Compare St George Home Loans

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on March 03, 2022 Fact Checked
Compare St George Home Loans

Founded in the southern Sydney suburbs in 1937 as a co-operative building society, St George today operates alongside the likes of Bank of Melbourne, BankSA and RAMS under the Westpac Group.

From humble southern Sydney beginnings, in 1945 St George merged with the Cronulla District Co-operative Building Society growing to 38 branches. Over the next 50 years St George built a reputation as Australia's foremost building society, before achieving full banking status in July 1992.

In December 2008, St George merged with Westpac Banking Corporation becoming a member of the Westpac Group before retail and business banking distribution businesses formally became known as St George Bank. 

What home loans does St George offer?

St George offers principal and interest (P&I) and interest-only (IO) home loans for both owner-occupiers and investors.

In keeping it simple for customers, St George offers home loans under the options of:

  • Basic

  • Fixed

  • Standard Variable


Check out some of St George’s home loans for owner occupiers in the table below.

Lender

Variable
More details

Basic Home Loan (Principal and Interest) (New Customer) (LVR 60%-80%)

    Variable
    More details

    Basic Home Loan (Principal and Interest) (New Customer) (LVR 80%-95%)

      Variable
      More details

      Basic Investment Loan (Principal and Interest) (New Customer) (LVR < 60%)

        Variable
        More details

        Basic Investment Loan (Principal and Interest) (New Customer) (LVR 60%-80%)

          Variable
          More details

          Basic Investment Loan (Principal and Interest) (New Customer) (LVR 80%-90%)

            Variable
            More details

            Advantage Package Home Loan (Principal and Interest) (LVR < 60%)

              Variable
              More details

              Advantage Package Home Loan (Principal and Interest) (LVR 60%-80%)

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of June 26, 2022. View disclaimer.


                Features of St George home loans

                $1 LMI for First Home Buyers

                As a special deal for first home buyers, St George offers to reduce the cost of LMI for those with a 15% deposit to only $1.

                Read more: St. George’s $1 LMI first home buyer offer

                Advantage Package

                For a $395 annual fee, the Advantage Package offering from St George provides customers with the option to combine home loans, credit cards and everyday accounts into one package. This package offers discounted interest rates alongside no establishment, monthly account or credit card fees.

                Extra repayments

                St George offers the ability to make extra repayments across Basic Variable and Standard Variable home loan options, helping you to pay off your mortgage faster. 

                Flexible repayments

                St George offers customers the option to choose home loan repayment frequency from weekly, fortnightly, or monthly payments.  

                Full interest offset

                The Standard Variable offering from St George provides customers with the opportunity to utilise a 100% offset account, which can help save customers thousands on interest. 

                Redraw facility

                St George offers the ability to withdraw extra payments made on your mortgage across Basic and Standard Variable home loans.

                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

                St George offers the ability to use a family member as a guarantor for your loan to help you avoid Lenders Mortgage Insurance (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. Once the loan is approved, you will need to pay the fixed rate minus the lock-in fee before drawdown of the loan.

                Am I eligible for a St George home loan?

                Eligibility criteria

                Before you can apply for St George home loans, you must 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.

                If you meet all the requirements, you can get started with your home loan application by completing a pre-approval application form online. You can also speak with a home loan lending specialist in a branch or call 13 33 30.

                Required documents

                To apply for a St George home loan you’ll probably need the following documents:

                • Personal identification including valid Drivers Licence, Australian Passport, Medicare Card, Birth Certificate.

                • Proof of income, such as your latest PAYG statement for the last three months.

                • If you’re self-employed, your last two years of tax returns and a notice of assessment from the ATO.

                • Proof of residence if you are a homeowner or a tenancy agreement if you are renting.

                • Asset and liability documents.

                • Proof of savings, term deposits, managed funds and any other income streams.

                How can I refinance with St George?

                Switching your home loan to St George can potentially save you thousands through a few simple FASTRefi steps:

                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 FASTRefi. 

                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 is ready. 

                • You may be charged an additional settlement agent fee by your old lender (ANZ, CBA, Citibank, NAB and Westpac tend not to charge this fee).

                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.


                Image by David Floyd via Pexels

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                Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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