ANZ takeover of Suncorp may push mortgage payments up by over $1,000

ANZ completed its purchase of Suncorp in 2024 and is now transferring hundreds of thousands of home-loan customers to its own loan system. A notice sent on October 13 told borrowers that if they have funds in cashback or redraw accounts, their minimum monthly repayment at ANZ is likely to go up, potentially by more than $1,000. The increase varies with the loan balance, any advance payments and the remaining term.

While Suncorp Bank CEO Malcolm Stedman claims most customers will experience no change, he acknowledges that those who are ahead on repayments could see higher minimums unless they take action. Consumer experts argue the situation highlights the limited power borrowers have in Australia’s mortgage market. The acquisition had previously been blocked by the ACCC over competition concerns, but the decision was overturned by the Australian Competition Tribunal and approved by state and federal governments.