Coming from humble southern Sydney beginnings and boasting a dragon insignia - a nod to the legend of the dragon-killing, princess-saving Saint George - St George Bank is one of Australia's most prominent mid-sized banking institutions. It was acquired by Westpac in 2008 and today shared its stables with Bank of Melbourne and BankSA.
What home loans does St George offer?
St George offers home loans for both owner-occupiers and investors wishing to make either principal and interest (P&I) or interest-only (IO) repayments. Keeping things simple for customers, St George offers three key mortgage options:
It also advertises a packaged option, which bundles an offset or fixed rate home loan with a credit card, discounts on insurance, and access to the bank's rewards hub. Borrowers packaging their mortgage product may also access interest rate discounts.
Check out some of St George's home loans for owner occupiers in the table below.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.29% p.a. | 6.30% p.a. | $3,092 | Principal & Interest | Variable | $0 | $100 | 70% | |||||||||||||
6.39% p.a. | 6.77% p.a. | $3,124 | Principal & Interest | Variable | $395 | $100 | 70% | |||||||||||||
6.54% p.a. | 6.55% p.a. | $3,174 | Principal & Interest | Variable | $0 | $100 | 70% | |||||||||||||
6.59% p.a. | 6.96% p.a. | $3,190 | Principal & Interest | Variable | $395 | $100 | 70% | |||||||||||||
6.64% p.a. | 6.65% p.a. | $3,207 | Principal & Interest | Variable | $0 | $100 | 80% | |||||||||||||
6.69% p.a. | 6.70% p.a. | $3,223 | Principal & Interest | Variable | $0 | $100 | 100% | |||||||||||||
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
Features of St George home loans
Advantage Package
For a $395 annual fee, St George's package offering allows customers to combine their home loan with a credit card and transaction account and access discounts on home and contents insurance. This package may offer discounted interest rates alongside no establishment, monthly account, or credit card fees.
Extra repayments
St George offers the ability to make extra repayments across variable rate home loan options, potentially helping you to pay off your mortgage faster. It also allows a fixed rate borrower to make up to $30,000 of extra repayments during their fixed rate period without penalty.
Interest in advance option
The bank offers an interest rate discount to fixed rate borrowers who pay their interest in advance, with the discount applying for the duration interest is paid in advance. This can help a cashed-up borrower save on interest costs.
Flexible repayments
St George offers customers the option to choose home loan repayment frequency from weekly, fortnightly, or monthly payments.
Up to 10 offset accounts
St George provides customers with the opportunity to utilise up to 10 offset accounts, allowing customers to 'bucket' their savings while offsetting their mortgage balance.
Redraw facility
St George offers the ability to withdraw extra repayments previously made on a variable rate mortgage.
Split loan
St George offers the ability to split your loan between a fixed and variable interest rate, combining the flexibility of a variable rate and with the security of a fixed rate.
Pause repayments
St George customers are offered the option of reducing or stopping repayments for an approved period of time at their discretion.
Family Pledge & 5% Deposit Scheme
St George offers the ability to use a family member as a guarantor for your loan to help you avoid Lenders Mortgage Insurance (LMI). It also participates in the 5% Deposit Scheme, which can also help first home buyers and single parents buy property with deposits of 2% or 5% without facing LMI.
Rate lock
For a fee, customers can lock in an interest rate when applying for a fixed-rate mortgage to avoid rate rises before settlement. St George rate lock feature will hold the current fixed rate for up to 90 days after you have locked in the rate for a fee of 0.15% of the loan amount, minimum $500 and maximum $1,000 for loans of up to $2 million.
Am I eligible for a St George home loan?
Eligibility criteria
Before you can apply for any home loan, you often need to meet the following requirements:
You must be at least 18 years of age
You must be an Australian resident
You must be employed or earning a steady income
You must have a good credit history
Required documents
To apply for a St George home loan you'll probably need the following documents:
Evidence of savings history
Proof of income
If you're self-employed, two years of business and personal tax returns
Evidence of other loans and credit cards
Details of your ongoing expenses
Other documentation detailing the property and grants you may be eligible for
How can I refinance my home loan to St George?
Switching your home loan to St George could help you save on interest or secure more suitable features, depending on your current rate and needs. Here's a breakdown of the process:
1. Apply
Apply for your home loan as normal.
Your St George lender calculates your estimated payout: they'll let you know if you qualify for the faster FASTRefi refinancing solution.
2. Sign your loan documents
Once you've returned your signed St George loan documents either online or through a branch and shown evidence of your current balance, relax - your work is done!
3. St.George will open your new loan
St George will send the funds electronically to your other lender, paying out your old loan - your St George loan will then be ready.
You may be charged an additional settlement agent fee by your old lender.
4. St George will settle your old loan
After settlement, St George will complete the recovery of your title and registration.
Any leftover buffer is refunded to you. Or if there's a shortfall, you'll need to cover it.