St.George Bank

Fixed Rate Home Loan (with Advantage Package)

Advertised Rate

2.99

% p.a

Fixed - 4 years

Comparison Rate*

4.55

% p.a

Maximum LVR
90%
Real Time Rating™

0.95

/ 5
Monthly Repayment

$1,421

based on $300,000 loan amount for 25 years at 2.99%

Advertised Rate

2.99

% p.a

Fixed - 4 years

Comparison Rate*

4.55

% p.a

Maximum LVR
90%
Real Time Rating™

0.95

/ 5
Monthly Repayment

$1,421

based on $300,000 loan amount for 25 years at 2.99%

Calculate your repayments for this loan

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,421

based on $300,000 loan amount for 25 years at 2.99%

St.George Bank home loans are available through brokers who can help find the right loan and manage your application at no charge.

Joel Flanagan

5.0
11 Reviews

Get expert advice from a home loans specialist.

I'm a loan specialist providing an outstanding professional service for each one of my clients. More than 15 years of experience and seven years as Director of Oak Financial Group, have given me the absolute knowledge about residential & commercial mortgage brokering to help, advise and guide my clients through their loan journey in the most effective way, always aiming to get the most favourable results. I'm available seven days a week, willing to answer my client's enquiries in the most transparent and comprehensive way.

NSW2020

ACL: 389328

MD ALI Kawser

4.9
7 Reviews

Get expert advice from a home loans specialist.

I am Ali Kawser, a mortgage broker for 6 years and in the finance industry for 10 years. An investor myself, I have bought my first property in 2016 and owned investment property in 2018. I work from my home office, love to have a balance between work and family. I have helped many of my clients to achieve their dream to purchase their first property, also to purchase investment properties for a better retirement. Most of my meetings and appointments with clients are after hours, means you don't have to hurry to meet the schedule. Through a mortgage broker like myself, you'll have a choice of over 40 lenders including the big four for your convenience. Give us a call, you'll have a better experience!

VIC3338

CRN: 490619

Tedjo Hadiwidjojo

5.0
9 Reviews

Get expert advice from a home loans specialist.

An experienced mortgage broker with over 15 years in the finance industry. A dynamic professional dedicating to finding the right loan product from a wide range of lenders to meet your lending requirement. I pride myself to provide Speed, Convenience and adding Value to my clients. Buying property whether it’s your home or investment comes with complex choices and can be daunting. There are a lot of variables to consider when choosing the right loans. With my experience as a mortgage broker and an investor myself, I will recommend you the best lender and guide you through the process to get you the best possible loan option and lending rates.

VIC3131

CRN: 517245

Promoted

Quick home loan review

For Advantage Package Portfolio Loan Fixed 4 Years

These are the benefts of this home loan.

    These are the drawbacks of this home loan.

    • No extra repayments
    • No redraw and no offset
    • Loan reverts to higher rate after fixed period
    • Ongoing fee
    • Higher than average upfront fee
    • Discharge fee at end of loan

    Home loan overview

    For Advantage Package Portfolio Loan Fixed 4 Years

    Details

    Maximum LVR

    90%

    Total Repayments

    Next LVR

    Interest rate type

    Fixed - 4 years

    Borrowing range

    Suitable for

    Investors, Line of Credit

    Loan term range

    1 - 30 years

    Principal & interest

    Interest only

    Applicable states

    ACT, NSW, NT, QLD, SA, TAS, VIC, WA

    Make repayments

    Monthly

    Features

    Extra repayments

    Not Allowed

    Redraw facility

    Split interest facility

    Loan portable

    Repayment holiday available

    Allow guarantors

    Available for first home buyers

    Fees

    Total estimated upfront fees

    $864

    Application fee

    $700

    Valuation fee

    $164

    Settlement fee

    $0

    Other upfront fee

    $0

    Ongoing fee

    $395 annually

    Discharge fee

    $350

    Application method

    Online

    Phone

    In branch

    Embed

    FAQs

    What is an interest-only loan? How do I work out interest-only loan repayments?

    An ‘interest-only’ loan is a loan where the borrower is only required to pay back the interest on the loan. Typically, banks will only let lenders do this for a fixed period of time – often five years – however some lenders will be happy to extend this.

    Interest-only loans are popular with investors who aren’t keen on putting a lot of capital into their investment property. It is also a handy feature for people who need to reduce their mortgage repayments for a short period of time while they are travelling overseas, or taking time off to look after a new family member, for example.

    While moving on to interest-only will make your monthly repayments cheaper, ultimately, you will end up paying your bank thousands of dollars extra in interest to make up for the time where you weren’t paying off the principal.

    What is a fixed home loan?

    A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

    What are the different types of home loan interest rates?

    A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

    Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

    Fixed rates

    These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

    Variable rates

    With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

    Will I be paying two mortgages at once when I refinance?

    No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

    Can I refinance if I have other products bundled with my home loan?

    If your home loan was part of a package deal that included access to credit cards, transaction accounts or term deposits from the same lender, switching all of these over to a new lender can seem daunting. However, some lenders offer to manage part of this process for you as an incentive to refinance with them – contact your lender to learn more about what they offer.

    Does Australia have no cost refinancing?

    No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

    Will I have to pay lenders' mortgage insurance twice if I refinance?

    If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

    If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

    Is there a limit to how many times I can refinance?

    There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

    However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

    Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.

    If I don't like my new lender after I refinance, can I go back to my previous lender?

    If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

    Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.

    How do I refinance my home loan?

    Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

    Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

    When do mortgage payments start after settlement?

    Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

    Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

    Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

    When does Commonwealth Bank charge an early exit fee?

    When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

    The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

    • If you switch your loan from fixed interest to variable rate
    • When you apply for a top-up home loan
    • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
    • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

    The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

    Why does Westpac charge an early termination fee for home loans?

    The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

    The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

    Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

    Cash or mortgage – which is more suitable to buy an investment property?

    Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

    A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

    How do I find out my current interest rate and how much is owing on my loan?

    Your bank statements and/or your internet banking should show these details. If you are not sure, call your bank or estimate.

    What are the features of home loans for expats from Westpac?

    If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

    The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

    How to apply for a home loan pre-approval from St. George?

    By applying for a home loan pre-approval, you can establish how much you can afford to borrow and look for houses within that pre-approved budget. Getting home loan pre-approval from St. George is a fairly simple process that can be completed within 15 minutes. 

    The first step in this process is completing a home loan application. Once that application is submitted, a home loan expert from St. George will contact you to understand your requirements and your current financial position. You could also directly contact a home loan expert at the bank by calling 13 33 30 or by visiting your nearest branch. 

    Once the application has been processed, the home loan expert will ask for some basic documentation to confirm your borrowing capacity. After this, you should be issued a home loan pre-approval, subject to certain conditions. 

    Based on your home loan pre-approval from St. George, you can then find a property and make an offer. Your home loan expert will arrange to have the property valued and may request for more documentation, taking your home loan application to the next step. 

     

     

    How do I apply for a home loan pre-approval from Commonwealth Bank?

    To apply for a Commbank home loan pre-approval, you can either call the bank at 13 2224 or meet one of the bank’s lending specialists. You can set up a meeting online if you wish. You’ll need to do some homework before contacting the bank, such as gathering information on the kind of properties you’d like to buy and their prices.

    Preparing a financial summary, which lists all your income sources as well as significant expenses, can also help determine how much you can afford to borrow. You may also want to check your credit score before applying for pre-approval.

    It’s worth remembering that a CBA home loan pre-approval doesn’t guarantee that you’ll get the loan. Once you get the pre-approval, you’ll have about three to six months to decide on a property and apply for the home loan. The bank will then confirm that the property is suitable for the loan before fully approving it.

    How to apply for a pre-approval home loan from Bendigo Bank?

    Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

    Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

    With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

    To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

    What is Lender's Mortgage Insurance (LMI)

    Lender’s Mortgage Insurance (LMI) is an insurance policy, which protects your bank if you default on the loan (i.e. stop paying your loan). While the bank takes out the policy, you pay the premium. Generally you can ‘capitalise’ the premium – meaning that instead of paying it upfront in one hit, you roll it into the total amount you owe, and it becomes part of your regular mortgage repayments.

    This additional cost is typically required when you have less than 20 per cent savings, or a loan with an LVR of 80 per cent or higher, and it can run into thousands of dollars. The policy is not transferrable, so if you sell and buy a new house with less than 20 per cent equity, then you’ll be required to foot the bill again, even if you borrow with the same lender.

    Some lenders, such as the Commonwealth Bank, charge customers with a small deposit a Low Deposit Premium or LDP instead of LMI. The cost of the premium is included in your loan so you pay it off over time.