Combine your credit card and transaction account with a fixed rate home loan from St.George and save money on fees and charges
When you opt for the Advantage Package with the Fixed Rate Home Loan from St.George, you can avoid having to pay a number of fees and get a special discount if your home loan is over $150,000.
These fee waivers not only cover some of the fees associated with a home loan, but also those for your St.George credit card and banking accounts. To qualify for the Advantage Package, you’ll need to choose one of the eligible home loans offered by St.George Bank along with one of their credit card products and a transaction account.
$1,500 rebate when you switch over to the St.George Advantage Package
If you're a refinancing owner occupier and apply for the St.George Advantage with fixed or variable rate home loan, St.George will give you $1,500 cashback to help you with the costs of switching.
Your loan must be over $100,000 and be refinanced from any lender except St.George, Westpac, BankSA, Bank of Melbourne and RAMS.
This offer is valid for new applications received from 1 August 2016 to 31 May 2017. Loans must be settled by 31 July 2017.
| Product Name | St.George Fixed Rate Advantage Package |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum Loan Amount | $2,000,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Lender's Legal Fee | $0 |
| Valuation Fee | $0 |
| Ongoing Fees | $395 p.a. |
| Settlement Fee | $100 |
| Discharge Fee | $350 |
Pros
- There is $0 application fee to pay
- You can make some additional payments during the fixed term without penalty
- You can withdraw excess funds from your mortgage via the redraw facility
Cons
- There is a settlement fee of $100
- A $395 annual fee applies
- A discharge fee of $350 applies when you close your home loan account
Things to consider about this product
The St.George Fixed Rate Home Loan with Advantage Package is an option to consider for both investors and owner occupants. It can also be used towards the purchase of vacant land.
St.George allows for fixed rate periods of up to five years, giving you the choice to lock in for a range of terms. You can also lock in your fixed rate for up to 90 days before the loan is settled to avoid losing out on a competitive rate in the time it takes your loan to settle.
As an investor, if you wish to make advanced interest payments, you could receive a discount of 0.15% p.a. off of the fixed interest rate. If you have that advanced payment deducted from a St.George transaction account, your discount will be increased to 0.20% p.a.
Features of the St.George Fixed Rate Home Loan with Advantage Package
There are a number of features of the fixed rate home loan package to consider when making a choice for your financing:
- Loan to value ratio (LVR). With Lender’s Mortgage Insurance (LMI) you can borrow up to 95% LVR. To avoid paying this premium, you would have to reduce the LVR to 80% by making a larger down payment.
- Loan terms. The fixed rate term is for one to five years at which point it will convert to a variable rate with terms of up to 30 years.
- Repayment frequency. Set up your loan terms to make weekly, fortnightly or monthly repayments when paying interest and principal.
- Repayment options. You can choose to make interest-only repayments, but these can only be made monthly. Additional repayments are also permitted for amounts of less than $10,000 each year.
- Offset account. There is a partial-interest offset account that can save you money on interest over the life of the loan.
- Redraw facility. Redraw of extra repayments is available for a maximum of $10,000 each year.
Fees
Fees you can avoid
- Loan establishment fee $0. Without the Advantage Package, loan establishment would cost $600.
- Monthly administration fees $0. The Fixed Rate Home Loan typically charges $10 a month, which is waived with the Advantage Package.
- Rate lock fee. If you take advantage of locking in a fixed interest rate before the loan is settled, you will be charged the higher of 0.15% of the loan amount or $500.
- Credit card and transaction account fees. The annual and monthly fees for the linked credit card and transaction account are waived. Other fees, such as ATM charges may still apply.
Fees you can’t avoid
- Annual fee $395. Charged to you each year until the terms of the home loan have been met.
- Settlement fee $100. This is charged to you at the time of settlement.
- Exit fee $350. This is payable upon completion of the home loan terms.
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How to apply for this home loan
If you would like to apply or find out more information about this home loan package, you can click on the secure links on this page to be taken to St.George’s enquiry page. You can request an obligation-free callback and you can apply straightaway if you wish.
The application will take around 15 minutes to complete, though first make sure that you are going to qualify for approval:
- Age. Applications can only be considered by individuals who are over the age of 18.
- Income. You will have to be able to show that you receive a regular income from an Australian employer.
- Property. The property to be purchased or refinanced must be in Australia.
- Credit history. Your application will not be accepted if you have a credit history that includes a bankruptcy or missed payments.
Keep in mind that if you don’t already have a transaction and credit card account with St.George Bank, you will need to apply for these products as well. If you would like to continue now to apply for a home loan with St.George, click on ‘apply now’ and be safely redirected to the online application center. Be prepared with the following information:
- Savings history. The last three months worth of savings accounts statements if you have these accounts in banks or financial institutions other than St.George.
- Salary. Your last two consecutive pay slips. Make sure that they detail your income and show year-to-date information for your gross and net pay.
- Contract of sale. This you will obtain from the seller and should detail the agreed upon price of the home or property.
Once you submit your home loan application online, a representative will be in touch with you to go over your forms and guide you to the next stage of the application process.
There is convenience to consider with a home loan package that includes multiple accounts in one banking institution. When comparing this loan with others offered by Australian banks, don’t forget to factor that convenience into your decision.
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