Business loans with no outstanding balance
Why might my business loan close?
An outstanding balance is required for a business loan to remain open at ANZ.
If you have a business loan (excluding business overdraft and line of credit) with no outstanding balance or in credit, it will close when it moves to ANZ.
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.
What does this mean for me?
If you’ve made advance payments and you have Cashback/redraw available, you may redraw funds to keep your loan open.
If you don’t take action before your loan moves to ANZ, any advance payments you’ve made will no longer be available and your loan will close. If there are funds remaining after your loan is repaid in full, these funds will be returned to you.
1. If you have a loan with no outstanding balance and you have advance payments available
After the move to ANZ, if your loan has a zero or credit balance, it will close. Advance payments will no longer be available through Cashback/redraw (if this is available to you).
If you want to keep your loan open at ANZ, you’ll need to request to withdraw advance funds (Cashback/redraw if available) before your loan moves to ANZ so that your loan has an outstanding balance when it moves to ANZ.
2. If your loan has an outstanding balance
Your loan will move to ANZ and remain open.
There will be changes to how your minimum loan repayment is calculated, so it’s important to understand what this may mean for you.
What are my options?
I want to close my loan
You can contact your Relationship Manager or book an appointment to close your Suncorp Bank loan before the move to ANZ and have any credit balance returned to you, if applicable.
I want to keep my loan open at ANZ
Request to withdraw advance funds (Cashback/redraw if available) before your loan moves to ANZ so that your loan has an outstanding balance when it moves to ANZ.
If you’re registered for Online Cashback and you have authority, you can transfer available funds using Internet Banking.
When do I need to take action to keep my business loan open?
Request to withdraw advance funds (Cashback/redraw if available) before your loan moves to ANZ so that your loan has an outstanding balance when it moves to ANZ.
If you don’t take action before your loan moves to ANZ, advance payments will not be available to you because they will be applied to your loan and your loan will close. If this results in the repayment of your loan in full, your loan will close and any advance payments you have made will no longer be available through Cashback/redraw (if this is available to you).
If your loan is in credit after the loan is repaid in full, these funds will be returned to you as per your loan terms.
What if I have a fixed rate loan and would like to keep my loan open at ANZ?
Request to withdraw advance funds (Cashback/redraw if available) before your loan moves to ANZ so that your loan has an outstanding balance when it moves to ANZ. If you have a fixed rate loan and have paid an advance amount, to access your Cashback/redraw (if available) before your loan moves to ANZ, contact us or your Relationship Manager or book an appointment.
If there are any advance payments left over after your loan is repaid this will be returned to you in accordance with your loan terms and conditions.
Frequently Asked Questions
It’s easy to check. Just log in to the Suncorp Bank App or Internet Banking, or take a look at your latest loan statement.
Not sure? We can help. Home loan customers can contact us or speak with their broker or mortgage manager. Business loan customers can contact us or speak with their Relationship Manager.
You can check the interest rate on your business loan by accessing your account via Internet Banking or the Suncorp Bank App.
If you don’t take action before the move, ANZ will close the loan after the move to ANZ. Any advance payments you’ve made will no longer be available through Cashback/redraw (if this is available to you) and any credit balance will be returned to you by ANZ under the account terms and conditions. To keep your loan open and have access to your advance payments, you’ll need to take action.
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.
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.
