Compare St.George Home Loans & Interest Rates
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- St.George has been operating as part of the Westpac Group since 2008.
- Its home loan range consists of a basic variable, a variable rate mortgage with offset, a fixed rate option and a package home loan.
- The Advantage Package offers interest rate discounts and fee waivers.
Founded in 1937, St.George is one of Australia's most prominent, mid-sized banking institutions. It came from humble southern Sydney beginnings, and has been operating as part of the Westpac Group since 2008.
St.George sits alongside BankSA and Bank of Melbourne within the Westpac stable, offering a full suite of banking products including home loans, savings accounts, credit cards and insurance.
While St.George maintains its own identity, its home loan products often share similar structures, eligibility criteria and features with those offered by Westpac, BankSA and Bank of Melbourne.
What home loans does St.George offer
St George's home loan range centres on variable and fixed rate products, with borrowers also able to access a packaged home loan for additional features and rate discounts. The mortgage products are available for both owner occupied and investment residential properties.
Basic Variable Home Loan
As the name suggests, the Basic Variable Home Loan is St.George's no-frills variable rate loan designed for borrowers seeking a simple and low-fee mortgage. Key features include:
- $0 application fee
- $0 monthly ongoing fee
- Fee free redraw facility
- Unlimited extra repayments
- Flexible repayment frequency
Variable Home Loan with Offset
This product caters to St.George borrowers looking for a variable rate home loan that can be linked to an offset account (up to 10 accounts) to help reduce interest costs. Key features include:
- 100% offset account
- Fee free redraw facility
- Unlimited extra repayments
- Flexible repayment frequency
- Split loan option
- Guarantor support
- Repayment holiday
Fixed Rate Home Loan
St.George's fixed rate home loans are available in terms starting at one year to five years, during which time borrowers can lock in their interest rate for greater repayment certainty. Key features include:
- Rate lock option
- Fee free redraw facility
- Up to $30,000 in extra repayments
- Flexible repayment frequency
- Interest in advance feature
- Guarantor support
Advantage Package
Advantage Package is St.George's premium home loan bundle. For an annual package fee, borrowers can bundle their variable offset or fixed rate home loan with selected banking products and access interest rate discounts and fee savings.
Key features include:
- Discounted variable and fixed home loan rates
- Waived loan establishment fee
- Waived monthly account fee
- Access to cardholder rewards and cashback offers
Compare St.George home loan interest rates
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.54% p.a. | 6.55% p.a. | $3,174 | Principal & Interest | Variable | $0 | $100 | 70% | |||||||||||||
6.64% p.a. | 7.01% p.a. | $3,207 | Principal & Interest | Variable | $395 | $100 | 70% | |||||||||||||
6.79% p.a. | 6.80% p.a. | $3,256 | Principal & Interest | Variable | $0 | $100 | 70% | |||||||||||||
6.84% p.a. | 7.21% p.a. | $3,273 | Principal & Interest | Variable | $395 | $100 | 70% | |||||||||||||
6.89% p.a. | 6.90% p.a. | $3,290 | Principal & Interest | Variable | $0 | $100 | 80% | |||||||||||||
6.94% p.a. | 6.95% p.a. | $3,306 | Principal & Interest | Variable | $0 | $100 | 100% | |||||||||||||
6.19% p.a. | 6.23% p.a. | $3,059 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
St George home loan features
Additional repayments
St.George offers the ability to make extra repayments across variable rate home loan options, helping borrowers reduce their principal faster and potentially save interest over the life of the loan.
Fixed rate borrowers can make up to $30,000 in extra repayments during their fixed rate period without incurring any penalties.
Redraw facility and offset account
Borrowers ahead on their minimum repayments may be able to access those funds fee-free via St.George's redraw facility.
Meanwhile, home loan customers with a 100% offset account can link up to 10 accounts.
Flexible repayment frequency
St.George customers have the option to choose their home loan repayment frequency from either weekly, fortnightly or monthly.
Repayment pause
Eligible borrowers who need to reduce or pause their regular repayments can apply for St.George's Reduced Repayments or Repayment Holiday for an approved period of time at the bank's discretion.
Interest in advance
Eligible investment borrowers with a fixed rate home loan may receive a 0.20% p.a. discount when paying interest in advance. The fixed interest rate discount applies for the interest in advance period. This can help a cashed-up borrower save on interest costs.
Borrower support (Family Pledge and Home Guarantee Scheme)
Eligible borrowers may be able to use a family member as a guarantor to maximise the amount they can borrow and avoid lenders mortgage insurance (LMI) through St.George's Family Pledge feature.
St.George also participates in the Australian Government's 5% Deposit Scheme, which can help eligible first home buyers and single parents buy property even with just a 2% or 5% deposit without paying LMI.
Split loan option
In addition to variable and fixed rate options, customers may split their home loan between fixed and variable interest rate portions, combining flexibility and certainty.
Rate lock
Borrowers taking out a fixed rate home loan can lock in their approved rate before settlement for a fee. St.George's rate lock fee is generally 0.15% of the loan amount, with a minimum fee of $500 and a maximum of $1,000 for loans up to $2 million. The rate can typically be locked for up to 90 days.
St.George home loan fees
Below is a range of fees that may be charged when applying for, settling, or maintaining a St.George home loan. Payable fees vary depending on the home loan product:
- Establishment fee – $600*
- Document processing fee – $100
- Monthly account fee – $8*
- Advantage Package fee – $395 per year
- Rate lock fee – 0.15% of the loan amount or $500, whichever is greater (capped at $1,000)
- Discharge fee – $350
*Waived under Advantage Package
Other fees, including valuation fees, break costs and missed payment fees may apply.
Pros of St.George home loans
- Big bank backing
- Extra repayments
- Free redraw
- 100% offset account
- Guarantor support
- Competitive package discounts
Cons of St.George home loans
- Limited branch footprint outside key markets
- Package fee may not suit smaller loans
- No standout niche offering
How to apply for a St.George home loan
Eligibility requirements
To apply for a home loan with St.George, would-be borrowers generally need to meet the following eligibility criteria:
- Be 18 years old or over
- Be employed or earning a regular income
- Have an acceptable credit history
- Loans must be secured by an Australian residential property
Documents needed
- Valid ID (e.g. driver's licence, passport, Medicare card)
- Income details (e.g. two most recent payslips for employed, business and tax returns for self-employed)
- Details of savings and assets (e.g. bank statements)
- Details of other loans and liabilities
- List of regular expenses
Additional documentation relating to the property, deposit or government incentives you may be eligible for could also be required. Required documents may vary depending on the home loan you're applying for.
Savings.com.au's two cents
St.George offers a solid range of home loans backed by the strength of the Westpac Group and its reputation as one of Australia's largest regional banking brands. There's a basic option for borrowers who only need just the essentials, a product that comes with full offset, and a packaged home loan that comes with rate discounts, waived fees and other features.
Basically, if you're a traditional home loan borrower, you'll likely find a product that suits you.
But as always, carefully compare your options and weigh up whether the benefits outweigh the costs. For instance, the Advantage Package may better suit borrowers with larger loan balances as the interest rate discount may be bigger than the annual fee.