Suncorp Bank Is Moving to ANZ - What Changes for Your Home Loan, Offset and Repayments
ANZ bought Suncorp Bank in 2024, and its 1.2 million customers move onto ANZ products and systems by June 2027. Your rate carries over, but minimum repayments, offset sub-accounts, redraw and construction loans can change. Here is what is confirmed, what is not yet, and what to do before your move date.
On this page
Reference only. This article summarises public information from ANZ, Suncorp Bank's Move Hub, the ACCC and APRA as at 12 November 2026. It is general information, not financial, credit or legal advice. The move is still in progress and ANZ has not yet published every detail. The letters and emails Suncorp Bank and ANZ send you are the documents that actually apply; where anything here differs from them, they prevail.
The short version
ANZ completed its purchase of Suncorp Bank, agreed at $4.9 billion, on 31 July 2024. Since then, Suncorp Bank has kept operating under its own name. That is now ending.
On 7 September 2026, Suncorp Bank began telling its 1.2 million customers that their banking will move to ANZ's products, services and digital platforms by June 2027. Home and business loans are due to become ANZ loans in the first half of 2027, and transaction and savings accounts move during 2027.
Three things to understand up front:
- You cannot opt out or choose your move date. Accounts move during a planned move period, and Suncorp Bank and ANZ will write to you before yours.
- Your interest rate and loan balance carry over at the time of the move. After that, ANZ can change variable rates under your loan terms.
- Several loan features change, and some of the changes are best dealt with before your loan moves, because Suncorp Bank will stop processing some service requests closer to the move date.
How we got here
| Date | What happened |
|---|---|
| 18 July 2022 | ANZ agrees to buy Suncorp Bank from Suncorp Group for $4.9 billion, subject to completion adjustments |
| 4 August 2023 | The ACCC refuses to authorise the deal, concerned it would entrench the major banks' market position |
| 20 February 2024 | The Australian Competition Tribunal overturns the ACCC and authorises the acquisition |
| 14 June 2024 | Queensland Parliament passes amendments to the Metway Merger Act needed for the sale |
| 28 June 2024 | The Federal Treasurer approves the acquisition |
| 31 July 2024 | The deal completes |
| 7 September 2026 | Suncorp Bank announces customers will move to ANZ by June 2027 and opens the Move Hub |
Suncorp Bank is no longer part of the Suncorp Group and uses the Suncorp name under licence. Its legal name changed from Suncorp-Metway Limited to Norfina Limited on 1 August 2024, and it is a wholly owned subsidiary of ANZ, still trading as Suncorp Bank.
Key dates for customers
| When | What happens |
|---|---|
| From 4 October 2026 | Suncorp home loan pre-approvals expire and are not extended or reinstated |
| 7 October 2026 | Suncorp Bank stops taking new loan applications (as reported by Australian Broker) |
| End 2026 or early 2027 | Letters with your move details |
| From early 2027 | Reminders and setup instructions |
| First half of 2027 | Home and business loans become ANZ loans |
| By June 2027 | All customers moved to ANZ |
Until your accounts move, you keep banking with Suncorp Bank as normal. For transaction and savings accounts, ANZ says no action is needed yet.
What changes for home loan customers
Suncorp Bank has written to home and business loan customers (excluding equipment finance, business overdrafts and lines of credit) about key changes. ANZ says it may need to "vary the terms of your Suncorp Bank product to match the terms of a similar ANZ product", so you may end up with a product that has different terms and features.
What stays the same at the time of the move:
- your interest rate; and
- your loan balance, including interest accrued up to the move date.
1. Minimum repayments may rise, sometimes sharply
This is the change most likely to hit household cash flow.
At Suncorp Bank, if you have made extra repayments (held as Cashback or redraw), your minimum repayment is recalculated on the lower balance and falls. At ANZ, the minimum repayment is not recalculated for those advance payments. It stays based on your balance as if you had not got ahead.
Suncorp Bank's own illustrative examples assume a $400,000 balance, 25 years remaining, 7% p.a. and a $2,827 monthly repayment:
| Advance payments held | Suncorp minimum | ANZ minimum | Difference |
|---|---|---|---|
| $40,000 | $2,544/month | $2,827/month | $283 more a month |
| $150,000 | $1,767/month | $2,827/month | $1,060 more a month |
There is an upside: Suncorp Bank estimates the first example saves about $103,000 in interest and finishes about five years sooner. But if your budget relies on the lower minimum, it will not stay low.
How the change applies:
- Your first ANZ repayment matches your Suncorp minimum at the time of the move.
- The new ANZ minimum starts at least 30 days after ANZ sends you a notice.
- If a fixed rate or interest only period ends before the move, your loan becomes variable principal and interest first, and the minimum is recalculated then.
- Interest only borrowers keep paying interest only, and ANZ will send principal and interest repayment details at least 30 days before the period ends.
Suncorp Bank lists three options before the move:
- Apply all your Cashback/redraw to the loan. This permanently lowers the balance, so the ANZ minimum is close to your current one, but you can no longer redraw that money.
- Apply part of it. The more you apply, the closer the ANZ minimum gets to what you pay now.
- Book an appointment to use your Cashback/redraw to cover the monthly gap. This runs the balance down until you are paying the full ANZ minimum.
Suncorp Bank's Estimated Home Loan Repayment Calculator shows your own numbers. Fixed rate borrowers must request any change before the loan moves.
2. Offset: only one account will offset
At Suncorp Bank, offset is available on the Standard Variable home loan using an Everyday Options account in offset mode, which can have sub-accounts. At ANZ:
- your Everyday Options Main account becomes your one offset account, called ANZ One Offset, linked to your home loan;
- only money in that account offsets your interest; and
- your linked sub-accounts become ANZ Access Advantage accounts that do not offset your loan.
If you keep money spread across sub-accounts (a bills bucket, a holiday bucket), consider moving it into your Everyday Options Main Account before the move, and update any direct debits or scheduled payments linked to those sub-accounts. After the move, you can transfer money into ANZ One Offset at any time.
3. Loans in a company name lose redraw
ANZ home loans held in a company name do not have a redraw facility. Any Cashback/redraw money left in the loan at the move is applied to the balance and becomes inaccessible. If you want that money, submit a Cashback withdrawal request before your loan moves.
4. Construction loans get a 24 month deadline
Once a construction loan moves to ANZ:
- you have 24 months from the move to finish building and fully draw down;
- repayments switch to interest only until the final drawdown, then move to principal and interest;
- redraw is unavailable during the construction drawdown period; and
- any extra repayments not withdrawn before the move are applied to the balance.
If you are mid-build, check your construction timeline against that 24 month window now.
5. Loans with no balance will close
A home loan with no outstanding balance, or one in credit, closes at the move. Access to advance payments ends, and any credit balance is returned under your loan terms. If you keep a paid-off loan open as a standby facility, it will not survive the move.
6. Refinancing and product changes: do them before the move
Suncorp Bank will stop processing some service requests closer to the move date. If you are thinking about refinancing, switching products or restructuring, Suncorp Bank's guidance is to arrange it before your loan moves.
What changes for savings, transaction accounts and cards
This part of the move is less detailed so far. ANZ has said:
- transaction, savings and other Suncorp Bank accounts move to ANZ;
- a Suncorp transaction account becomes an ANZ transaction account with "some similarities and some differences";
- you will be told when your new accounts and cards are ready to use; and
- more information on deposits and savings is coming "in the coming months".
ANZ has not yet published details on BSBs, account numbers, PayID, direct debit redirection, card replacement or term deposit treatment. Do not assume these work the same way as other bank migrations. Wait for your letter, and be suspicious of anything that claims to know your new details before ANZ tells you.
Business customers
Business customers whose banking relies on multiple authorisers, high limits, platform-based accounts or complex payment administration may need ANZ Internet Banking for Business or ANZ Transactive Global. ANZ says some of these features are not available in the standard ANZ App or ANZ Internet Banking. If that is you, call ANZ business banking on 1800 351 663 early, rather than discovering a missing feature after the move.
The $250,000 government guarantee
Today, APRA lists Norfina Limited (trading as Suncorp Bank) and Australia and New Zealand Banking Group Limited as two separate authorised deposit-taking institutions. Each currently has its own Financial Claims Scheme cap of $250,000 per account holder.
Once your money moves into ANZ accounts, it will sit with ANZ. If you already hold deposits with ANZ, your former Suncorp and existing ANZ balances will then share one $250,000 cap. If your combined balance will exceed that, plan ahead, and confirm the exact timing with ANZ when your move letter arrives.
Branches and jobs
ANZ committed to keep ANZ and Suncorp Bank regional branch numbers across Australia for three years after the acquisition. It also committed to no net job losses for Suncorp Bank employees in Australia resulting directly from the acquisition over the same period.
Both commitments run from completion on 31 July 2024, so they cover roughly the same window as the customer move. ANZ has also reopened its Chinchilla branch and opened a joint ANZ and Suncorp Bank business hub in Maroochydore.
Watch for scams
Neither Suncorp Bank nor ANZ will ask you to:
- move money urgently to an account you do not already have, or to "keep it safe";
- share passwords or PINs;
- click a link in an email or SMS about the move, including a login link; or
- give or remove access to your computer or phone.
If something about the move does not feel right, hang up and call Suncorp Bank on 13 11 75 or ANZ on 13 13 14 using a number you find yourself.
Should you stay or refinance?
For many borrowers, moving to ANZ will be uneventful: the rate carries over and ANZ has a far larger branch network. But this move is more involved than a simple rename, and it is worth running the numbers if:
- you hold large Cashback/redraw balances and your minimum repayment will rise;
- you rely on multiple offset sub-accounts;
- your loan is in a company name and you value redraw;
- you are mid-construction and the 24 month window is tight; or
- you have not compared your rate against the market for a while.
Because Suncorp Bank stops processing some requests closer to the move, the window to compare and act is now, before your move date, not after. If you want a second opinion on what the ANZ version of your loan will cost you, or whether another lender suits you better, contact us. There is no obligation.
Checklist
- Make sure Suncorp Bank has your current email, mobile and postal address (Suncorp Bank App: More > Profile).
- Read the loan letter or email from Suncorp Bank carefully.
- Run the Estimated Home Loan Repayment Calculator if you hold Cashback/redraw.
- Decide whether to apply some or all of your Cashback/redraw before the move. Fixed rate borrowers must do this before the loan moves.
- Consolidate offset sub-account balances into your Main account, and update linked direct debits.
- Company-name and construction borrowers: withdraw any Cashback you want access to before the move.
- Arrange any refinance, product switch or restructure before Suncorp Bank stops processing requests.
- Add up your Suncorp and ANZ deposits against the $250,000 cap.
- Ignore any link in an email or SMS about the move; go to the app or the Move Hub directly.
Official sources
- Suncorp Bank - Suncorp Bank announces customer move to ANZ (7 September 2026)
- Suncorp Bank - Move Hub
- Suncorp Bank - Changes to home loans
- Suncorp Bank - Changes to minimum loan repayments
- Suncorp Bank - Offset accounts
- Suncorp Bank - Home loans in a company name
- Suncorp Bank - Construction loans
- ANZ - Suncorp Bank move to ANZ
- ANZ - ANZ prepares to welcome Suncorp Bank customers (September 2026)
- ANZ - ANZ completes acquisition of Suncorp Bank (31 July 2024)
- AFCA - Suncorp Bank changes legal name to Norfina Limited
- ACCC - Australian Competition Tribunal authorises ANZ's proposed acquisition of Suncorp Bank
- APRA - List of ADIs covered under the Financial Claims Scheme
- Australian Broker - Suncorp no longer accepting mortgage applications (6 October 2026)
This article is general information only and was prepared on 12 November 2026. It does not take into account your objectives, financial situation or needs, and it is not financial, credit, taxation or legal advice.
The move from Suncorp Bank to ANZ is still in progress, and ANZ has not yet published full details for deposit accounts, cards and payments. Product mapping, rates, fees and eligibility depend on your individual accounts, and the letters and notices sent to you by Suncorp Bank and ANZ are the documents that apply. Confirm anything you rely on through the Suncorp Bank Move Hub or on 13 11 75.
Levio Pty Ltd (ACN 618 540 775) is a Credit Representative (Credit Representative Number 563108). We provide credit assistance only. We are not licensed to provide legal, financial product or taxation advice, and nothing in this article should be taken as such advice. Any credit assistance we provide is subject to a full assessment of your circumstances, and lending is subject to lender approval, terms, conditions, fees and charges.