Basic Home Loan (Principal and Interest) (New Customer) (LVR 80%-95%)
specialEstablishment fee waived on Basic Home Loans of $150k+
- Last updated on 03 Jul 2020
based on $350,000 loan amount for 25 years
- No ongoing fees
- Suitable for low deposits
- Parents can sign as guarantor
- Extra repayments + redraw services
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$30k - $2m
Principal & interest
Loan term range
1 - 30 years
Unlimited extra repayments
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Total estimated upfront fees
Other upfront fee
Minimum SMSF Amount
- Special Establishment fee waived on Basic Home Loans of $150k+$0 if loan amount is greater than $150,000- for customers making Principal & Interest repayments only
- Cashback Refinance Cashback offer - $2,000 cashback per property refinancedOffer available on the Advantage Package and Basic Home Loans for Owner Occupier with Principal and Interest repayments and Investment Loans. $250k min loan per property refinanced. Only 1 cashback per property refinance will be paid regardless of the number of loans involved Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group.
Redraw fee is $0 for online and phone banking.
Compare and review home loans with similar features
In 1937, St.George was founded in Sydney’s southern suburbs. Since then, it has grown to become one of Australia’s largest banks. In December 2008, St.George merged with Westpac Banking Corporation and is now known as St.George Bank. St.George Bank offers its customers a wide range of home loan products, in addition to savings and transaction accounts, personal and car loans, credit cards and business banking.
Includes 0.96% p.a discount off new owner occupier Principal and interest loans only^. *See comparison rate warning.
Senior Financial Writer
Mark Bristow is a senior financial writer for RateCity and an experienced analyst, researcher, and producer. Working for over ten years, Mark previously wrote and researched commercial real estate at CoreLogic, and has seen articles published at Lifehacker and Business Insider, among others. Most recently, Mark has joined RateCity working across finance as a whole. Whatever the topic, Mark’s goal is always to provide simple solutions to complex problems.
A variable rate can fluctuate over the life of a loan as determined by your lender. While the rate is broadly reflective of market conditions, including the Reserve Bank’s cash rate, it is by no means the sole determining factor in your bank’s decision-making process.
A fixed rate is one which is set for a period of time, regardless of market fluctuations. Fixed rates can be as short as one year or as long as 15 years however after this time it will revert to a variable rate, unless you negotiate with your bank to enter into another fixed term agreement
Variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts however fixed rates do offer customers a level of security by knowing exactly how much they need to set aside each month.
The standard variable rate (SVR) is the interest rate a lender applies to their standard home loan. It is a variable interest rate which is normally used as a benchmark from which they price their other variable rate home loan products.
A standard variable rate home loan typically includes most, if not all the features the lender has on offer, such as an offset account, but it often comes with a higher interest rate attached than their most ‘basic’ product on offer (usually referred to as their basic variable rate mortgage).