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St.George Standard Variable Rate Home Loan
Make use of a full-featured home loan that can be used for a variety of purposes
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Review by
Marc Terrano
marc@finder.com.auMarc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.
Expert review
The Standard Variable Rate Home Loan is available for property or vacant land purchases and for building purposes. It’s a full documentation loan, so you’ll need to supply the regular documents required with a loan application. For the self-employed or others looking for a low doc loan, St.George provides separate loan options.
About this loan
What are the features and benefits of the St.George Standard Variable Rate Home Loan?
- Maximum loan amount. You can borrow up to 95% of the loan to value ratio (LVR) of the property if you're using the loan for owner occupied purposes, otherwise you can borrow up to 90% LVR when using the loan for investment purposes. LVRs above 80% require lenders mortgage insurance (LMI). The maximum loan term is 30 years, with the option of a 15 year interest-only period.
- 100% offset account. An offset account is a transaction account linked to your home loan. Any funds in this account offset the interest payable on your home loan for the same amount.
- Additional repayments. This loan gives you the option of making extra repayments at any time at no extra charge.
- Redraw facility. A redraw facility allows you to access any extra funds you've paid into your home loan account.
- Repayment pause option. If sickness or any other legitimate reason means you aren't able to work and therefore not able to meet your repayments, you can have your repayments paused or reduced to an agreed upon amount. Payments can be paused for a period of 3-12 months. However, to apply for the repayment pause, you need to have had your home loan for at least 12 months.
- Repayment options. The St George Standard Variable Rate Home Loan gives you the option of setting your repayments to weekly, fortnightly or monthly instalments for principal and interest repayments. You can also elect to pay just the interest portion of your loan via monthly repayments.
What fees and charges come with this loan?
- Lenders mortgage insurance (LMI). Amount varies. If you borrow more 80% of the property's value, you'll have to pay an LMI premium. The amount you'll have to pay depends on the property price and other factors. St.George also gives you the option of using a family member to provide additional security for some of your loan, meaning you can reduce your LVR and avoid paying LMI.
- Establishment fee. $600. This fee is charged to cover the costs arising from finalising your loan application.
- Settlement fee. $100. The settlement fee covers the cost of transferring funds from your lender to you.
- Monthly administration fee. $10. This is a fee which covers the upkeep of your account each month.
How to apply
To find out more about this loan, or to apply, click the 'Go to site' button below. This will take you to the St.George website where you can arrange a callback or start an application. To arrange a callback, you'll need to enter your contact details.
When you're shopping around for a home loan it's important that you find one that suits your financial situation. It's also important to find a loan that will work for you and will provide you with features that will benefit you.
