BASIC VARIABLE Home Loan
Back to Basics Lowest Variable Rate Home Loan
Our no-frills variable rate home loan with no monthly account keeping fee, no ongoing annual fee and a redraw option.
Variable Rate
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Discounted Back to Basics Variable Rate with Better Together Special Offer. Owner Occupied. New to bank lending >= $150,000. Maximum LVR 60%. Principal and Interest Repayments.
Features & benefits
Our lowest variable rate
You could save on interest with our lowest variable home loan rate.
Low fees
No monthly loan account keeping fees or ongoing annual fee. Plus, no loan establishment fee on new lending of $150,000 or more.
Unlimited repayments and redraw option
Make unlimited extra repayments with the option to redraw them as cashback.
Convenient access
Use the Suncorp Bank App or Internet Banking to help manage your home loan, be it checking rates, repayments and more.
Rates & fees
Our lowest variable rate
You could qualify for a discounted interest rate by linking a new Back to Basics Variable Rate Home Loan of $150k or more with an Everyday Options Account as part of our Better Together Special Offer.
Compare our home loan interest rates and our home loan features and fees.
Fees
Lenders Mortgage Insurance (LMI)
If you are borrowing more than 80% of the value of the property, you will be required to pay Lenders Mortgage Insurance. This is a one-off payment and can be financed into the loan.
Lenders Mortgage Insurance protects Suncorp Bank against loss in the event of a forced sale of a mortgage property. It does not insure you but may make it possible for you to buy a home with a smaller deposit. You will still be responsible for all amounts owing in relation to your loan.
Lender’s Mortgage Insurance (“LMI”) amount and costs determined at application on loans > 80% LVR
Download the Lending Fees and Charges brochure
Easy online application
Not ready to apply online? Talk to a home loan expert.
100% obligation-free support.
Online application
Submit your application online and a dedicated lender will contact you within 2 hours, or by the next business day, to confirm your details and answer any questions.
Pre-approval
If you’re eligible for a home loan with us and your application is complete, pre-approval could be granted within 1 business day. If more information is needed, your lender will reach out. The process is obligation-free and can be repeated online multiple times.
Final approval
We’ll review your application and may conduct a property valuation. Once the review is complete and if you’re eligible for a home loan with us, final approval could be granted within a week.
Home loan calculators & resources
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Frequently Asked Questions
Still have questions:
At Suncorp Bank, you’ll have a dedicated home loan expert who will support you through every step of your home loan or refinancing journey. They’ll take the time to answer your questions and explain your options in plain English so you can choose what’s right for you.
We are committed to providing banking services you can feel good about. We partner with a range of organisations to support our local communities.
With a variable rate home loan, your interest rate isn’t locked in. This means your required repayments could increase or decrease as interest rates rise and fall. You generally have more flexibility to make extra repayments, which could potentially save you money in the long run.
A fixed home loan means your interest rate will be locked in for a set period. During this period, you can be certain your repayments won’t change. At the end of the fixed rate period, your loan will roll to a standard variable rate or can be refixed.
'Splitting your loan’ means you’re choosing to divide your borrowings. You can secure a portion of your choosing as ‘fixed’ and a portion as ‘variable’, meaning you could benefit from the features of both home loan products.
Pre-approval (sometimes referred to as conditional approval) will give you a good idea of how much you may be able to borrow from the bank. If a lender pre-approves you for a loan, they will do so for a specific amount, so you can house hunt properties you know you can afford
You can speak with a lender to apply, or you can apply for pre-approval online!
LVR (Loan-to-Value Ratio) is the amount of a loan as a percentage of a property's value that you're borrowing. For example, if you're borrowing $400,000 for a $500,000 property, your LVR is 80%.
LVR impacts your borrowing power and may determine whether Lenders Mortgage Insurance (LMI) is required. If your LVR exceeds 80%, LMI may be necessary to protect the lender in case you’re unable to repay your home loan.
You can make additional repayments to your Standard Variable or Back to Basics Variable Home Loan at any time.
For Fixed Rate Home Loan, additional repayments of up to $500 in excess of your minimum monthly repayment are permitted. After that, an Early Payment Interest Adjustment Fee (EPIA) may apply.
For more information on fees, view the EPIA brochure.
If eligible, our Home Loan Cashback feature lets you redraw funds that you've paid in advance of your normal scheduled home loan repayments.
You can redraw this excess money at any time – for school and university expenses, a holiday, renovation, or any other purpose. This feature is available on Standard Variable and Back to Basics Variable home loans.
A home loan will have a loan term (usually between 8–30 years), which can have the option of principal and interest repayments or interest-only repayments.
For a principal and interest home loan, you will be required to pay a minimum monthly repayment. This repayment will require you to pay the interest charge, as well as reducing the principal amount of the loan over the required term.
For an interest-only home loan (requires approval), you can take a maximum interest-only period of 5 years. During this period, you will only be required to pay the interest charges. At the end of the interest-only period, you will revert to a principal and interest repayment.
There’s no charge for talking with a lender. All home loan assistance is obligation-free.
Make your next home loan move with confidence
Save time, get started online
If you’d like to speak to someone straightaway, please call 13 11 75 Mon-Fri 8am-7pm and Sat-Sun 9am-2pm (AEST)
It may be necessary to vary the terms of your product to convert it to a different replacement product. This means you may end up with a product that has different terms and features from those you initially applied for. In any event, Suncorp Bank will give you more information about these changes before they take effect. You may also wish to consider applying for other products instead. If you have any questions, please contact us on 13 11 75.
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.
±Discounted rate is only available for new Personal/Owner Occupied loans taken out as part of the Better Together Special Offer >= $150,000 and borrowings <= 60% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments and who hold a Suncorp Bank transaction account. The discounted rate (currently 5.39% p.a.) is calculated by subtracting a discount of 2.51% from the Standard Back to Basics Variable Rate (currently 7.90% p.a.). Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed or where the borrower fails to hold a Suncorp Bank transaction account. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 22 August 2025.
**Discounted rate is only available for new Investment loans taken out as part of the Better Together Special Offer >= $150,000 and borrowings <= 60% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments and who hold a Suncorp Bank transaction account. The discounted rate (currently 5.49% p.a.) is calculated by subtracting a discount of 2.83% from the Standard Back to Basics Variable Rate (currently 8.32% p.a.). Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed or where the borrower fails to hold a Suncorp Bank transaction account. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 22 August 2025.
# 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.
What can I expect?
Whether you want to get pre-approval, a new loan or refinance your existing loan with Suncorp Bank, you can apply quickly online. We’ll reply within two hours or by the next business day.
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.
Lenders Mortgage Insurance (LMI)
If you are borrowing more than 80% of the value of the property, you will be required to pay Lenders Mortgage Insurance. This is a one-off payment and can be financed into the loan.
Lenders Mortgage Insurance protects Suncorp Bank against loss in the event of a forced sale of a mortgage property. It does not insure you but may make it possible for you to buy a home with a smaller deposit. You will still be responsible for all amounts owing in relation to your loan.
Loan to Value Ratio (LVR)
LVR stands for 'Loan to Value Ratio' and it's the amount you’re looking to borrow, calculated as a percentage of the value of the property you want to buy. For instance if you’re borrowing $400,000 to buy a $500,000 property, your LVR would be 80% ($400,000 / $500,000 [x100] = 80% LVR).
