Commercial Term Loans
Find out more on this page about some key changes to Commercial Term Loans following the move to ANZ.
How will Commercial Term Loan repayments work at ANZ?
Commercial Term Loans are loans tailored for larger businesses with specialised funding requirements to support investment and expansion.
Commercial Term Loan repayments at ANZ will be spread evenly across all remaining repayment periods.
This means your final repayment will be a full repayment amount, even if the last period is shorter.
As a result, if you’re making Principal and Interest repayments, your minimum loan repayments at ANZ may be slightly lower than they are at Suncorp Bank, depending on any advance payments you’ve made.
Not all the information on this page will be relevant to you. Please refer to the email or letter that Suncorp Bank has sent you to understand how some of the key changes will impact your home loan.
If you haven’t received either email or letter, please contact us.
How will payment dates and base reset dates work?
At ANZ, your payment date and base rate reset date must be the same. Your base rate reset date is the date your loan’s base interest rate is reviewed and, if applicable, updated.
If these dates are different when your Commercial Term Loan moves to ANZ, your base rate reset date will change to match your existing payment date.
Example:
At Suncorp Bank
- Payment date: 28th of each quarter.
- Base rate reset date: 15th of each month.
At ANZ after the move
- Payment date: 28th of each quarter.
- Base rate reset date: quarterly, aligned with your payment date.
- Your current base rate will continue to apply until the 28th.
- After this, your base rate will reset on the same day as your payment date.
What does this mean for me?
Your net interest rate at the time of the move will stay the same until your next base rate reset date. After that, it may change if the underlying base rate changes.
After your loan moves to ANZ, changing the timing of your payments will require a new Letter of Offer. Please contact your relationship manager if you’d like to make a change.
What do I need to do before the move?
If you’re happy with your current payment date, this date will remain the same after the move.
If you want to change your payment date, you’ll need to contact your Suncorp Bank Relationship Manager before your Commercial Term Loan moves to ANZ.
Frequently Asked Questions
They may.
ANZ will spread your remaining repayments evenly over the time left on your loan. This means your final repayment will be the same amount as your other repayments, even if the final repayment period is shorter.
When your loan moves to ANZ, your base rate reset date will change to match your existing payment date.
At ANZ, your payment date and base rate reset date need to be the same.
Your interest rate won’t change as a result of aligning these dates.
The net interest rate at the time of the move will stay the same until your next base rate reset date, at which time it may change with changes to the underlying base rate.
Yes. If you’d like to change your payment date after your loan moves to ANZ, you’ll need to contact your Relationship Manager directly.
If the change is approved, you’ll need to sign a new Letter of Offer.
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.
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.
