Changes to business loans
As we shared recently, Suncorp Bank is becoming ANZ. Your business loan will move to ANZ in the coming months, and there will be some key changes to business loans that you need to be aware of.
What stays the same?
Your interest rate applicable at the time of the move to ANZ. We may change our variable rates and any applied margin as per your loan terms and conditions.
Your loan balance, including any interest accrued as of the date of the move to ANZ.
If you’re currently making Interest Only repayments, there are no immediate changes unless your loan later switches to Principal and Interest repayments. Then the changes to minimum loan repayments for Principal and Interest loans will apply.
What are some of the key changes?
Minimum loan repayments for Principal and Interest loans
If you’ve made advance payments, your minimum loan repayment at ANZ is likely to increase. This can reduce the total interest paid over the life of your loan but means that you’re likely to pay higher loan repayments following the move to ANZ. This increase could be significant depending on the loan balance, how much is paid in advance and the remaining loan term.
Next step:
Use the Estimated Business Loan Repayment Calculator to estimate your minimum loan repayments payable after the move.
Loans with no outstanding balance
Your business loan will close when it moves to ANZ if you no longer have an outstanding balance or your loan is in credit.
If your loan is closed at ANZ, any advance payments you’ve made will no longer be available through Cashback/redraw (if this is available to you). Any credit balance will be returned to you by ANZ in accordance with your loan terms and conditions.
Next step:
You could consider withdrawing any advance funds (Cashback via redraw if available) before the move if you want to keep the loan open.
Business construction loans
After your loan moves to ANZ, construction loans will have the remaining loan term, or a 24-month period from when your loan moves to ANZ, whichever is earlier, to complete construction and fully draw down your loan. During this period, your repayments will switch to Interest Only until your final drawdown is complete.
Once your construction loan moves to ANZ, redraw won’t be available during the construction drawdown period.
Additional repayments made during construction cannot be accessed via redraw. Additional repayments made after construction is complete and the loan is fully drawn will be available via redraw (if eligible).
Next step:
Before your loan moves, check if you have available advance funds. If you want to access additional repayments you’ve already made, submit a Cashback withdrawal request to withdraw available funds before your loan moves to ANZ.
Commercial Term Loans
At ANZ, payment dates and base rate reset dates must be the same. If these dates are different at the time of the move, your base rate reset date will be aligned to your existing payment date.
Next step:
If you want to make changes to the timing of payments, you’ll need to contact your Suncorp Bank Relationship Manager before your Commercial Term Loan moves to ANZ.
Where do I start?
Step one:
Consider the letter or email you may have received about some of the key changes to your business loan. If you have equipment finance, you may receive separate information about those changes. You can also find more information on our Move Hub.
Step two:
To understand the potential impact to your minimum loan repayments, use the Estimated Business Loan Repayment Calculator to compare your current Suncorp Bank minimum loan repayment with your estimated ANZ minimum loan repayment.
Step three:
Review some of the key changes to your loan and consider your options as set out in the email or letter we sent you. If you’d like to discuss your loan options or refinancing, book an appointment with us. If you have a Relationship Manager, contact them directly.
Key terms
Minimum loan repayment
The required amount due each repayment period to keep your loan on track to be repaid within the agreed term. This may differ from the actual repayment you make, which could be higher as it could include advance payments.
Advance payments
The principal payments made on a loan above the required minimum loan repayment.
Cashback/redraw
The portion of advance payments that may be available for you to access, depending on your loan features.
Loan balance
The total outstanding amount of the loan.
Commercial Term Loans
Commercial Term Loans are loans tailored for larger businesses with specialised funding requirements to support investment and expansion.
I still have questions
Frequently Asked Questions
Your banking is moving from Suncorp Bank to ANZ – we call this 'the move from Suncorp Bank to ANZ'. As part of the move, we’re changing the terms and conditions of your Suncorp Bank accounts, including loans.
This means that your Suncorp Bank accounts will move to ANZ. After the move, you’ll bank with ANZ and use ANZ products, services, branches and contact centres. For example, a Suncorp Bank transaction account will become an ANZ transaction account, with some similarities and some differences.
If you have a Suncorp Bank home loan or business loan (excluding equipment finance, business overdraft and line of credit), you’ll soon be sent an email or letter from us outlining some of the key changes that will apply after the move. The changes will depend on the loan type and its features. Read the email or letter carefully, as it explains some of the key changes to your loan and what you may need to do before the move.
ANZ will share more information about deposits, savings and other products in the coming months.
In the meantime, you may want to make sure your contact details are up to date so Suncorp Bank and/or ANZ can provide you with important information that you’ll need to know about the move.
You can check the interest rate on your business loan by accessing your account via Internet Banking or the Suncorp Bank App.
For now, nothing changes. Before your loan moves to ANZ, you can still access any available Cashback/redraw funds on eligible loans.
After the move, what you can access will depend on your loan type and features. You’ll soon be sent an email or letter from us outlining some key changes to your loan that will apply after the move.
Suncorp Bank is still your loan provider until your existing loan moves to ANZ, and in the meantime we’ll continue to help you manage your existing loan.
If you're thinking about refinancing, switching products or making any other change, book an appointment, contact us or speak with your broker or Relationship Manager about your options before the move. We’ll stop processing some service requests closer to the move date.
We're no longer accepting new loan applications. If you already have one in progress get in touch with us or your broker so we can talk through what this means for you.
Once your loan moves, you’ll bank with ANZ and can contact them for any changes to your loan.
If you're having trouble making repayments, or think you might, get in touch with us as soon as you can. Acting early can give you more options and help stop things becoming harder to manage.
Both Suncorp Bank and ANZ offer a range of support depending on your situation, including:
- financial hardship support
- adjustment of your repayment schedule
- payment deferrals, where eligible (interest will still accrue during this time).
If you already have a financial assistance arrangement in place, it will continue as agreed. If you need support visit the Financial Difficulty page to find out more.
Have another question about the move to ANZ?
Chat to our virtual assistant, Scout. Scout is here to help or can connect you to someone who can.
Need extra support?
If you need communications in a different format, an interpreter, or any other kind of support, let us know. We'll work with you to make sure you have the information and assistance you need.
Experiencing financial difficulty?
Support is available if you need help with your options. Find out more about how we can help if you’re experiencing financial difficulty.
Any ongoing hardship arrangements with Suncorp Bank will continue as agreed. After the move, your financial arrangements will apply and you’ll be supported by the ANZ Financial Wellbeing Assist Team.
Call us on 13 11 75 and we'll talk through your options with you.
Read more about how we can help if you’re experiencing financial difficulty
Protecting yourself from scams during the move to ANZ
If you're ever unsure about an email or text claiming to be about the move to ANZ, don't click any links or give any banking details. The safest way to verify if a communication is from Suncorp Bank or ANZ is to check our Staying Scam Safe page or call us on 13 11 75.
Neither Suncorp Bank nor ANZ will ever ask you to:
- move money urgently to an account you don’t already have access to, or to ‘keep it safe’
- share sensitive banking details like passwords or PINs
- click a link in an email or SMS about the move to ANZ, including a link to log in to your account
- give or remove access to your computer, phone, or other devices.
If something doesn't feel right, stop and contact us – we're here to help.
Find out more information about staying scam safe before and during the move to ANZ
Things you should know
Any advice as well as any information relating to the move from Suncorp Bank to ANZ is of a general nature and is being provided without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information in this website. It does not constitute legal or tax advice, and you should seek expert advice in this regard.
Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ) acquired Norfina Limited (ABN 66 010 831 722) (Suncorp Bank) on 31 July 2024. As Suncorp Bank is now part of the ANZ Group, it may be necessary to vary the terms of your Suncorp Bank product to match the terms of a similar ANZ product. This means you may end up with a product that has different terms and features to those you initially applied for. In any event, Suncorp Bank will provide you with a more detailed notice of these changes if the variation applies to your products. A full list of changes relating to the current product offerings can be found at suncorpbank.com.au/variation. Please contact us if you have any questions or if there is a feature that is important to you.
