Suncorp’s Deposit Kickstart loan allows you to borrow 100% of the purchase price by using a family member’s property as extra security for your loan. Suncorp is well known for its normal home loans, its Back to Basics Loan and Money Manager Package, so how do they compare with guarantor loans?

Pricing / Discounts

Suncorp will offer their basic home loan and professional package with the guarantor option. There are some significant differences in the pricing for different lenders and we recommend that you enquire online to speak to one of our brokers who can compare them in detail for you.

• Back to Basics Home Loan (Basic Loan): Ideal if you are borrowing under $250,000 or if you don’t want to switch your everyday banking to Suncorp.
• Money Manager Package (Professional Package): This loan is better suited to those who are borrowing over $250,000 and who want to switch their banking to Suncorp.

Lending Policy

Suncorp are flexible and usually allow second mortgages as security, can do guarantor loans with refinances (in some circumstances) and will lend up to 110% of the purchase price. However in other ways they are quite conservative and require the guarantor to prove their income. Equally, Suncorp does not permit the guarantor loan to be used to buy an investment property.

Home Loan Features

• Basic Loans
  • Redraw (fees apply)
  • No ongoing fees
  • Low variable rate (additional rate discount for loans over $250,000)
  • Internet banking
  • Interest only is available
• Professional Package
  • Redraw
  • Monthly fee is payable
  • Discounts on other bank products such as cheque accounts and credit cards
  • 100% offset account (multiple offset accounts are allowed, this is unique to Suncorp)
  • Low variable rate
  • Internet banking
  • Interest only is available

The guarantee can be limited with both loan types.

Disadvantages

The main disadvantages of the Deposit Kickstart loan offered by Suncorp are:

• The guarantor will be required to prove they have a good income.
• The guarantor will have to provide additional paperwork such as tax returns, tax assessment notices and statements of their current debts.
• The loan cannot be used to buy an investment property.

If this may cause a problem for you then talk to us and we will show you what other guarantor loans are available from other lenders.

Find out more

Enquire online to talk to one of our mortgage brokers that can help you compare the Deposit Kickstart loan to the other guarantor home loans available. For most loans we charge no fees, offer the same loans available from the banks and can help you to protect the guarantor.