St.George Bank Standard Loan

Features

The St. George Bank Standard Loan requires a minimum loan amount of $10,000 but no maximum amount.

Customers can borrow up to 95 per cent of the property value, but lenders’ mortgage insurance applies on loans over 80 per cent.

Repayments can be made weekly, fortnightly or monthly as both principal and interest and interest-only payments.

Owner-occupiers can make interest-only payments for up to five years, or 15 years for investors, and these payments must be made monthly.

Unrestricted additional repayments are permitted, as well as a free redraw facility for those wanting to access these payments.

A 100 per cent offset account is also included for those wanting to lower the interest owed by using their savings.

Customers have the option to combine the loan with a credit card and transaction as an Advantage Package, which offers a discounted interest rate based on the size of the loan.

A repayment pause for three to 12 months is available to customers who are on leave from the workforce, subject to approval.

The loan can be split between fixed and variable rates and borrowers have access to a Family Pledge option, where a family member’s own home equity can be used as security on part of the loan.

Review - What RateCity says

The St. George Bank Standard Loan offers a high rate and large fees in return for valuable additional features that give customers a lot of versatility in how they repay their mortgage. Additional repayments, free redraws and an offset account all give a high degree of repayment flexibility and may help customers repay their loan more quickly. The repayment pause option and flexible payment schedule add even more freedom in how and when repayments are made.

However, the comparison rates are noticeably high and the loan also charges an ongoing fee, which makes the loan more suited to those planning on taking advantage of the extra benefits it provides. For those looking for a lower rate, the St George Basic Loan may be more suitable, although it lacks the offset account option. The loan can also be combined with a credit card and transaction account as a St George Advantage Package, which gives an interest rate discount and waives upfront fees but requires a large annual fee. This may suit those also in the market for a credit card and wanting access to all the features of the Standard Loan.

St.George Bank Standard Loan Options

The St. George Bank Standard Loan is available to owner-occupiers and investors as a variable interest rate loan.

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Variable Rates from

4.71%

Advertised rate

4.88%

Comparison rate
Pros
  • Offset account.
  • Additional repayments allowed.
  • Repayment pause available.
Cons
  • High rate.
  • Ongoing monthly fee.
  • Large upfront fees.
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.

Must be combined with credit card and transaction account.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $700.00
  • Discharge fees: $350
  • Ongoing fees: $10 monthly

The St. George Bank Standard Loan charges high upfront fees and a small ongoing monthly fee. Borrowers will also pay a sizable discharge fee but no redraw or additional repayment fees.

Features
  • 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 is an Australian bank and part of the Westpac Group. It has its headquarters in Sydney, NSW and is located in NSW, as well as Queensland and Western Australia.

It can be contacted online, via email and by phone.

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