From the 1st July 2003, changes to the Uniform Consumer Credit Code (the "UCCC") requires all Lenders to provide Comparison Rate information on their Home and Personal Lending products.
The Comparison Rate will make it easier for you to identify the true cost of a loan at Suncorp. You can use the Comparison Rate to compare our loans to each other or with other Lending Institutions. The purpose of the Comparison Rate is to assist in removing the guess work when working out the cost of your loan, for the duration of an average home, personal or car loan.
The Comparison Rate calculation is prescribed by the UCCC. The fees and charges that are included in the Comparison Rate calculation, are only those fees that are known, or have been identified as payable under the loan contract. For example, Loan Establishment fee's and monthly account keeping fees are both included in the Comparison Rate calculation, but Government Fees are not included as they are standard across all Lending Institutions.
However, whilst the Comparison Rate can be a useful tool in comparing the cost of a Loan, the Comparison Rate will not reflect the features and benefits that are offered on our loans.
At Suncorp we offer a comprehensive range of Home Loan and Personal Loans that all offer a wide variety of features and benefits. Benefits such as fee free transaction banking, cashback, promotional offers and payment flexibility should all be taken into consideration when selecting a loan. Our specialist lenders are available to explain these benefits to you, to help you make an informed decision about the right loan for you.
All Lenders have to make their Comparison Schedules available to you. The Comparison Rate Schedules show the Loan Product, Annual Percentage Rate and Comparison Rate for each applicable Loan Product. The loan term and loan amount displayed in the schedules have been prescribed by the UCCC.
