St.George Basic Home Loan

Pay your loan off sooner thanks to a low interest rate and no monthly fees

If you’re looking to buy a new house and don’t want to pay for features you may not use, you might want to consider the St.George Basic Home Loan. It offers a low variable interest rate with no ongoing fees.

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By

Richard Whitten

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.

Expert review

The St.George Basic Home Loan can be used to purchase any residential property with a term of up to 30 years. It has a variable interest rate and can be used to purchase vacant land, but it cannot be used as a construction loan.

You can borrow up to 95% of the value of your chosen home with lenders mortgage insurance (LMI) or up to 80% of the property's value without LMI.

About this loan

What are the features and benefits of the St.George Basic Home Loan?

  • Redraw facility. A St.George Basic Home Loan offers the ability to withdraw extra funds that you may have deposited on your home loan. This means that you can use any extra money you may have to reduce your home loan debt and still be able to access these funds if there is ever a situation where you require them.
  • Flexible repayments. Home loan repayment can be made weekly, fortnightly or monthly.
  • Fees and charges. The St.George Basic Home Loan charges no monthly account-keeping fees.
  • You can make extra repayments. Extra repayments can be made at any time without incurring penalties.

How to apply

If you think that the St.George Basic Home Loan could work for you, click the green button to get in touch with a lending specialist from St.George. Make sure you have the following information on hand:

  • Employment details including addresses and phone numbers
  • Income details including assets
  • Details of any other loans (personal or home), credit card debts or store cards
  1. St.George Basic Variable Rate Home Loan information page
  2. St.George Basic Variable Rate Home Loan TMD

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32 Comments

    Default Gravatar
    tom
    May 16, 2023

    Is this offer available to Victorian residents? Is there any fee and costs that i need to be aware of before accepting the refinance offer.

    Reply
      AvatarFinder
      Richard
      May 18, 2023

      Hi Tom,

      There’s nothing in the terms and conditions that excludes Victorians. I suggest contacting the bank directly. It’s also worth noting that Bank of Melbourne operates in Victoria under the same group of banks (Westpac group) and has the same cashback offer and similar product details.

      Reply
    Default Gravatar
    G
    March 30, 2023

    Hi
    We have standard variable interest rate on our home loan with St George and we are paying annual package fee advantage of $395. I have no idea if the discounted rate is being applied on the package as they give a new change rate again is now 7.36%pa.

    Reply
      AvatarFinder
      Sarah
      April 6, 2023

      Hi Gerry,

      This is a review page for St George, we’re not directly affiliated with the bank.

      We suggest you contact them directly to find out if you’re paying the right rate. While you’re on the phone, as them if it’s the best rate they can offer you – you can follow this script if it’s helpful! https://www.finder.com.au/how-to-negotiate-a-better-home-loan-deal

      Reply
    Default Gravatar
    Kartar
    March 21, 2023

    Hi

    Currently I have a home loan with Bank SA.
    I am eligible for Cash back if I switch my home loan
    Regards
    Kartar

    Reply
      AvatarFinder
      Richard
      March 22, 2023

      Hi Kartar,

      Bank SA and St.George are both Westpac-owned banks. In the cashback terms and conditions this means you can’t qualify for the cashback unfortunately.

      Kind regards,
      Richard

      Reply
    Default Gravatar
    LesL
    March 19, 2023

    I see you are advertising a StGeorge Home Loan at 5.09% for owner occupier with $4000 cash back for loans above$250,000. We have a home loan with Westpac so would we qualify for cash back for this loan consideringSt George are part of the Westpac group ?

    Reply
      AvatarFinder
      Richard
      March 22, 2023

      Unfortunately you cannot get the cashback if you already bank with any bank in the Westpac group.

      Reply
    Default Gravatar
    Sam
    November 2, 2022

    Not sure the point of interest only loans showing here, as seemingly it’s not just interest but rather similar to monthly pay to as of a P&I loan !!! Is this because factoring in the net cost involved in the borrowing???

    Reply
      AvatarFinder
      Rebecca
      November 11, 2022

      Hi Sam,

      We show all available options to accommodate different borrower types and circumstances.

      Although there are certain situations where the monthly repayments for an interest-only loan would be similar to a P&I loan, this would not be the case if the borrower with an interest-only loan were to use a higher deposit. It is up to each individual borrower to assess their own circumstances to work out what option is right for them.

      Kind regards,
      Rebecca

      Reply
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