Changes to your minimum loan repayments
Minimum home loan repayments for Principal and Interest loans may change.
Here’s why.
Your minimum loan repayments are likely to increase when your home loan moves to ANZ, where you've made advance payments ahead of schedule on your loan.
This is because ANZ calculates minimum loan repayments for Principal and Interest loans differently to Suncorp Bank.
If you’ve made advance payments and have funds available in your Cashback/redraw, your minimum loan repayment at ANZ is likely to increase – even if your loan balance stays the same. While this may reduce the total interest paid over the life of your loan, it also means your repayments are likely to increase.
How much your minimum loan repayment changes will depend on:
- how much you’ve paid in advance
- your remaining loan term
- your loan balance when it moves to ANZ.
How minimum loan repayments are calculated at Suncorp Bank
At Suncorp Bank, advance payments reduce your loan balance. Your minimum loan repayment may be recalculated based on that reduced loan balance.
This means advance payments will:
- reduce your loan balance
- reduce the amount of interest charged
- lower your minimum loan repayment over time.
How minimum loan repayments are calculated at ANZ
At ANZ, advance payments still reduce your loan balance, but your minimum loan repayment is not recalculated. Instead, it is based on your loan balance plus any advance payments you have made.
This means that:
- interest will still be charged on your reduced loan balance
- advance payments can still reduce the interest you pay
- advance payments won’t reduce your minimum loan repayment amount
- your minimum loan repayment may be higher at ANZ if you’ve made advance payments
- you may pay off your loan sooner (provided you don't access any Cashback/redraw) and pay less interest overall.
If you choose to access any Cashback/redraw after the move to ANZ, your minimum loan repayment will not be recalculated. Your minimum loan repayment would stay the same even if your loan balance increases because of accessing redraw.
* Figures are indicative only and assume the loan balances in the examples below with a remaining term of 25 years at an interest rate of 7% p.a.
These examples are for illustration only and are not predictions or projections of the performance of your home loan. These examples do not reflect your loan and may significantly differ to the loan balance, remaining term, advance payments made and interest rate of your home loan.
The potential time and interest saved assumes you continue making the higher ANZ minimum repayment and do not redraw additional funds and that the interest rate remains the same. Actual outcomes will depend on your loan balance, interest rate, remaining term and individual circumstances.
Please note that the calculator doesn’t cover construction loans or loans in a company name.
What could my ANZ minimum loan repayment be?
Use our Estimated Home Loan Repayment Calculator to see what your minimum loan repayment could be at ANZ.
When your loan moves to ANZ, actual repayments may differ from the calculator estimates because the calculator estimates are based on point in time numbers provided at the time of the calculation.
If you have made advance payments and have funds available in your Cashback/redraw when your loan moves to ANZ, your minimum loan repayment will likely be higher. This is because ANZ does not recalculate your minimum loan repayment based on a reduced loan balance.
How can I keep my minimum loan repayments similar to what I pay now?
Option A:
Apply all of your Cashback/redraw to your loan
You may be able to reduce your ANZ minimum loan repayment by asking us to apply all of your Cashback/redraw balance to permanently reduce your loan balance.
- Your loan balance will be permanently reduced.
- The funds will no longer be available to access or redraw.
- Your ANZ minimum loan repayment will be reduced and be comparable to your current Suncorp Bank minimum loan repayment.
This option may suit you if you don’t expect to need access to these funds in the future and prefer a lower ongoing minimum loan repayment.
If you have fixed rate loans, you must request this change before your loan moves to ANZ to reduce your ANZ minimum loan repayment. Any Cashback/redraw remaining on your loan will not be available for redraw until your fixed rate period ends.
Use the Estimated Home Loan Repayment Calculator to explore how different amounts could affect your repayments1. The calculator does not apply to Construction loans and Home Loans in a Company Name.
To go ahead with this option, complete the form to apply advance payments to your loan.
To speak with a lending specialist, book an appointment.
Option B:
Apply some of your Cashback/redraw to your loan
You may be able to reduce your ANZ minimum loan repayment by requesting to apply some of your Cashback/redraw balance to permanently reduce your loan balance.
The more Cashback/redraw you apply, the closer your ANZ minimum loan repayment will be to your current Suncorp Bank minimum loan repayment.
- the amount of Cashback/redraw applied to your loan balance will no longer be available to redraw.
This option may suit you if you want to reduce your repayment while keeping access to some funds.
Use the Estimated Home Loan Repayment Calculator to explore how different amounts could affect your repayments1. The calculator does not apply to Construction loans and Home Loans in a Company Name.
If you have fixed rate loans, you must request this change before your loan moves to ANZ. After the move, any remaining Cashback/redraw will not be available until your fixed rate period ends.
If you have a variable rate loan, any amount that remains in Cashback/redraw will still be available before or after the move to ANZ.
To go ahead with this option, complete the form to apply advance payments to your loan.
To speak with a lending specialist, book an appointment.
Option C:
Use your Cashback/redraw to help cover your minimum repayments
If you’d like to keep paying an amount similar to your current Suncorp Bank minimum loan repayment after the move, book an appointment with us to request to access your available Cashback/redraw to make up the monthly repayment shortfall, from your advance payments, which is the difference between that amount and your ANZ minimum loan repayment.
- Your available Cashback/redraw will reduce over time as it’s used to make up the repayment shortfall each month.
- Once those funds run out, you’ll need to pay the full ANZ minimum loan repayment on the adjusted loan balance or contact ANZ to discuss your options.
- Any Cashback/redraw you use for repayments will no longer be available for you to access later.
- Any amount you don’t use will remain available, subject to your loan terms and available balance.
Use the Estimated Home Loan Repayment Calculator to explore how different amounts could affect your repayments1. The calculator does not apply to Construction loans and Home Loans in a Company Name.
If you’re on a direct debit arrangement, you’ll need to book an appointment to cancel it.
To speak with a lending specialist, book an appointment.
Consider what's right for you
Consider your options carefully and contact us if you need help or want to discuss your loan options or refinancing, including options for reducing your new minimum loan repayment.
To speak with a lending specialist, book an appointment.
If you have a home loan with Interest Only repayments
Your monthly ANZ Interest Only repayments will continue to be charged the same way as your Suncorp Bank Interest Only repayments.
Just like at Suncorp Bank, repayments will be:
- calculated daily on your outstanding loan balance
- charged monthly based on the interest accrued.
Your payment amount may change depending on the number of days in the month, or if your interest rate or loan balance changes.
At least 30 days before your Interest Only period ends, ANZ will write to you with your new Principal and Interest repayment amount and start date.
For more information, see Minimum home loan repayments for Principal and Interest loans.
If your Interest Only period is ending soon and you’d like to discuss extending it before your loan moves, you can book an appointment to discuss.
If you have a home loan with Fixed Rate, Interest Only, or Fixed Rate and Interest Only period expiring before the move to ANZ
If your Fixed Rate, Interest Only, or Fixed Rate and Interest Only period expires before the move to ANZ:
- your loan will change before the move to ANZ to a variable rate product with Principal and Interest repayments
- your minimum loan repayment will be recalculated. Where you make advance payments ahead of schedule on your loan, your minimum loan repayments are likely to increase when your home loan moves to ANZ, as explained under ‘Minimum home loan repayments for Principal and Interest loans may change. Here’s why above.
- the amount may change if you renegotiate another Fixed Rate or Interest Only period.
If your current, fixed rate or interest only period ends after the move, ANZ will also confirm your new minimum loan repayment at least 30 days before it starts.
More information about the move to ANZ
We’ll let you know when your loan will move to ANZ, so you have time to prepare.
Shortly after your move, ANZ will send you a notice confirming:
- that your first minimum loan repayment at ANZ will be the same as your Suncorp Bank minimum loan repayment at the time of the move
- your new ANZ minimum loan repayment amount
- when the new amount will apply from, which will be at least 30 days after ANZ send you the notice.
You can check your current minimum loan repayment amount in the Suncorp Bank App or Internet Banking before your loan moves to ANZ.
Frequently Asked Questions
FAQ
app
How can I check what my current home loan repayments are?
You can find your current home loan repayment details in the Suncorp Bank App:
- Tap ‘Accounts’ in the menu bar and select your home loan.
- Choose ‘Account Details’ and your repayment details will be displayed under the Payment summary section.
- Alternatively, ask Scout for your home loan repayment details by tapping ‘Support’ in the menu bar and selecting ‘Start a new chat’.
You can also view your home loan repayments in Internet Banking:
- Click ‘My Accounts’ from the left-hand menu.
- Select your home loan account to see your current repayment details, including the amount, interest rate and schedule of payments.
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View details about your mortgage repayment amount, date and schedule in Internet Banking and the Suncorp Bank App.
If you have an existing Suncorp Bank Home or Personal Loan, your interest rate will appear on your statement. If you have Internet Banking simply click on the account number to display a summary of the loan which will include the current interest rate.
Our Home Loan Cashback feature lets you redraw funds that you've paid in advance of your normal scheduled home loan repayments.
You can still 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.
Your interest rate is only one part of how your minimum loan repayment is worked out.
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 are likely to pay higher loan repayments. This increase could be significant depending on the loan balance, how much is paid in advance and the remaining loan term.
Use the Estimated Home Loan Repayment Calculator or Estimated Business Loan Repayment Calculator to explore how applying different amounts to your loan could affect your minimum loan repayments
You can continue paying your current Suncorp Bank minimum loan repayment amount until your loan moves to ANZ.
We’ll be in touch in the coming months to explain when the move to ANZ will happen, so you have time to consider the changes and chat with us. Making advance payments or accessing funds via Cashback/redraw before the move may significantly affect your minimum loan repayment amount when your loan moves to ANZ.
Shortly after your move, ANZ will send you a notice confirming your new ANZ minimum loan repayment amount and the date from which your new minimum loan repayment will commence.
To check your current Suncorp Bank minimum loan repayment amount before your loan moves to ANZ, use the Suncorp Bank App or Internet Banking, or contact us.
If you don't do anything, your loan will still move to ANZ as planned. Shortly after your move, ANZ will send you a notice confirming your new ANZ minimum loan repayment amount and the date from which your new minimum loan repayment will commence.
You'll still have options once you've moved, though some may no longer be available depending on your circumstances, so if you'd like to talk it through or need support before the move, we're here to help. Book an appointment with us now to talk through your options, or if you have a Relationship Manager, please contact them directly.
You can continue paying more than your minimum loan repayment if you are already. When your loan moves to ANZ, you'll need to make sure your payments meet your new ANZ minimum loan repayment.
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.
Things you should know
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.
1 When your loan moves to ANZ, actual repayments may differ from the calculator estimates because the calculator estimates are based on point in time numbers provided at the time of the calculation.
