If you have a home loan with HSBC or bank with Suncorp Bank, you may have already received a letter or email, or spotted the changes in the news.
Two significant developments are changing who owns or manages many Australian home loans and bank accounts:
- HSBC has agreed to sell its Australian home and personal loan portfolio to Blackstone, with Pepper Money expected to manage the loans day-to-day.
- Suncorp Bank customers will progressively move to ANZ’s banking systems, services and products.
You didn’t ask for these changes, and you generally cannot opt out of them. While there may be nothing you need to do immediately, this is a good opportunity to make sure your current loan still suits your circumstances.
Here’s what we know so far and what you may want to consider.
What Is Happening with HSBC Home Loans?
On 31 July 2026, HSBC Bank Australia announced an agreement to sell its Australian home and personal loan portfolio, valued at approximately $36 billion, to funds managed by Blackstone.
The sale is expected to be completed during the first half of 2027, subject to regulatory approvals. Once it is complete, Pepper Money will become the portfolio’s loan servicer.
In simple terms, Blackstone will own the loans, while Pepper Money will look after their day-to-day administration. This may include:
- Processing repayments
- Managing redraw requests
- Answering customer enquiries
- Supporting borrowers and mortgage brokers
HSBC is also winding down the remainder of its Australian retail banking business over approximately 18 months. This includes transaction accounts, savings accounts, term deposits, credit cards and foreign currency accounts.
HSBC plans to continue operating its corporate, institutional, private banking and asset management businesses in Australia.
What Could This Mean for HSBC Customers?
For now, HSBC customers can continue banking and making loan repayments as usual. HSBC has advised that no immediate action is required and that customers will receive further information as the sale progresses.
A change in ownership does not remove the legal protections that apply to your home loan. However, the way your loan is administered—and your experience when contacting your loan provider—may change once Pepper Money takes over servicing.
It will also be important to read future communications carefully, particularly if your loan includes features such as:
- An offset account
- A redraw facility
- A line of credit
- Multiple loan splits
- Linked transaction or savings accounts
If you currently hold several HSBC products together, the winding down of HSBC’s retail banking business may affect more than just your home loan.
There is no need to panic or make a rushed decision. However, it may be worth reviewing your loan before the transition is complete. This gives you time to understand your options and decide whether your current loan remains the right fit.
What Is Happening With Suncorp Bank?
ANZ announced its proposed acquisition of Suncorp Bank in July 2022, with the acquisition completed on 31 July 2024.
ANZ is now preparing to progressively move Suncorp Bank customers onto ANZ’s banking systems, services and digital platforms. The migration is expected to be completed by June 2027.
Customers will receive information about their move in advance. Until then, they should continue using their Suncorp Bank accounts and services as normal.
As part of the transition, Suncorp Bank products and accounts will eventually move across to ANZ, and the Suncorp Bank brand will be retired.
What Could This Mean for Suncorp Bank Customers?
There may be nothing you need to do immediately. However, it will be important to keep your contact details up to date and carefully read any correspondence from Suncorp Bank or ANZ.
The effect of the migration will depend on the products you hold. Although ANZ is working to make the change as straightforward as possible, Suncorp Bank and ANZ do not offer exactly the same products or features.
When your accounts move, you may want to check:
- Your home loan interest rate and fees
- Your repayment amount and frequency
- How any offset accounts will work
- Your available redraw balance and access arrangements
- Changes to account numbers, cards or payment details
- How you will access online and mobile banking
- Whether your current loan package or discounts will continue
If you have a fixed-rate home loan, make a note of when the fixed period ends. When a fixed term expires, a loan will usually move to a variable rate unless another arrangement is made.
If the end of your fixed period falls close to your ANZ migration date, it may be helpful to review your loan in advance. Otherwise, you could move onto a new variable product without first comparing your options.
Why This Is a Good Time to Review Your Home Loan
Changes like these are a useful reminder that your home loan should not simply be placed in the bottom drawer and forgotten.
Your circumstances may have changed since you first took out the loan. Your income, property value, family needs or financial goals may look different—and the home loan market may offer options that were not available to you previously.
A home loan review can help you understand:
- Whether your interest rate is still competitive
- Whether your loan features still suit the way you manage your money
- Whether you are paying unnecessary fees
- Whether refinancing could improve your position
- Whether your loan structure supports your current and future plans
- What costs may be involved if you decide to make a change
The goal is not to refinance simply because your lender is changing. Refinancing needs to make sense after considering the interest rate, fees, switching costs, loan features and your longer-term objectives.
How Diamondmine Home Loans Can Help
At Diamondmine Home Loans, we understand that receiving a letter about your bank or home loan changing can feel unsettling—especially when the decision has been made for you.
We can sit down with you, explain what the changes may mean in plain language and review your current loan against other options available from our panel of lenders.
If your existing loan still works well for you, you can move forward with greater confidence. If another option may suit you better, we can explain the costs, benefits and application process so you can make an informed decision.
You do not have to wait until your loan or accounts have already moved before asking questions. Reviewing your position early can give you more time and flexibility, without the pressure of making a last-minute decision.
If you have an HSBC home loan or Suncorp Bank account and would like to understand your options, contact Diamondmine Home Loans on 1300 499 480 or request a callback through our website.
Frequently Asked Questions
Do I need to do anything now if I have an HSBC home loan?
HSBC has advised customers that they do not need to take immediate action and can continue banking as normal for now. Keep your contact details up to date and read any information HSBC sends you as the sale progresses.
You may also choose to review your home loan now so you understand how it compares with other options.
Will my loan terms or interest rate change because of the HSBC or Suncorp Bank changes?
The announcement of a sale or migration does not automatically mean your interest rate or loan terms will change immediately.
However, products, rates and features can change over time in accordance with your loan agreement. Carefully review all correspondence from your lender and ask for help if anything is unclear.
Can I opt out of moving from Suncorp Bank to ANZ?
Customers cannot opt out of Suncorp Bank becoming part of ANZ. However, you can review your banking and lending arrangements and decide whether you would prefer to stay with the product offered to you or consider another provider.
Before making a change, check for discharge fees, fixed-rate break costs, application costs and any effect on your loan features.
Should I refinance before these changes are completed?
Not necessarily. Refinancing should be based on your personal circumstances and whether the overall benefits outweigh the costs.
A home loan review can help you compare your current loan with other suitable options before deciding whether to stay or switch.
How is a non-bank loan servicer different from dealing directly with HSBC?
A loan servicer manages the everyday administration of a loan on behalf of its owner. This can include processing repayments, managing account enquiries and handling redraw requests.
Once the HSBC portfolio sale is completed, Blackstone will own the loans and Pepper Money is expected to provide this day-to-day servicing. Your customer experience and the systems used to manage your loan may therefore be different.
Alan and Vicki Taylor | Diamondmine Home Loans 
1300 499 480 50+ years combined experience | Property investor specialists Strategic lending structures | Portfolio growth planning
1300 499 480 50+ years combined experience | Property investor specialists Strategic lending structures | Portfolio growth planningYou can find out more about home ownership and applying for a mortgage at our YouTube channel – https://www.youtube.com/@FridayMoneyWinedup
