Pay your loan off sooner thanks to a lower 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 monthly account keeping fee or yearly fee.
The establishment fee is $0 on loans with principal and interest repayments over $150,000.
|Product Name||St.George Basic Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$30,000|
|Maximum Loan Amount||$2,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- Borrow up to 95% of the property value (lender's mortgage insurance may apply).
- Make extra payments without penalty.
- Withdraw additional payments via internet or phone banking through the redraw facility at no cost.
- There is a $500 establishment fee (currently waived for P&I repayments above $150,000).
- A $100 settlement fee applies when setting up this loan.
- A discharge fee of $350 applies when you close your home loan account.
The St.George Basic Home Loan interest rate includes a 0.96% discount, which is only available for new owner-occupier principal and interest loans.
What do I need to know about this loan?
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. The loan can have a value between $30,000 and $2,000,000.
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.
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. This is subject to approval and may include additional fees.
- Repayment pause. If something unforeseen happens and you are unable to work for legitimate reasons, then you can apply to St.George to have the repayments on your home loan reduced to a more manageable level or paused for three to 12 months until you're able to return back to work. This is subject to approval and may include additional fees.
- Flexible repayments. Home loan repayment can be made weekly, fortnightly or monthly.
- You can apply for more funds. With the Basic Home Loan it's an easy process if you would like to apply for additional funds. This is useful if you would like to borrow against the equity that you've got in your home for an extension or renovations.
- 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:
- 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 do I apply for this loan?
If you think that the St.George Basic Home Loan could work for you, click the enquire now button below. 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
The process will take about 15 minutes to complete. You'll then receive an email acknowledging your application, and a St.George representative will be in contact with you to discuss your application further. To find out more details and apply, use the buttons below.
Enquire about this home loan