Suncorp Bank has closed off applications for new lending, with the change taking effect Wednesday, 7 October.
The decision applies across the Brisbane-headquartered lender’s broker and proprietary channels, a source familiar with the matter told Australian Broker.
The move marks the latest development in Australia and New Zealand Banking Group’s (ANZ) $4.9 billion acquisition of Suncorp Bank, which commenced in 2022 and was completed in July 2024.
No action is currently required from Suncorp customers, with the bank understood to be continuing business as usual while ANZ works to migrate its estimated 1.2 million customers to the ANZ platform. Once the migration is complete, customers will be able to access their accounts by way of ANZ’s network.
In September, ANZ said it plans to retire the Suncorp brand by 2027.
ANZ did not respond to requests for comment.
But ANZ Managing Director Queensland and Suncorp Bank Chief Executive Officer Bruce Rush previously described the transition to the ANZ platform as the next chapter in the Suncorp-ANZ story.
"Today marks an important step as we begin informing customers about what it means for Suncorp Bank to become ANZ," Rush wrote in a public statement in September. "As Suncorp Bank becomes ANZ over time, we’ll keep our same focus on our customers. We are committed to making this move straightforward, safe and well-supported, and ensuring customers still see familiar faces and continue to be part of a bank that helps communities thrive.
"As customers join ANZ, they'll have access to a larger network of banking specialists and branches, leading anti-fraud technology, specialist expertise and investments in the communities we serve," he added.
Meanwhile, ANZ — the smallest of Australia's Big Four lender by market cap and mortgage loan book — continues to move ahead with ANZ's Chief Executive Officer Nuno Mato's five-year growth strategy, ANZ 2030, which was revealed in October 2025 and focuses on expanding ANZ's in-house mortgage originations and proprietary channel.
However, despite ANZ's emphasis on its in-house lending networks, brokers wrote 69% of loans, up from 67% the prior year, in the six months ending the 31 March.
By August, ANZ said home loan applications had slumped 12% since the new federal budget removed the negative gearing property tax concessions.
