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   4.5

St George Mortgage

St George Bank offers competitive home loans for first-time buyers, investors, and homeowners who are looking to refinance to a better interest rate.

Although St George is owned by Westpac, its pricing is independent. St George also tends to work more with first-time home buyers and young families. It also allows more people to qualify for a major bank interest rate.

Why is St George popular with first home buyers?

Getting a low rate on a 95% home loan can be difficult if not impossible. Most lenders offer good discounts on home loans that are less than 80% of the value of the property. But with St George, you can enjoy good interest rates no matter the size of your deposit!

St George also offers a Family Pledge Loan which allows you to purchase a property with zero deposit for as long as your parents are willing to put up your parents’ own property as additional security.

If you are renting, you can use a gift as a deposit instead of genuine savings.

What does St George offer?

The Basic Package has zero annual fees but may carry a higher interest rate. It is more suited to people who are looking for small loans.

The Advantage Package is an ideal choice if you are borrowing more than $250,000. Although you will be paying an annual fee, you get to enjoy a range of discounts your interest rate, offset account, and credit card.

Line of Credit from St George is known as the Portfolio Loan, which is a good option for investors who buy and sell property regularly.

St George offers specials on its fixed rate loans from time to time so keep an eye out for that.

St. George Bank Home Loan Features

Depending on the package you choose, your St George home loan may provide the following:

• Offset facility
• Redraw facility
• Option to split your loan
• Option to make additional repayments
• Option to pause or reduce repayments (subject to approval)
• Option to schedule repayments weekly, monthly, or fortnightly

Check with St George if these inclusions are available with the home loan you are planning on getting. Always read the product disclosure statement (PDS) and other loan documentation before making a commitment.

Pros and Cons of a St George Mortgage

Here are the reasons to choose St George for your mortgage.

• Great interest rates even on small deposits
• Guarantor loans for first home buyers
• Construction loans include owner builders
• Great for expats and self-employed customers
• Accepts properties that have been rejected by other lenders
• Special discounts for doctors, engineers, accountants, and lawyers
• Bridging loans
• Refinancing
• Lending to trusts
• Upfront bank valuations
• Wide branch network across Sydney and NSW
• Offers market-leading refinance rebates and cashbacks

You might also want to consider these downsides before you decide.

• LMI can be expensive if you are borrowing over 90% of the property value
• Tough on people with a bad credit history
• Does not offer SMSF loans
• Focused on NSW customers with little to offer for VIC and SA / NT
• May be slow to assess your application

Compare Home Loans Here at Makes Cents

It makes sense to compare different products from various banks before you make a big decision. Makes Cents helps you see all your options and lets you compare plans based on categories and features. Browse your options today.

St George Bank

Overall Rating

   4.5