St.George Bank Fixed Rate Loan

Features

If you’re looking for a flexible loan that gives you extra value when you bundle your credit card and transaction account, then the St. George Fixed Rate Loan is worth investigating.

For people looking for predictable repayments, this St. George loan lets you fix your interest rate for a period of one to five years and gives you the option of paying interest-only for five years.

While the offset facility is limited, it does give you the option of saving interest with a partial offset account.

A redraw facility is available, however it’s capped by an annual limit.

First home buyers might find the Family Pledge option appealing as it may reduce or even avoid lenders mortgage insurance if a parent or family member uses the equity in their home to make up for any deposit shortfall.

If you’re looking to hedge your repayments, the Flexible Choice facility give you the option of splitting your loan into both fixed and variable rates.

This loan also allows you unlimited extra repayments during the fixed period of the loan.

Another noteworthy feature is the ability to pause or reduce your repayments for up to 12 months if you’ve got leave from work, for example maternity leave.

Instead of paying your deposit upfront, this loan gives you the option of a Deposit Protect Bond which lets you keep earning interest on the deposit amount all the way until settlement.

Who is the St. George Bank Fixed Rate Loan good for?

Borrowers looking for value in their home loan may find it when packaging their loan with other St. George Bank accounts.

The Family Pledge option is appealing for those with a smaller deposit and the ability to pause repayments is handy if you’re looking for financial flexibility. Refinancers and first home buyers might be put off by the high upfront fees.

Review - What RateCity says

This St. George Bank Fixed Rate Loan is definitely not short on features which makes it appealing to a wide range of borrowers. While the loan does offer flexibility in terms of repayment holidays, family guarantees and interest-only periods, it does have a limited redraw option and only a partial offset option which can end up costing you over the life of the loan.

If you’ve got a sizeable deposit, the Deposit Protect Bond is a nice way to boost your deposit amount as the money continues to earn interest right up until settlement.

This is also ideal if you’re using the equity in an existing property to finance your loan. The key to this loan is to work out if the saving you get when bundling your loan with the Advantage Package outweigh its annual fee.

St.George Bank Fixed Rate Loan Options

St. George fixed rate home loans cater to both owner-occupiers and investors. St. George fixed rate home loans allow you to lock in a fixed rate from a period of one to five years.

Pros
  • Low interest rate.
  • Predictable repayment amounts.
  • Upfront fees waived if packaged with other accounts.
Cons
  • High upfront fees.
  • No 100 percent offset facility.
  • Redraw withdrawals are capped.
Eligibility

Proof of earnings and savings.

Provide details of assets and liabilities.

About St.George Bank

St. George Bank is one of Australia's leading banking brands. Since merging with Westpac, St. George customers now have access to over 3000 ATMs throughout Australia. This big bank offers big support with branches throughout Australia, a mobile banking app and extended phone support.

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