Suncorp Bank Green Upgrades Home Loan Offer
An equity home loan offer you can feel good about.
Ready to get started?
This offer is available to eligible current or new Suncorp Bank home loan customers (owner occupiers or investors) whose home loans must be at least $150k, LVR ≤ 80%. This offer is available on eligible loans until withdrawn or varied in accordance with the Terms and Conditions.
The maximum you can borrow with this offer is $25k, the minimum is $10k, with principal and interest repayments.
When applying, we’ll ask you to provide written quotes from approved suppliers and installers for the green home upgrades you’ll be adding to your home.
For full details, check out the Offer T&Cs.
Acceptable Green Upgrades include installing or upgrading:
- A solar power system or solar batteries. Quotes must be supplied by a Clean Energy Council approved supplier.
- A solar hot water system. Quotes must be provided by a licensed plumber.
- Home insulation. Quotes must be supplied by a Clean Energy Council approved supplier.
- Energy efficient glazing and windows. Quotes must be WERS Compliant and have at least 6 and 7 stars for heating and 4 and 5 stars for cooling.
- Water tanks or other water collection systems. Water tank quotes must include installation costs.
- Energy efficient appliances (rated 5 stars or higher by the Government’s Equipment Energy Efficiency program).
- An electric vehicle charging point. Quotes must be provided by a licensed electrician.
For full details, check out the Offer T&Cs.
- Speak to a Suncorp Bank lender or your broker to determine if you’re eligible.
- Obtain written quotes that meet the acceptable green upgrades requirements (see 'What are green upgrades?' section) and provide these when you submit your loan application.
- If approved, we’ll send you the loan document to sign and we’ll deposit the funds into your nominated account within 5 – 10 business days from us receiving the signed loan document.
- When you receive invoices from installers for your acceptable green upgrades, pay for them with the loan funds in your nominated account.
This offer is available to eligible current or new Suncorp Bank home loan customers (owner occupiers or investors) whose home loans must be at least $150k, LVR ≤ 80%. This offer is available on eligible loans until withdrawn or varied in accordance with the Terms and Conditions.
The maximum you can borrow with this offer is $25k, the minimum is $10k, with principal and interest repayments.
When applying, we’ll ask you to provide written quotes from approved suppliers and installers for the green home upgrades you’ll be adding to your home.
For full details, check out the Offer T&Cs.
Acceptable Green Upgrades include installing or upgrading include:
- A solar power system or solar batteries. Quotes must be supplied by a Clean Energy Council approved supplier.
- A solar hot water system. Quotes must be provided by a licensed plumber.
- Home insulation. Quotes must be supplied by a Clean Energy Council approved supplier.
- Energy efficient glazing and windows. Quotes must be WERS Compliant and have at least 6 and 7 stars for heating and 4 and 5 stars for cooling.
- Water tanks or other water collection systems. Water tank quotes must include installation costs.
- Energy efficient appliances (rated 5 stars or higher by the Government’s Equipment Energy Efficiency program).
- An electric vehicle charging point. Quotes must be provided by a licensed electrician.
For full details, check out the Offer T&Cs.
- Speak to a Suncorp Bank lender or your broker to determine if you’re eligible.
- Obtain written quotes that meet the acceptable green upgrades requirements (see 'What are green upgrades?' section) and provide these when you submit your loan application.
- If approved, we’ll send you the loan document to sign and we’ll deposit the funds into your nominated account within 5 – 10 business days from us receiving the signed loan document.
- When you receive invoices from installers for your acceptable green upgrades, pay for them with the loan funds in your nominated account.
Don’t miss out on the Green Upgrades Equity Home Loan Offer!
Frequently asked questions
What is an equity home loan?
With an equity home loan, your loan is secured by the equity you’ve built up in your property as you’ve paid off your home loan. You can calculate how much home equity you have by subtracting the balance of your current home loan from your property’s value. If you’re looking to borrow against your home equity, it’s important to know that lenders set limits on how much equity you can access. This is what’s called your ‘accessible equity’.
Can I apply for the Green Upgrades Equity Home Loan Offer if I don’t have my home loan with Suncorp Bank?
To be eligible for the offer, you must have a new or existing Suncorp Bank home loan with an outstanding balance of at least $150,000 with a Loan to Value Ratio, including Lenders Mortgage Insurance where applicable, that is less than or equal to 80%. If you are purchasing a new property or refinancing your current loan from another bank to Suncorp Bank, you are eligible to apply for the Green Upgrades Equity Home Loan Offer at the same time, provided you meet the other aspects of the eligibility criteria. Keep in mind that your Green Upgrades Equity Loan will be a separate loan account with a separate account number and the purchase or refinance amount is not eligible for the special reduced variable rate.
If I am purchasing or refinancing, can I apply for the Green Upgrades Equity Home Loan Offer as well as take advantage of other home loan offers Suncorp Bank has available?
Yes, you can.
Can I apply while my home is under construction?
Unfortunately, this offer is not available for homes under construction. You are welcome to apply once your build is completed if you wish to make eligible green upgrades to your new home.
Should I get quotes before or after speaking to a Suncorp Bank lender?
We recommend speaking to your lender first to ensure that you have enough equity and borrowing capacity to qualify for the offer.
My Green Upgrades Equity Home Loan Offer application has been approved. Do I need to contact Suncorp Bank once the improvements have been completed?
No. Once your application is approved, we will deposit the funds into your nominated transaction account so you have them ready to pay your chosen installer after the work is completed.
My Green Upgrades Equity Home Loan Offer application has been approved. How long will it take for the funds to be deposited into my nominated account?
Once you have returned your correctly signed loan documents, we try to have funds deposited into your account within 5-10 business days.
Can I DIY or have a family member or friend without trades person qualifications complete the improvements?
No. We require qualified trades people to complete the work to ensure the upgrades are of a good quality and are completed safely. As part of your application we will check that your quotes are from acceptable suppliers and installers. Keep in mind, solar panels (and inverters), battery packs and insulation must be installed by a retailer and/or installer approved by the Clean Energy Council. This ensures the work is compliant with Australian Standards.
What if I am unhappy with the trade or supplier?
For any concerns or complaints regarding your approved solar or insulation retailer or installer, please visit the CEC website. If you have any concerns regarding your consumer rights, please visit the ACCC website for more information or to lodge a complaint.
Am I guaranteed the special reduced variable rate for the life of the loan?
No. The Back to Basics home loan product is a variable rate product and the interest rate is subject to change. This means the rate could go up or down over the term of the loan. What we do guarantee is the discount off the Back to Basics variable interest rate for the life of the loan. So when the variable rate changes, the amount we have discounted from the variable interest rate for this offer will remain the same.
Will the Green Upgrades Equity Home Loan Offer be added on top of my existing Suncorp Bank home loan?
No. Your existing home loan will not be changed. You will receive a new loan with a new account number for your Green Upgrades Equity home loan. This means it will also have a separate repayment each month. Please speak to your lender if you would like assistance managing your direct debit repayments.
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.
Suncorp Bank Green Upgrades Home Loan Offer eligibility requirements, terms and conditions:
- In addition to the terms and conditions above, the Green Upgrades Equity Home Loan Offer (Offer) is an equity loan available for loan amounts between $10,000 - $25,000 to assist eligible Suncorp Bank Home Loan customers with installing or upgrading Acceptable Green Upgrades to their homes where Suncorp Bank currently holds security (Property).
- The Offer is available when you are approved for, or already have an existing Suncorp Bank home loan which must also meet the following criteria:
a. you either have an existing or new Suncorp Bank home loan of at least $150,000.
b. the Loan to Value Ratio, including Lenders Mortgage Insurance where applicable, is less than or equal to 80%; and
c. written quotes are provided at the time of your application for the Offer, evidencing the Acceptable Green Upgrades to be installed on the Property.
- Excludes pre-approvals, or refinances of an existing Suncorp Bank home loan, homes under construction at the time of the loan application, Suncorp Bank add loans and non-individual borrowers (such as loans in company names).
- To apply for this Offer, you must:
a. contact a Suncorp Bank Lender or your Broker to determine your eligibility for the Offer; and
b. obtain and provide us with written quotes from an approved or licensed supplier for the Acceptable Green Upgrades. If we approve your application for the Offer, you must complete and sign the loan document and return to us for processing. Once we have received your completed loan documents and the loan is approved, the equity loan amount will be deposited into your nominated bank account for you to pay for the Acceptable Green Upgrades.
- Acceptable Green Upgrades are listed under "What are green upgrades?"
- Suncorp Bank reserves the right to vary the Terms and Conditions of the Offer and withdraw this Offer from market at any time. Applications are subject to credit approval. Fees and charges may be applicable. Full terms and conditions of your loan will be included in our loan offer. This Offer may be applied in conjunction with other offers Suncorp Bank may run from time to time. Depending on your financial circumstances, you should obtain independent advice before making any decisions regarding any offers made by Suncorp Bank.
^^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 is calculated by subtracting a discount of 2.83% from the Standard Back to Basics Variable Rate for Owner Occupied Loans, or by subtracting a discount of 3.25% from the Standard Back to Basics Variable Rate 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 28 February 2025, until withdrawn or varied in accordance with these Terms and Conditions.
# 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.
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. For more information about the comparison rate and the comparison rate warning, please refer to the things you should know section of this page.
