Home loans

How to apply for a home loan from the comfort of your couch

3 min read

Home loans

How to apply for a home loan from the comfort of your couch

3 min read

Today you can order almost anything straight to your front door — even a home loan specialist. Here’s how.

Get pre-approved for a home loan

A pre-approval tells you how much your lender is willing to loan you by providing an estimate of your borrowing capacity. This lets you house shop with confidence, because you’ll know the largest amount that you can afford when you’re ready to get stuck into applying for a home loan.

In the spirit of efficiency, Suncorp Bank’s entire pre-approval process is online. Lean back on your couch, answer a few financial Qs (income, debts, expenses, etc), and we’ll do all the tricky work. It takes about 20 minutes to apply online. Once you submit your application, a Suncorp Bank lending specialist will follow up within 2 hours (or the next business day). 

Apply for pre-approval

It’s good to note that pre-approval isn’t the same as actual approval. A pre-approval shows you what you’re likely to receive, but it’s not confirmation of a home loan. The main purpose of a pre-approval is for you to understand your borrowing limits so you can narrow down options in the lead-up to applying for a mortgage.

If you already know your budget, you can skip this step and start focusing on your home loan application.

Research home loan options online

It’s easy to stick to familiar options when considering which loan provider to choose. It’s convenient to look for the biggest names, or the bank your parents introduced you to in primary school. But being open-minded may allow you to access discounts and lower fees, while searching for home loans online can present far more options. And the best thing is, you don’t even have to leave your living room!

This online research should also extend to types of home loans, not just providers. There are various payment setups out there, and you need to find out what’s best for you. For starters, the two main types are fixed and variable home loans. To sum it up, fixed home loans are loans with interest rates that remain unchanged for a period of up to five years. Variable loans have interest rates that fluctuate according to the current market. It’s important to settle on a loan type that’s right for your circumstances.

A fixed loan may suit you if you’re trying to create a strict long-term budget plan. You’ll always know how much interest to expect, and how much your payments will be. A variable loan may save you money if interest rates plummet; conversely, it may wind up costing you more if rates start to climb. Home loan preferences vary from person to person and there’s no standard home loan for any given demographic. If you’re torn between the pros of both fixed and variable loans, you could even get both. You can opt for the full loan amount to be split across the two types.

Got questions? Talk to a specialist

When you’re considering how to apply for a home loan, th options can feel overwhelming. Luckily, there's expert assistance available every step of the way. Suncorp Bank home loan experts can help you understand the entire process, decode all the lingo, and help you choose a loan that's right for you. You can talk to them by phone, or meet in branch, at your workplace, or a local cafe. If it's easiest, they can come to you, so you can sit tight and continue warming that favourite spot on your couch. 

Talk to a home loan expert

Published 17 July 2022 

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The information is intended to be of a general nature only and any advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.

Home Loans are provided by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No. 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document, Lending Fees and Charges and Home Package Plus Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.