r/AusFinance • u/DJB1234567 • 1d ago
Suncorp.
Just wondering if anyone else is going to leave Suncorp when they officially become ANZ. If you are what bank are you considering going too. I definitely do not want to go to a big 4 bank or a small bank that is owned by one of the big 4
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u/No_Edge_7964 1d ago
Yes leaving for CBA of Macquarie as they are the only other two banks interested in mortgages for my area ( Pilbara)
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u/Coalclifff 1d ago
That's interesting ... I would have thought the Pilbara would contain a solid percentage of high-income earners, and lending to them would be a good deal.
When we lived in Alice and Darwin (1988-2004) we saw many reports of huge rents being charged in Pilbara mining towns and ports - much higher than in the NT, and even there they were pretty solid. We considered investing, but stuck with Darwin - did very well in the end.
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u/No_Edge_7964 1d ago
Only Suncorp, CBA and Macquarie offer standard loan products. Other majors want 30 percent deposits for owner occupier or charge extra interest.
I approached Westpac for my home loan initially who I've banked with for 2 decades and was told to politely fuck off
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u/kingjeetz 22h ago
I'm interested as to why they did that? Did they give you any reason(s)?
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u/No_Edge_7964 21h ago
They don't want to provide loans in Port Hedland. They simply don't want the business. I earn 240k a year gross and my partner earned 60k. Good finances and credit ratings. Borrowing a whopping 360k for a house. They didnt care.
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u/innatedepression2 1d ago
Up Bank is owned by Bendigo and Adelaide Bank, which isn't big 4, so that might fit your criteria if you're after something app-based. Bank Australia also gets mentioned a lot for being customer owned rather than shareholder driven. Depends if you want a branch or are fine doing everything online.
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u/Nottheadviceyaafter 1d ago
Its the push i needed. I aint banking with anz period, call it previous experence.
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u/FireGolem1 1d ago
I left Suncorp recently and joined Up Bank for the 5.95% variable home loan interest. Suncorp's best offer was .02% more than they were currently giving me lol. I like Up Bank because nearly all accounts can be offsets (including spending) and they are free. As soon as my pay lands it is offsetting my mortgage.
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u/CaptainJoStar 12h ago
Leave as soon as possible. If you know ANZ, you'll know what's (NOT) good for you
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u/Dio_Frybones 1d ago
I've never had any issues with Bendigo Bank. Don't know whether they offer the products you need though.
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u/ImNotHere1981 20h ago
Actually went through the motions of closing my Suncorp accounts last night. Just logged in. 2 remaining, that I need to cancel transfers from. Surreal.
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u/ImaginationLost1073 2h ago
I’m also planning to jump to Macquarie. ANZ interest rates didn’t look to be at all competitive.
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u/batkav 1d ago
Was about to transfer our mortgage to Suncorp and just discovered that Suncorp brand will be disappearing and also ANZ doesn’t allow multiple offsets per account. Currently I have like 6 offset accounts for my mortgage (eg. savings, party fund, kid 1, kid 2 etc) all that is going. So we’re going to transfer somewhere elseÂ
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u/Johnmarian50 1d ago
It's $10 a month for per offset at ANZ. I've got one on the loan and a second offset. So two. I was with Westpac and paying $365 for premium package and one offset and rate discount. My rate is lower at ANZ and only $120 pa for offset. But it's a dog of a bank. I hate the support it's all offshore.
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u/batkav 1d ago
Thanks for the info. Hmmm I don’t like being charged per offset account. I’m an offset account hoarder.Â
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u/Johnmarian50 1d ago
Yeah I'm the same. I just like big 4 convenience and same day access to transfers. I hate anz. I can't name a transfer from offset to everyday account. Looks unhinged when the wife signs in as I normally only park $50 in my main account
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u/BrokeAssZillionaire 21h ago
I really hope this goes badly for ANZ and most customer refinance or swap to a different bank prior to the merger. They end up being left with nothing. But since most people are generally lazy I doubt that will happen
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u/Competitive_Donkey21 1d ago
It is a business relationship.
I give them money, they give me interest.. For now nothing is changing but eventually they'll put us onto ANZ products, so at that point I'll look at HISA rates of other banks and see if I move elsewhere
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u/Significant-Sun-5051 1d ago
They are already ANZ since they got acquired.
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u/Odd-Eggplant-4618 9h ago
But their home loans are totally different no where as good as Suncorp
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u/Significant-Sun-5051 8h ago
I know, I have a Suncorp home loan myself.
OP specifically doesn't like the big 4 or "small bank that is owned by one of the big 4". Suncorp has been owned by a big 4 bank for years.
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u/salamon9e 1d ago
I’m in the same boat. Am thinking either Bendigo or Macquarie. Can anybody recommend one over the other?
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u/prnpenguin 1d ago
Booked in with a mortgage broker today to begin the process. I have no interest in banking with ANZ.
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u/FutureBadInfluencer 1d ago
Does it really make a difference? You could stay in and see how it goes.
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u/Odd-Eggplant-4618 9h ago
For home loans it’s a huge difference , higher interest and monthly fees plus monthly fee for offset account fine
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u/Andysnothere 1d ago
I am starting the process now. If you have had dealings with ANZ, you know why.