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.
$2,000 refinance cashback offer
St.George is offering refinancers a $2,000 cashback per property for refinance applications made between 1 April and 31 July 2020 and settled by 30 September 2020. This offer is available on Advantage Package and Basic Home loans (owner-occupier loans with principal-and-interest repayments, and all investment loans). The offer is not available on owner-occupier loans with interest-only repayments. To qualify for the offer you will have to pay the $395 annual package fee via an eligible St.George transaction account.
You need to be refinancing a minimum loan amount of at least $250,000 per property refinanced. Excludes refinances from other St.George loans or loans from Westpac, Bank of Melbourne, BankSA and RAMS. Other fees, charges, terms and conditions apply.
The establishment fee is $0 on St.George Basic Home Loans.
|Product Name||St.George Basic Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$30,000|
|Minimum Loan Term||N/A|
|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|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Application Fee||$500 (waived for loans above $150,000)|
|Valuation Fee||From $164|
|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.
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.
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.
- 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 do I apply for this loan?
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