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.
Over the past week, fixed interest rates have spiked by up to 57 basis points on some home loans while variable rates were cut by up to 26 basis points.
On Tuesday Westpac and subsidiaries St George, Bank of Melbourne, and BankSA cut interest rates on a couple of interest-only investment home loans.
Some major personal loan interest rate changes occured this month, with a few Westpac brands the most high-profile.
Westpac is now offering the lowest fixed home loan rate for two years.
Ahead of the Reserve Bank's cash rate decision next week, numerous challenger banks have cut home loan interest rates, with one cut by 125 basis points.
Apple Pay has launched for St.George, BankSA and Bank of Melbourne customers, while Westpac has promised to deliver the contactless payments platform to customers by June 2020.
It’s been a big year for home loan rate cuts, and with the RBA not expected to cut the cash rate again till next year, this week’s cuts by Westpac, UBank, St George, Bank of Melbourne and Teachers Mutual Bank could be among the last we see in 2019.
Amid strong expectations of further cash rate cuts and tentative signals of a property market rebound, Australia’s largest banks are among the many lenders tempting mortgage-holders to lock in their interest rates with some attractively low fixed-rates.
New research from Roy Morgan found customers who obtained a home loan in person at a physical branch reported higher overall satisfaction than those who used a mortgage broker.