St.George Basic Home Loan

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.

Refinance cashback offer
Eligible refinancers switching to St.George can get a $4,000 cashback. To qualify, you need to refinance a loan amount of at least $250,000 with an LVR up to 80%. This offer is available for new owner-occupier loans with principal-and-interest repayments, or investment loans (principal-and-interest or interest-only). This offer is available on the Basic Home Loan and Advantage Package (annual package fee applies).
To get this offer you must apply by 31 July 2022 and settle the loan by 31 October 2022. There is a limit of one cashback offer per primary applicant. The offer excludes anyone refinancing from within the Westpac group (Westpac, St.George, Bank of Melbourne, Bank SA and RAMS). Other conditions apply.

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Richard Whitten

Last Updated Sep 22, 2021

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Review by

Richard Whitten

richard.whitten@finder.com

Richard Whitten is an editor at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.

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.

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

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20 Comments

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
- 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
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
- 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
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
- jonathan.chan@findercrew.com
  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
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
- finder 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 the 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
Anthony
October 2, 2016

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

Reply
- finder 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

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