15 December 2020
Cash Bonus Offers ending
Our Home Lending Refinance Cash Bonus and Frontline Extra Bonus offers - where eligible home loan customers refinancing can receive a cash back bonus of between $2,000 and $4,000 – ends on 18 December 2020.
Applications need to be fully received on or before Friday, 18 December 2020 and eligible home loans must settle on or before Friday, 26 March 2021. Brokers can visit Business Partners Online for more information.
Suncorp is updating ApplyOnline (AOL) with a dynamic Compliance tab between Thursday, 17 December 2020 and Friday, 18 December 2020.
This will ensure brokers explore and record their customers’ requirements and objectives using a series of questions and declarations. The question list will be a mix of what’s currently formally asked and those that are often part of a broker’s conversation to understand a customer’s financial situation and provide the best product to meet their needs.
Many brokers will be familiar with these questions, as they have recently been adopted across multiple Banks as recommended by the Australian Banking Association (ABA).
Important to note:
- Brokers will not be able to submit home loan applications to Suncorp until this tab in AOL is completed.
- There will be no change to the current process for small business, residential and combination (small business and residential) applications.
24 November 2020
This notice is to advise you of our cut off timetable for the remainder of the year so that you can update your platforms accordingly.
22 September 2020
Our Home Lending Refinance Cash Bonus and Frontline Extra Bonus offer has been extended until Friday, 18 December 2020
We’re extending our Home Lending Cash Bonus and Frontline Extra Bonus offer (previously valid to 30 September) until Friday, 18 December 2020 (unless withdrawn prior).
- Applications for the Home Lending Cash Bonus and Frontline Extra Bonus offer will need to be submitted and fully received on or before Friday, 18 December 2020.
- An eligible home loan must settle before the amended date of Friday, 26 March 2021.
- The bonus payment will be credited to the eligible borrowers’ Suncorp transaction account within 60 days (previously 30 days) of the settlement date.
- All other existing Terms and Conditions are unchanged and can be viewed on our dedicated broker portal, Business Partners Online.
Potential bonus payment delays on recent applications
Due to higher than expected volumes, we have experienced delays in processing payments. Applications that settled from 1 July, 2020 (with bonus payments due to be paid by 1 August, 2020) may have been impacted. We anticipate that all outstanding payments will be made by 20 October, 2020. We sincerely apologise for the delay.
If the application is eligible for the offer and customers have not received their payment by 20 October, brokers are advised to contact Customer and Broker Support on
1300 313 798.
18 September 2020
10 September 2020
Important policy changes effective 14 September 2020
Effective Monday, 14 September 2020, Suncorp’s retail credit policy will change. It is critical that brokers are familiar with the changes and how to guide customers through the revised policies.
Summary of changes to income policy
- Casual Income earned continuously ≥6 months included in CTR will be included at 100% and will be classified as secondary income (not core income)
- Contract/Temporary Agency Income earned continuously ≥12 months included in CTR will now be classified as secondary income (not core income)
- Rental casual/holiday letting income must be earned continuously ≥ 12 months, and will now be classified as secondary income (not core income).
- Dividend income included in CTR will reduce from 80% to 60%.
- Bonus payment income included in CTR will reduce from 80% to 0%.
- Commissions earned continuously ≥6 months included in CTR will reduce from 80% to 70%.
- Seasonal income included in CTR must be earnt continuously >12 months and will reduce from 80% to 70%
- Policy has been updated to include 100% in the CTR of acceptable Overtime and Allowances for Nurses, Police, Fire and Ambulance occupations. This will only be accepted specifically where these titles are selected within the ApplyOnline application (ie if ‘support worker' is selected, overtime and allowances will only be accepted at 80%).
- A reminder that If secondary income is more than 30% of income included in Capacity to Repay (CTR), the application will be escalated to a higher credit authority.
Brokers are required to supply the most recent payslip as at the date the application is signed.
Changes for self-employed borrowers (applies to both retail and SME lending)All applications for self-employed customers will be referred to a higher authority for review.
All self-employed applicants will need to supply management accounts for the 2020 financial year and Business Activity Statements for the prior 12-month period, in addition to the normal application requirements.
Buy Now Pay Later facilities
Current examples of Buy Now Pay Later facilities are After Pay and Zip Pay
Updates will be made to our Capacity To Repay (CTR) effective 14th September and the Actual Documentation Requirements and Actual Documentation Definitions have been updated to reflect these changes.
For Buy Now Pay Later facilities with a limit (i.e. Zip Pay): We will require a document confirming the limit and liability amount. Brokers will be required to ensure that within the CTR calculation, the limit and liability it is to be included in the Store card category, which will be assessed at 3.80% of the approved facility limit per month.
For Buy Now Pay Later facilities with no limit where the liability is repaid in instalments (i.e. After Pay): Actual repayments are to be included in the cost of living calculation in the CTR.
Apply Online will be updated to reflect these changes on 14th September. When brokers are adding this as a liability within Apply Online ‘store card’ is to be selected.
7 September 2020
Removal of Access Equity Line of Credit (AE) and retail Annual Interest in Advance (AIIA).
Over the coming months Suncorp will simplify its retail home lending products. Effective 5 October 2020, brokers will no longer be able to offer the retail Access Equity Line of Credit (AE) and retail Annual Interest in Advance (AIIA) products. On 26 October 2020, these products will be removed from sale by Suncorp for all other channels.
How will this impact your brokers?
From 11 September Suncorp will be issuing letters to existing customers with AIIA or AE to advise them of changes occurring to these products. Brokers with existing AIIA customers will be contacted by their Suncorp BDM and reminded about the product removal. New to Suncorp applications:From 5 October 2020, brokers will not be able to offer AIIA or AE to their customers.
Brokers who have an inflight application already submitted, please familiarise yourself with the FAQs for existing customers to ensure that the product will still meet the customer’s needs.
Brokers who have an inflight application that is not yet submitted, please familiarise yourself with the FAQs for existing customers to ensure that the product will still meet the customer’s needs.
All brokers will receive an email from Suncorp on 11 September to advise them of these changes. This will also include a broker FAQ guide to support queries about existing customers and what will still be available for these products.
- These product changes only apply to retail loans. Small business products are not impacted.
- There are no immediate system change requirements. We will advise you at the end of September to update your system in readiness for 5 October product removal date.
Enhancement to Cashback (Redraw) feature
From the 26 October 2020, Suncorp will enhance cashback functionality for customers. A summary of these enhancements is noted below:
- Remove the minimum withdrawal amount for Cashback transactions. (Standard account transaction limits will continue to apply (including that any transaction must be for $1 or more).
- The $20 Cashback transaction fee will be removed for all types of transactions, both online and instore. (Currently, a $20 fee may apply and the minimum withdrawal limit is $1,000.)
- An unlimited number of transactions can be completed
1 September 2020
Changes to Interest Rates, Effective 3 September 2020
Effective Thursday, 3 September 2020, we are making the following changes to our Special Offer Interest Rates for Owner Occupied Back to Basics, Standard Variable and Standard (Base) Interest Rates for Investment 2 Year Fixed Rates.Changes to Special Offers discounts
- New <=80% (LVR) increasing discount for Back to Basics and Standard Variable for Owner Occupied P&I
- New <=90% (LVR) increasing discount for Standard Variable for Owner Occupied P&I
- Decrease the Standard (Base) Rate by 0.20% for Investment 2 Year Fixed P&I and Interest Only
For more detail on rate changes, please view the current Interest Rate Change Document.
Note: Cells highlighted in yellow or blue indicate a change has been made.
Please be advised that this document is NOT for broker use. The Home Lending Interest Rate Guide for broker use will be made available on Business Partners Online on Thursday 3 September, 2020.
All applicable variable rate pipeline appliations will continue to receive the discount that has been agreed, this means there will be no increase of discount to applicants’ Back to Basics or Standard Variable loans. The change to the discount will only impact new applications received from 3 September 2020.