Suncorp Back to Basics Variable Review (2026)
Rates and details verified 24 May 2026
Rates can change without notice. Last verified: 24 May 2026 (AEST). Please confirm details on the bank’s official page.
OO P&I (≤60% LVR)
6.08%
p.a. variable (comp. 6.09%)
Ongoing fees
$0
no monthly or annual fees
Offer type
New
new-to-bank borrowers only
About the Suncorp Back to Basics Variable
The Suncorp Back to Basics Variable is a no-frills home loan offering a competitive rate for new-to-bank borrowers. Under the Better Together Special Offer, owner-occupiers paying principal and interest can access 6.08% p.a. (comp. 6.09%) at ≤60% LVR. Conditions apply: you must be new to Suncorp, borrow $150,000 or more, and hold a Suncorp Bank transaction account.
There is no offset account on the Back to Basics product and no ongoing fees. The loan includes unlimited extra repayments and free redraw.
Ownership note: ANZ completed the acquisition of Suncorp Bank in July 2024. Suncorp products continue to be offered under the Suncorp brand with their own rates and terms.
Rates and Conditions
| Feature | Detail |
|---|---|
| OO P&I (≤60% LVR) | 6.08% p.a. (comp. 6.09%) |
| Offer name | Better Together Special Offer |
| Eligibility | New-to-bank, $150,000+ loan, Suncorp transaction account |
| Monthly/annual fees | $0 |
| Extra repayments | Unlimited |
| Redraw facility | Free |
| Offset account | Not available on Back to Basics |
Rates effective 15 May 2026. Check Suncorp's website for the latest rates and eligibility conditions.
Pros and Cons
Pros
- ✓ 6.08% is competitive among recognised bank brands
- ✓ No ongoing fees
- ✓ Unlimited extra repayments + free redraw
- ✓ Government deposit guarantee applies (ADI)
Cons
- ✗ New-to-bank borrowers only — existing Suncorp customers don't qualify
- ✗ $150,000 minimum loan amount
- ✗ Must hold a Suncorp transaction account
- ✗ No offset account on this product
- ✗ Rate above Macquarie (5.84%), HSBC/Westpac (5.99%), loans.com.au (6.04%)
How It Compares
- Macquarie Basic: 5.84% OO P&I (≤70% LVR) — no conditions
- Westpac Flexi First: 5.99% OO P&I (≤70% LVR)
- loans.com.au: 6.04% OO P&I (≤90% LVR)
- Suncorp Back to Basics: 6.08% OO P&I (≤60%, new customers) — this loan
- ING Simplifier: 6.14% OO P&I (≤80% LVR)
- CommBank Wealth Package: 6.34% OO P&I (≤60% LVR)
- ANZ Simplicity PLUS: 6.39% OO P&I (≤60% LVR)
Comparison rate based on a $150,000 loan over 25 years. Information verified 24 May 2026. Confirm rates, fees, and eligibility on Suncorp's website before applying. This is not financial advice.