Secure your budget with a rate which won't change during its fixed term
Fixed rate home loans can help you save money by enabling you to secure a budget which won't change if variable rates do. There are many fixed rate loans available on the market and finding the right one can be difficult. The St.George Fixed Rate Home Loan gives you a flexible choice of fixed terms including 1, 2, 3, 4 and 5 year terms.
|Product Name||St.George Fixed Rate Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$10,000|
|Maximum Loan Amount||$2,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|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||$10 monthly ($120 p.a.)|
- You can have the application fee and monthly fees waived if you choose an Advantage Package
- Additional discounts off the advertised fixed rates are available if you choose an Advantage Package
- You can make extra payments off your mortgage during the fixed term without penalty
- A $600 application fee applies
- There is a $100 settlement fee
- There is a $10 per month service fee
- A discharge fee of $350 is charged when you close your loan account
How does the St.George Fixed Rate Home Loan work?
The St.George Fixed Rate Home Loan functions as most other fixed rate loans do:
- Fixed interest rate. When you apply for a fixed rate loan you will be able to fix the interest rate and while the rate is fixed you it will not change throughout the fixed term. This is even true if the interest rates rise during that time.
- How will they help you save? The fixed rate loans will help you save when the interest rates rise. If you have locked in a low rate and the rates rise you may end up saving money on your home loan.
When you are applying for the St.George Fixed Rate Home Loan you will have to be sure that you know the current market and believe that the rates are going to rise.
Features of the St.George Fixed Rate Home Loan
The features of the St.George Fixed Rate Home Loan include:
- Borrowing conditions. The St.George Fixed Rate Home Loan allows you to borrow between $10,000 and $2,000,000 to buy a home. You will have to provide a deposit of at least 80% of the loan to value ratio.
- Interest rate. As mentioned before fixed rate loans will generally require you to pay a higher rate of interest. The interest rates offered with the St.George Fixed Rate Home Loan are listed in the table above.
- Fees. There will be few fees that will be charged to your St.George Fixed Rate Home Loan, however you will have to pay an ongoing fee on this account. The ongoing fee that will be charged to the St.George Fixed Rate Home Loan will be $10 per year. There may also be some application and legal fees that you will have to pay when you apply for the loan.
St.George also offer repayment holidays and guarantor options on their home loans.
- Repayment Relief. If a situation arises whereby you have a legitimate reason to leave the workforce for between three and 12 months, you can arrange to have your repayments reduced, or even obtain a pause from making repayments, for that period.
- Family Pledge. Through a family pledge option you are able to increase your borrowings if a parent or other family member is willing to guarantee part of your mortgage.
Automatic switch to variable after fixed period expires
After the fixed rate period has expired on your St.George Fixed Rate Home Loan, you can choose what happens to your interest rates. You can choose to fix your interest rate again, or be switched to a variable interest rate home loan. You can also opt to attach the Advantage Package to your loan which discounts the rate and comes with an annual package fee of $0. Other fees may also be applicable and full details will be disclosed on request.
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St.George Fixed Rate Home Loan Interest Rate History vs RBA Cash Rate Graph
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