Increasing your Home Loan
Have a home loan, and need some additional funds?
With a Suncorp Bank 'Add' or 'Equity' Loan, you can utilise your existing Suncorp Bank home loan to achieve just that. Whether you're:
- Planning renovations
- Consolidating your debt
- Ready to buy your dream car
Our Add and Equity Loans can help.
What are the 'Add' and 'Equity' Loans?
The 'Add' and 'Equity' loans are both ways to 'top up' or to 'borrow more' using your existing home loan.
- An Add Loan increases your existing loan sum.
- An Equity Loan allows you to use the equity in the value of your home to obtain a new loan.
Add Loan
An Add Loan increases your existing loan account and can only be completed on a variable home loan. If you have a Fixed Rate loan, you would need to break-off the Fixed Rate which could incur Early Payment Interest Adjustment1.
An add loan will increase your current repayment amount, but your remaining loan term, and loan type remains the same.
Example: A customer has a $300,000 home loan, with 20 years remaining. They apply for an Add Loan of $10,000 for a new car. If they are successful, their home loan would increase to $310,000, still with 20 years remaining.
Equity Loan
An Equity Loan allows you to use the equity in the value of your home to obtain a new separate home loan. This is often done instead of an Add loan, if the loan is currently in a Fixed Rate term and it is not beneficial to break the Fixed Rate early. You may also consider an equity loan, if the purpose of the funds has a shorter life cycle than a property (car) so you can match the term of the loan. This allows you to monitor exactly what you've paid and left owing on your additional borrowings.
An equity loan will also allow you to choose a different loan product to your current home loan.
A lending specialist can help you with the decision between these options
Fees and Terms
Home Loan, Personal and Business Banking products are issued by Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882) to approved applicants only. Eligibility criteria, conditions, fees and charges apply and are available on request. Please read the relevant Product Information Document and terms and conditions before making any decisions about whether to acquire a product.
# COMPARISON RATE:
A comparison rate is a rate that indicates the true cost of a loan. This comparison rate is based on $150,000 over a term of 25 years and incorporates certain fees and charges that are applicable for the chosen product.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates for Interest Only Fixed Rate home loans are based on an initial Interest Only period equal in length to the fixed rate period. Comparison rates for Interest Only Variable home loans are based on an initial 5 year Interest Only period.
1 For Fixed Rate Home Loans, an Early Payment Interest Adjustment (EPIA) applies if more than the prepayment allowance (currently $500.00 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. Find out more information on EPIA or ask in branch for our EPIA brochure.
^^Discounted rate is only available for new Personal/Owner Occupied or Investment loans taken out as part of the Suncorp Bank Green Upgrades Equity Home Loan Offer. Existing lending ≥$150,000 and new equity lending between $10,000-$25,000 and borrowings ≤80% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments. The discounted rate (currently 5.82% p.a) is calculated by subtracting a discount of 2.83% from the Standard Back to Basics Variable Rate (currently 8.65% p.a.) for Owner Occupied Loans, or by subtracting a discount of 3.25% from the Standard Back to Basics Variable Rate (currently 9.07% p.a.) for Investment Loans. Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 17 November 2023 until 28 February 2025 unless withdrawn earlier.
Variable Rate
A rate that is variable and is subject to change over the loan term.
Comparison Rate
A comparison rate is a rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product.
