Comparison of St.George fixed rate home loans.
Types of St.George Fixed Rate Home Loans
St.George offer a number of home loans which have fixed rates, these include:
- Fixed Rate Home Loan - This is St.George’s standard fixed rate home loan.
- Low Doc Home Loan - This loan caters to those who are self-employed or who can’t prove their income like those on a salary can.
- Advantage Package Fixed Rate Home Loan - This is a package home loan which offers discounts in return for an annual fee.
- Super Fund Home Loan - This fixed rate home loan is offered for those buying property through their SMSF.
Things to know about St.George fixed rate home loans
St.George offer fixed rate home loans with a range of benefits. St.George gives you plenty of choice in your fixed rate home loan. First, you get to select whether you would like to fix your loan for a period of one to five years. Every fixed period comes with it’s own unique interest and comparison rate. Next, you can select your repayment terms. You can select whether you want principal and interest repayments or interest-based repayments. You get to control your home loan by tailoring it to your specific needs and preferences. St George’s Fixed Rate home loans are available for both home buyers and investors.
With St.George Fixed Rate home loans, you can also enjoy the benefit of a rate lock. A rate lock allows you to secure an advertised fixed rate for up to three months before your home loan settles or the interest rate period on your current St.George loan ends. This means you can make sure you are getting the best fixed rate available before your home loan is settled and don’t have to miss out.
You also get the opportunity to package your home loan and save. With the Advantage Package deal, you get a home loan, credit card and transaction account. When you package your home loan, you get access to discounted interest rates and fees which leads to cost savings. On your home loan, you will typically receive a 0.15% pa discount on your fixed interest rate when you package.
Although this is a fixed rate home loan, you don’t need to miss out on the features as well. When you enter into a St.George Fixed Rate home loan, you get access to a range of features including: a partial interest offset account, the ability to make up to $10,000 in extra repayments each year and repayment pause options for between 3-12 months.
When your fixed period comes to an end, you can decide whether you want to fix your interest rate again for another fixed period or revert back to the standard variable rate. The choice is yours.
How to compare fixed home loans from St.George
Rates and fixed term length
Comparing home loans doesn’t need to be a difficult task if you know what you should be looking out for and comparing. The interest rate is one of the main things you should be comparing, in particular, the fixed interest rate for each fixed period. Compare the differences in the fixed rates for each term and decide if it’s worth it for you to have a fixed interest rate for a longer period for a better interest rate.
You should also compare fees and charges of each home loan. With fixed home loans, the main fees you should be comparing are establishment fees and monthly administration fees. A good idea is to compare the comparison rate. The comparison rate will reflect the true cost of your home loan and incorporates fees and charges so you can get a better understanding of how much your home loan will cost you with St.George. Be aware that if you opt for a fixed rate home loan as part of the Advantage Package you’ll be required to pay an annual fee, unlike other fixed rate home loans from St.George.
If a home loan with plenty of features is something that is important to you, ensure you compare the features of each home loan. Every home loan is different and the features tend to vary. As mentioned, fixed home loans don’t usually have as many features as a variable home loan but you can still find one with some of the features you want, especially with St.George. You should also consider the Loan to Value Ratio (LVR). This states how much of the properties value you can borrow. Many of St.George’s fixed rate home loans come with a maximum LVR of 95%, meaning you need to have a deposit of at least 5%. Others have a maximum LVR of 80%, meaning you’ll need a larger deposit of 20%. You should also note that generally speaking, borrowing over 80% of a property’s value will mean you’ll have to pay Lender’s Mortgage Insurance (LMI).
Why choose St.George?
One of the main reasons you may choose St.George for your fixed rate home is the options and flexibility they provide you. Unlike some other banks, St.George allow you to enjoy a fixed rate home loan which still offers features such as as offset accounts and additional payments. St.George also offers package deals, something that not all other banks or lenders can provide you. You can team your home loan up with other award winning St.George products and really control your finances
Frequently asked questions
I currently have a St.George Variable Rate home loan, can I switch to a fixed rate?
Most loans to allow you to switch relatively easy, although be aware that this could come with a fee.
Can I split my loan between a fixed and variable rate?
Yes, St.George do offer split home loans so you can split your home loan between a fixed and variable rate. This is referred to as a ‘Flexible Choice’ loan and allows you to get the best of both worlds.
What types of fees will I be charged if I open a St.George Fixed Rate home loan?
You may be charged monthly account keeping fees, establishment fees, a rate lock fee and settlement locking fee just to name a few. It’s best to check out the product disclosure statement so you can understand all the fees you may be liable for.
What happens at the end of my fixed period?
At the end of your fixed period your rate will be reverted back to the variable interest rate. However, you can select if you want to refix your loan again after your fixed period.
Can I make extra repayments on my fixed home loan?
Yes, with St.George Fixed home loans you can make additional repayments of up to $10,000 every year. If you exceed this, fees may apply.
Can I fix my home loan for more than five years?
Unfortunately, you can only fix your home loan for five years at a time with St.George. However, once your fixed term is up, you can always refix your loan again but there’s no guarantee you will maintain the same interest rate.