St.George Bank Basic Loan


The St. George Bank Basic Home Loan features flexible repayment options with principal and interest repayments that can be made on a weekly, fortnightly or monthly basis or an interest-only option where payments just towards the interest payable on your loan can be made monthly.

While you can take advantage of the interest-only option for a period up to five years on the home loan option and up to 15 on the investment option, it’s a good idea to determine if you can bear the weight of higher repayments following your interest-only period since the full principal amount will still be due on your loan.

The standard variable interest rate offered to owner-occupiers with the Basic Home Loan is moderate, however, the rate is high for investors. You can reduce the total amount in interest you pay on your loan, though, by making additional repayments without penalty to help pay your loan off early.

The redraw facility allows you to access these funds if you need them through telephone and online banking, however, you must be approved to redraw.

Additionally, you can use the loan split option to split your loan into variable and fixed rate portions, which could help you to save on interest while taking advantage of the benefits of both fixed and variable rates. If you have a recognised leave of absence from employment, you could be eligible for the repayment pause to reduce the burden of having to make mortgage payments when you have a change in income for a period of three to 12 months.

The amount you can borrow in proportion to your property’s value depends on your own financial situation and your deposit requirement will be determined by St. George Bank should you move forward with the Basic Home Loan.

But generally, this lender allows for a 5 per cent deposit for borrowers who have been customers of St. George Bank for at least six months and 10 per cent for new customers.

There is also a family guarantee option which secures a portion of a family member’s property against your home loan which could serve as your deposit and also help you to avoid having to pay lenders mortgage insurance if you’re making less than a 20 per cent deposit on your property. And, if you need to borrow more, you may be able to top up your loan for a fee.

Who is the St. George Bank Basic Loan good for?

The St. George Bank Basic Loan is available to investors, first homebuyers, owner-occupiers and refinancers.

However, applicable fees, charges and rates vary depending on your borrowing situation so suitable will vary based on your circumstances. 

The Basic Loan is ideal for those who want a basic home loan option with the familiarity of a big bank that offers options to provide flexibility in how and when you repay your loan.

Review - What RateCity says

The St. George Bank Basic Home Loan boasts a limited amount of features to provide just the right amount of flexibility and simplicity for borrowers looking for a basic variable loan.

The restrictions on some of these features as well as the moderate interest rate for owner-occupiers and high rate for investors is something to keep an eye on when determining this loan’s suitability to you. While St. George Bank can offer the security and range of financial products and services available from larger banks, it’s worthwhile to weigh up your specific needs against the pros and cons of this loan to see if this is your best option.

St.George Bank Basic Loan Options

Explore the range of options within the St. George Bank Basic Loan below.

Advertised rate
Comparison rate*
Monthly repayment
Go To Site

Variable Rates from


Advertised rate


Comparison rate
  • Lump sum and early repayments and redraws allowed.
  • $0 in ongoing fees.
  • Interest-only option.
  • High variable interest rate for investors.
  • No 100 per cent offset account.
  • Entry and exit fees.

Must be over 18 years of age.

Must be an Australian citizen or permanent resident.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $264
  • Discharge fees: $350
  • Ongoing fees: $0

If you’re loan amount is greater than $150,000, you can avoid the establishment fee on this loan, but you will still have a moderately low upfront cost for your valuation and legal fees. St. George Bank will also charge you a fee when you complete your loan in the form of a moderate discharge fee. You will also be charged fees for split loan and top up requests and manual redraws from the redraw facility.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About St.George Bank

St. George Bank provides banking security and stability being a part of Westpac, one of the big four banks in Australia, as well as convenience with a range of branches and ATMs throughout the country and online and telephone banking to suit a range of borrowing and banking needs.

Compare your product with the big 4 banks, or add more products to compare