St.George Bank Low Doc Loan

Features

The St. George Bank Low Doc Loan is open to business owners and the self-employed without a regular salary who can use other documentation to secure a loan.

Customers can borrow up to 80 per cent of the property value, although lenders mortgage insurance applies on loans over 60 per cent.

Repayments can be made weekly, fortnight and monthly on a principal and interest basis. Interest-only payments can be made for up to five years for owner-occupiers and 15 years for investors, although these payments must be made monthly.

Unrestricted additional payments are permitted for borrowers with a variable rate loan, whilst those on fixed rate loans can make payments of up to a certain amount per year without penalty.

A redraw facility is also included in variable rate and fixed rate loans, although fixed rate customers can only redraw a maximum amount per year.

A 100 per cent offset account is available with a variable loan, while customers with a fixed interest rate can access a partial offset account. The loan can be split between variable and fixed rates and customers can use the rate lock feature to secure their fixed interest rate before settlement.

An interest rate discount is also offered to customers with a variable Low Doc loan and this varies by the size of the loan.

Who is the St. George Bank Low Doc Loan good for?

The St. George Bank Low Doc loan is good for business owners or the self-employed who don’t have a regular income to secure a loan, but want the choice of a fixed-rate or variable loan with lots of repayment features.

The option to make interest-only payments for up to 15 years may suit some investors.

Review - What RateCity says

The St. George Bank Low Doc Loan is a customisable and flexible loan option targeted towards those who don’t have a stable cash flow but want lots of additional repayment features.

Both the fixed and variable rate loans have access to additional repayments, redraws and an offset account, although these are limited for those with a fixed rate loan.

These may be valuable for those wanting to pay down their mortgage more quickly.

However, the loan has a high comparison rate and alongside the sizable fees, make the loan more appropriate for those who need the features it gives or can only access a Low Doc loan, as more competitive loans may be available.

St.George Bank Low Doc Loan Options

The St. George Bank Low Doc Loan is available to owner-occupiers and investors as a variable rate loan or as a fixed rate loan for one, three or five years.

Pros
  • Additional repayments allowed.
  • Offset account.
  • Rate lock option on fixed rate loans.
Cons
  • High upfront fees.
  • Large deposit required.
  • High comparison rate.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet St George’s serviceability criteria.

About St.George Bank

St. George Bank is an Australian bank that became part of the Westpac Group in 2008. It is based in Sydney and has branches in NSW, as well as in Queensland and Western Australia.

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