St. George Bank Advantage Package Loan

Features

Borrowers can access standard variable or fixed rate loans - or a split between the two - with this package. You also get a fee-free St George transaction account and credit card. The St. George Advantage Package Loan gives you up to 70 basis points off the standard variable interest rate, depending on how much you borrow. The variable rate loan comes with a free redraw and 100 per cent offset facility.

Borrowers have the flexibility to make free unlimited additional repayments any time. You can increase your loan amount if you need to and repay in monthly, fortnightly and weekly instalments on principal and interest loans.

Monthly repayments only are available on interest-only loans. Another bonus is that you can make interest-only repayments on investment loans for up to 15 years. That is a longer than some other lenders offer.

However, investors are charged a higher interest rate than owner-occupiers. Variable loans are available for buying an established property or vacant land or for building a home.

With fixed rate loans, you can lock in an interest rate on some or your entire home loan for between one and five years. You’ll get a discount of 15 basis points off the standard fixed rate. You can also lock in an advertised fixed interest rate for up to three months before your fixed loan starts or your current St. George home loan ends, though a rate-lock fee will apply. Another bonus is that a partial offset account is available with an Advantage Package fixed loan.

In addition, borrowers can choose to pay interest in advance on fixed investment loans and get 20 basis points off the fixed rate for the interest in advance period.

Unlike some other fixed rate loans, you have the option to make additional repayments up to $10,000 at no extra charge. You can redraw those funds, but for a fee. The fixed rate loan is not available for construction loans which may be a drawback for investors.

Under the package, borrowers can also reduce or pause repayments on fixed and variable loans from three to 12 months if they have a legitimate period of leave off work, for example during maternity leave. But a fee will apply to access this feature.

Borrowers get three months’ conditional approval with the loan package. This means that you can take your time shopping around for a property once your loan is approved.

The Advantage Package Loan also entitles you to receive free property data reports which can help enormously when you are house hunting.

As part of the package, borrowers are entitled to a five per cent discount on insurance products, such as home and contents insurance, life insurance and mortgage protection insurance, all useful features.

Who is the St. George Advantage Package Loan good for?

The St. George Advantage Package Loan is good if you are looking to keep all your banking in the one place and you like the convenience of dealing with a big bank. The loan package offers a fair amount of flexibility so you can adjust your loans as your needs change. The package may well suit investors given the ability to have interest-only loans for up to 15 yeas, though fixed loan periods are from one to five years only, which may put off borrowers who like the insurance of longer fixed loans.

Review - What RateCity says

The cost of the Advantage Package Loan is in line with other home loan packages offered by the big banks and the interest rate discounts are impressive.

The package packs in plenty of features, such as the ability to split your loans, repay extra and take advantage of offset account facilities on both fixed and variable loans to reduce your interest costs.

You can also pause your repayments and pre-pay interest on fixed loans while reaping an interest rate discount. The main downside of this product is the relatively high annual fee and some hidden fees on the added extras, which might outweigh some of the discounts and other benefits.

Do your calculations with your own financial circumstances in mind and look closely at any special offers on this deal to ensure you are really accessing the best home loan offer available to you.

St. George Bank Advantage Package Loan Options

St. George’s Advantage Package Loan has a range of different loan options. Click on the links below to find out which one best suits your needs.

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Fixed Rates from

2.68%

Advertised rate

2.81%

Comparison rate

Variable Rates from

2.69%

Advertised rate

2.71%

Comparison rate
Pros
  • 100 per cent offset available on variable loans and partial offset available on fixed loans.
  • Fee free credit card and offset account.
  • Ongoing discount for several insurance products.
Cons
  • High annual package fee.
  • High discharge fee.
  • Investors will pay more on interest rate than owner occupiers.
Eligibility

Must have five per cent deposit or equivalent equity (20 per cent is required if you wish to avoid paying lenders mortgage insurance).

To qualify for any of the current special rate discounts you will need to borrow at least $100,000.

You must pay your annual fee from a linked St George transaction account.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0 - $945.00
  • Discharge fees: $0 - $535
  • Ongoing fees: $0 - $375 annually

St. George Bank waives all monthly transaction fees on your savings account, as well as the loan establishment fee and an annual credit card fee when you take out the Advantage Package Loan.

However, borrowers must pay an annual fee from a linked St George transaction account. Additional fees may apply for accessing features like the rate lock and repayments pause. Break fees may also apply if you change from a fixed to variable loan before the fixed period expires, though this is normal on fixed loans. Break costs are an amount equal to the bank’s reasonable estimate of its loss due to breaking the fixed rate period.

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

St. George bank is one of the big four Australian lending institutions. Having your loan with them means you have easy access to your funds and other services as they offer a large branch and ATM network.

Some of their branches are open Saturdays, as is their call centre. St George also offer a wide range of online services, including mobile banking apps and the ability to do your banking via your SmartWatch.

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