St.George Basic Home Loan rates and review | Finder
finder.com.au

St.George Basic Home Loan

Avatar
Marc Terrano
Last updated:  

Pay your loan off sooner thanks to a low interest rate and no monthly fees

If you’re looking to buy a new house and don’t want to pay for features you may not use, you might want to consider the St.George Basic Home Loan. It offers a low variable interest rate with no ongoing fees.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Expert review

Avatar

Review by

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

The St.George Basic Home Loan can be used to purchase any residential property with a term of up to 30 years. It has a variable interest rate and can be used to purchase vacant land, but it cannot be used as a construction loan.

You can borrow up to 95% of the value of your chosen home with lenders mortgage insurance (LMI) or up to 80% of the property's value without LMI.

About this loan

What are the features and benefits of the St.George Basic Home Loan?

  • Redraw facility. A St.George Basic Home Loan offers the ability to withdraw extra funds that you may have deposited on your home loan. This means that you can use any extra money you may have to reduce your home loan debt and still be able to access these funds if there is ever a situation where you require them.
  • Flexible repayments. Home loan repayment can be made weekly, fortnightly or monthly.
  • Fees and charges. The St.George Basic Home Loan charges no monthly account-keeping fees.
  • You can make extra repayments. Extra repayments can be made at any time without incurring penalties.

What fees and charges come with this loan?

The St.George Basic Home Loan comes with few fees, but you will have to pay the following:

  • Establishment (application) fee: $500 (waived for loans above $150,000). If you're borrowing above $150,000 you won't have to pay this fee.
  • Discharge fee: $350. A discharge fee applies if you close your account with St.George.
  • Settlement fee: $100. This fee covers the cost of setting up your account.

How to apply

If you think that the St.George Basic Home Loan could work for you, click the green button to get in touch with a lending specialist from St.George. Make sure you have the following information on hand:

  • Employment details including addresses and phone numbers
  • Income details including assets
  • Details of any other loans (personal or home), credit card debts or store cards

Home Loan Offers

Important Information*

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

20 Comments

    Default Gravatar
    Renee
    June 29, 2017

    Hi,
    Does your Basic home loan have the facility for an offset account? We are currently with CBA and are looking to refinance but would like to be able to offset our mortgage with savings. Thanks

    Reply
      Default Gravatar
      Liezl
      June 30, 2017

      Hi Renee,

      Thanks for your question.

      This basic home loan doesn’t have a linked offset account. It has a redraw facility though. You may check St. George home loans and see which one comes with a linked offset account.

      I hope this helps.

      Kind regards,
      Liezl

      Reply
    Default Gravatar
    Ben9
    June 19, 2017

    Hi, I’m looking at the home loan for the first home buyer, I had a bad credit card but I had paid off 01 years ago so I still easy apply for my loan?
    What does it mean “You can borrow up to 95% of the value of your chosen home with lenders mortgage insurance (LMI)”, for example, if I had 50000 on my budget?

    Reply
      Default Gravatar
      Liezl
      June 20, 2017

      Hi Ben,

      Thanks for your question.

      Kindly note that late or missed credit card payments are listed on your credit file for two years even though you had paid it in full. It would be a good idea to check your credit score and get a copy of your credit file before you apply for a loan. You’ll need a valid Australian driver’s licence or passport to request your credit score.

      Meanwhile, you can check first home buyer’s home loan options to get familiar with some of your possible choices. Please make sure you confirm that you meet the eligibility criteria before you submit your application, as rejected credit card applications can have a negative impact on your credit score.

      If you have a budget of AUD50,000 for deposit, you should be looking for a property with a total purchase price of AUD 1 million for a 95% loan to value ratio (LVR) home loan. You have to take into consideration as well the cost of the lenders mortgage insurance (LMI) which the lender will require you to take out. LMI covers your lender in the event that you default on your home loan. You may also want to check how to calculate your LVR.

      I hope this has helped.

      Cheers,
      Liezl

      Reply
    Default Gravatar
    Andie
    May 31, 2017

    Hi, I am not a first home owner but have a low deposit due to divorce and other life circumstances. I want to know what my options are if i have a 30-40K deposit but have good affordability and no dependents or other debts. I am looking at re-entering the market and want to know what price range i can be looking at.

    Reply
      Default Gravatar
      Jonathan
      May 31, 2017

      Hello Andie!

      Thanks for the comment.

      We have a list of lenders who may be able to give you low-deposit home loans. You can use our mortgage calculator to check which providers will best suit your present situation.

      You can select the “Go To Site” button of your chosen lender to proceed.

      Hope this helps.

      Cheers,
      Jonathan

      Reply
    Default Gravatar
    Vicki
    November 2, 2016

    Are you prepared to loan to someone on a Disability Pension, with a substantial deposit, ie $100,000 approx. How much could be borrowed?

    Reply
      Avatarfinder Customer Care
      Harold
      November 2, 2016

      Hello Vicki,

      Thanks for your question.

      Please note that if you receive Centrelink payments, including the pension, and are looking for a loan, you may find your options somewhat limited. Lenders have stricter criteria for those receiving disability support pension (DSP) carer’s pension or the age pension.

      For your reference, please check the list of pensioner loans on our website to learn more and find possible lenders who may help.

      I hope that helps.

      Cheers,
      Harold

      Reply
    Default Gravatar
    Anthony
    October 2, 2016

    Hi Do you have banking branches and were can I find the closest to Frankston or Mordialloc 3195 Thanks

    Reply
      Avatarfinder Customer Care
      Jennifer
      October 24, 2016

      Hi Anthony,

      Thank you for contacting finder.com.au we are a financial comparison website and general information service and therefore can only offer general advice and information.

      Yes, St. George does have a branch on Frankston.
      Here is the address
      Frankston Branch
      3 Shannon Street Mall,
      Frankston, VIC, 3199

      Closest to Mordialloc is Mentone Branch.
      20-22 Como Parade,
      Mentone, VIC, 3194.

      I hope this helps.

      Thanks,
      Jennifer

      Reply
    Default Gravatar
    Tracy
    April 13, 2016

    Do you provide Home Loans in Darwin , Northern Territory for re financing?

    Reply
      Avatarfinder Customer Care
      Marc
      April 14, 2016

      Hi Tracy,

      Thanks for the question!

      While the St.George Basic Home Loan does not operate in Darwin, BankSA Basic Home Loan offer this exact same product and they are both part of the Westpac group.

      I hope this helps,
      Marc

      Reply
    Default Gravatar
    John
    March 7, 2016

    can i use my owned house as collateral to enter into the loan without cash exchange

    Reply
      Default Gravatar
      Belinda
      March 8, 2016

      Hi John,

      Thanks for getting in touch.

      I’ve sent you an email to follow up with this enquiry.

      Thanks,
      Belinda

      Reply
    Default Gravatar
    Singh
    February 26, 2016

    I have my mortgage with CBA charging variable rate 4.90%. Current outstanding is 180K.
    I am willing to switch over to other lenders @ some reduced mortgage rate.
    I am also looking to Re-financing against equity to enter into investment property in future.
    Will appreciate your help with great offers.

    Reply
      Avatarfinder Customer Care
      Marc
      February 26, 2016

      Hi Singh,

      Thanks for the question!

      You might wish to speak directly with St.George about the Basic Home Loan, or alternatively fill in the mortgage broker form on the right side of this page to get some help to find the right home loan for you. You might also want to compare other refinancing deals to see what’s out there.

      I hope this helps,
      Marc.

      Reply
    Default Gravatar
    James
    January 14, 2016

    Hi guys,we are currently looking to re-finance & consolidate some debts on top of our mortgage. We currently would need to borrow to a capacity of 95% so (Lenders Mortgage insurance) would have to be included. We were looking to borane extra $10000, but are finding it difficult to find a suitable lender with a reasonable “interest rate” and also to only pay “interest only”. Also the value of our property seems to becoming under value,considering the recent sales of properties in our area sell for way beyond to what the Banks value properties are selling for in the area. Would just like to know where to go to,also the more inquiries you make for applications for Re-financing seems to go against you….

    Reply
      Default Gravatar
      Belinda
      January 15, 2016

      Hi James,

      Thanks for reaching out.

      You are correct in saying that the more enquiries that you make for a refinancing application can “go against you” in the sense that it can harm your credit file. This is why it is particularly important to consult a mortgage broker as they will be able to draw upon their panel of lenders to find a mortgage that’s suitable for you– they can also negotiate for a better rate on your behalf.

      We have a guide about refinancing for debt consolidation where you can learn more about the benefits, risks and costs involved when switching to a debt consolidation home loan.

      It is essential that this type of home loan is structured correctly (again this is where a mortgage broker can be useful) because if you consolidate personal debt (e.g. credit cards) under your mortgage, although you may be paying a lower interest rate for the short-term debt, you will be stretching it out over a longer term (e.g. 30 years for a mortgage). This can see you paying higher interest charges over the life of the loan.

      You can use our switching cost calculator to estimate your refinancing costs.

      All the best!
      Belinda

      Reply
    Default Gravatar
    David
    September 26, 2015

    I currently have a home loan of 246,000 my interest rate is 4.73 i would like to bring my interest rate down another 0.8%atleast as i have been a loyal customer for 30 years.
    Thanks Dave

    Reply
      Avatarfinder Customer Care
      Marc
      September 28, 2015

      Hi Dave,
      thanks for the question.

      You’ve come through to finder.com.au, a comparison service, so we’re unable to help you negotiate your home loan rate. To speak to St.George regarding your home loan, please contact them directly.

      I hope this helps,
      Marc.

      Reply
Go to site