Suncorp Bank Stops New Loan Applications: What It Means for Borrowers
Suncorp Bank will stop accepting new lending applications from 7 October 2026 as preparations continue for its move to ANZ.
As mortgage brokers, we're already helping clients work through this. Here's what you need to know.
What's actually changing?
From 7 October 2026, Suncorp Bank will no longer accept new lending applications. This also covers some requests from existing customers, like changes that need a new loan contract. Most everyday services for current customers will carry on.
For new lending needs from 7 October, brokers will need to assess other suitable options, which may include ANZ where appropriate.
What if I've already applied?
Good news. Applications submitted before the deadline will keep moving through Suncorp's normal assessment. But there are two dates to watch:
- 27 October: final approval and loan documents must be issued.
- 26 December: final settlement date.
If your loan is slow or has some tricky parts, those dates could matter. Talk to your broker early.
The bigger lesson
This is a good reminder of how fast lender policies and products can change. Lender products, policies, and availability can change, sometimes within relatively short timeframes. Having alternative lending options can be useful when a lender changes its products or policy.
That's why we always say: don't put all your eggs in one basket.
What we'd suggest
First home buyers: Understanding your borrowing position and lender eligibility before making an offer can help you know which options may be available. Our first home buyers page is a good place to start.
Investors: Compare investment loans across different lenders. Features, fees, and rules can vary a lot.
Current borrowers: Ask yourself if your lender still suits you. Our Loan Health Check is a quick way to find out.
Thinking of switching? Refinancing can be an opportunity to look at your lender and loan features again. It's not only about chasing a lower rate.
Speaking of rates, don't judge a loan on the advertised rate alone. Look at the whole loan: fees, features, flexibility, and how it's set up. A cheap rate with the wrong structure can cost you more in the long run.
Lender changes aren't new. We covered a similar one recently in our post on HSBC's retail banking exit. For general tips on comparing loans, the government's Moneysmart site is also worth a read.
Not sure where you stand?
A broker can compare lenders for you and keep a backup plan ready if things change.
Ready to make your move? Kris Menon and the team at KM Financial Service are here to help. Call us on 0402 879 531 or book a free consultation today. We'll help you find the right loan, whichever lender it's with.
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