A flexible line of credit with all the benefits of a personal loan.
A variable interest rate, flexible repayments, and the ability to access your credit anytime you need it; enter the St. George Get Set Loan. This line of credit offers you a flexible solution to your credit needs, with the purpose of the loan amount being up to you. You can use it to fund a large expense, such as a holiday or large purchase, or even for a number of smaller expenses. You’ll only pay interest on the balance of your loan, helping you control how much you spend and how much the loan costs you.
Things to consider about the St. George Get Set Loan
This line of credit comes with a variable interest rate, meaning it can fluctuate over the terms of your loan. St. George gives you online account management access to your loan amount. There is a $150 establishment fee for this loan and monthly repayment of $50 or 1.25% of the outstanding balance, whichever is higher.
Features of the St. George Get Set Loan
This loan comes with a range of competitive features and benefits that should be considered:
- Interest rate. This line of credit comes with a variable interest rate of 13.75% p.a.
- Credit limit. St. George offers credit limits of between $5,000 and $50,000. The limit you’re approved for will depend on your individual financial circumstances.
- Get Set Protect. This feature protects you should you find yourself unable to meet your loan repayments if you fall ill, have an accident, lose your job or pass away.
- Loan terms. As a line of credit, there is no set repayment terms and no expiry date, offering you greater flexibility.
- Access. You’ll have access to your money 24/7 through internet banking.
- Loan purpose. The loan purpose is unrestricted and you can use the amount for anything you want, whether it be for a holiday or even to fund your wedding.
Before you take out this loan, there are a few fees that you should be aware of:
- Establishment fee: $150, payable when the loan is set up.
- Administration fee: $9, payable each month.
- Payment dishonour fee: $9, payable each time a direct debit or payment from another bank or institution is dishonoured.
- Payment honour fee: $9, payable for each transaction honoured that exceeds your available credit.
- Monthly repayments: Pay $50 or 1.25% of the outstanding balance plus the monthly interest charge and administration fee, whichever is higher.
How you can apply
You’ll need to be over the age of 18 and be a permanent Australian resident to apply.
The application will take 10 to 15 minutes to complete and you can expect a response immediately after your application. You’ll need to have the following information on hand:
- Your driver’s licence number
- The weekly after-tax income details for each applicant
- Details of your assets, savings and investments
- The repayment amounts and balances owing on any liabilities, including credit and store cards.