before considering Suncorp. We waited a few weeks for Suncorp to get back to us, regarding our consolidated 2 property loan, a very small borrow of $300,000 with plenty of equity in the 2 properties, so we had there Suncorp mobile finance manager, call and see us at home and take all the relevant, confidential information as required, photo's of license, personal banking details, credit card details, and much more, we found him to be professional, friendly, exactly on time, for the 2 meetings we had with him over 4 weeks. So after another 2 plus weeks my wife, asked me to give Suncorp a call to see our there going with our application, and I was informed he no longer works for Suncorp, and had left over 2 weeks ago, I asked where was our application and personal papers, only to be informed she did not know but would get back to me some other time, because she was busy and was going to a meeting. We are on the Gold Coast, so I immediately directed my concern to there Brisbane office, and was assisted by one of there senior sales managers, he was helpful, and eventually got back to us with the bad news, our application personal papers etc, had never been processed, obviously just left in a folder as he walked out the door never to return. The Brisbane sales manager referred us to a young lady at one of there smaller branches, near Broadbeach and it just got worse, she proceeded to tell us, he was hopeless and she had to constantly fix his mistakes, none of which we experienced during his meetings with us, she then said you don't realise how much trouble this has caused us, meaning her and Suncorp and began ranting about how no one in her office ever give her all her messages, we felt very sorry for her. But hey what about our problem, her response, you will have to provide more recent payslips, and we are not proceeding until you fill out a form 23 and open an account, yes we understand you, but in our papers we did sign an account form and provide all the i.d's etc as requested, you have all those details in our folder, don't you ? i'm not sure she said, and what is a form 23 ? she responded, I don't know but you will have to fill one out, I started to think, why do I feel like we must actually owe her money, her attitude was disgraceful. So her update was, he just dumped all his work at his desk nothing processed, she said that's what they usually do, just dump everything and walk out, hmmmm sounds like more than one person has done this. I think we should feel like victims in this sad situation, but somehow I think she would have preferred us to just disappear. We have since been informed that all our papers may not be intact, and she has confirmed copies of Driver license were not there. What a disgrace.

1 comment
I would also like it noted my Wife spoke to this young lady who is a sales manager at there Q/store's branch near Broadbeach and she was most officia's and said she thought it was only for the one property until my wife corrected her and said no it's for two properties and then her tone changed and she said that's a different matter then, and proceeded to complain that her branch staff never provide her with all her phone messages, and correct information, perhap's we should feel sorry for her. Actually, my wife and I had never discussed previously any of our confidential details with her, and hope that her inaction was not based on a misunderstanding that it was for only one property with a small mortgage, hence only a small bonus - commission, so why bother, hardly worth the effort, no surely not.

outstandingly satisfied 1st mortgage owner

5 years into my mortgage and i asked for and received help, support and (yes, from a bank!) Understanding. I still have a great rate!


Dodgy service

We recently applied for the refinancing with this bank. But, our application has been declined.
They said I have too many credit enquiries. So, I've checked my credit file. My last credit enquiry was made in July 2017. So, I have only one enquiry for last 6 months. I found many people have been declined for same reason.
I don't understand how they assessed. I believe their assessing system is dodgy. Don't try this bank or you will have another credit enquiry unnecessarily.


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Questions & Answers

My husband seems to think if one or the other of us passes away before our home loan is payed out, that the loan is payed out by the bank. I believe this was the case many years ago with a bank that we dealt with. Could you please verify this.
1 answer
No. The debt remains

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