St.George Bank

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St George Bank

Founded: 1937

Lender Type: Subsidiary of a Major Bank

Owned by: ASX Listed

Originally founded in 1937 in the suburbs of Sydney, today St. George Bank has become a highly competitive retail bank with excellent products, especially for first-time homebuyers and young families. They also offer benefits to various groups, such as discounts for some professionals and affordable SMSF loans. Although owned by Westpac – this big four bank acquired St. George in 2008 – the lender continues to offer forward-thinking products for borrowers, staying true to its specialist lender roots, while also being able to provide the low rates you’d expect from a major bank.

Key Benefits

Competitive rates and discounts
Variety of home loan products including low doc
Low deposit loans are accepted


LMI can be costly
Difficult to qualify with bad credit
Slower application processing times

Home Loan Products

Home Loans Description

Advantage Package

You can bundle your home loan with a credit card and transaction account for all-in-one simplicity and savings. Enjoy flexible repayment options and waived fees. St. George does sometimes offer exceptional rate discounts on their home loan package, making this option even more affordable. The discounts are higher for larger loans.

Fixed Rate Home Loan

You can choose a fixed rate from one to five years and then refix your loan at the end of the period or switch to the standard variable rate. St. George Bank also offers a rate lock feature so you can secure your fixed rate up to three months before your loan settles. You can also make extra repayments without penalty and then redraw those additional funds if you need to. The Fixed Rate loan product also comes with an optional offset facility.

Basic Home Loan

For a straightforward home loan that is easy on your finances, St. George offers a low variable rate loan with low fees in their Basic Home Loan. You can still take advantage of flexible repayments, free additional repayments and redraw. This is an ideal option for first-time homebuyers who want an affordable loan. You can use equity built up in a family member’s home to possibly eliminate your need for lender’s mortgage insurance and can save even more with the First Home Owner Grant.

Standard Variable Rate Home Loan

If you want to focus on paying down your mortgage faster, this Standard Variable Rate loan product may be a smart option. You’ll get to use a full interest offset facility to help pay down your loan faster. Also, if you bundle your loan with the Advantage Package, the bank sometimes offers great interest rate discounts. You can also split your loan with St. George’s Flexible Choice features, paying off part of your mortgage with a fixed rate.

Portfolio Loan

This is St. George’s line of credit home loan. You’ll have an ongoing line of credit at your low mortgage interest rate which you can use to make investments when you see fit. This is a great option if you want the ability to do more with your loan to help you achieve your future financial goals. Fees on this loan, however, are relatively high, although you can reduce them by bundling with the Advantage Package.

Building Home Loan

This specialist loan can be used for new builds. St. George makes the construction process even easier by helping to identify your building expenses to make payment for each stage of the build more streamlined. You are only responsible for interest on the portion of the loan you have drawn down.

Super Fund Home Loan

If you have a self-managed super fund, you can use this loan to help you invest in a property. You can use the rental income to help repay your loan, making this an excellent investment to help supplement your retirement. You can use your loan for both repairs and maintenance, but keep in mind they can’t be used for renovation projects. Be sure to discuss this option with your financial advisor as there are many potential savings and tax benefits you can take advantage of.

Low Doc Home Loan

St. George offers a competitive low doc home loan for self-employed borrowers. You can choose between a variable rate and fixed rate loan or split your loan to take advantage of the features for other. As long as you have a good credit history and steady income, this is an excellent low doc option as it comes with competitive rates and flexible features like early repayments and the option to pay interest only for a set period.

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