St.George Bank Home Loans

St.George Bank Refinancing

Key Benefits

+ Wide range of home loan products
+ Options to bundle other financial products with Package deals
+ Discounted interest rates available


x Fees attached to some loans
x Some customers will have higher rates

St.George Bank Home Loan Products Comparison



What is the purpose of refinancing a loan?

There are a range of reasons people choose to refinance their home loan. This includes getting a better deal on their interest rate, and reducing their repayment term so they can pay off their mortgage faster. It can also help people who are struggling to make their mortgage payments on time by giving them a longer term loan with lower payments. Some people also choose to refinance to consolidate debts or tap into their equity in their home for other purchases.

How much can I borrow when refinancing?

Banks will generally allow you to borrow up to 80% of your home loan value when you refinance. This is based on your LVR (loan to value ratio).

What are the fees involved in refinancing a house?

The costs involved in refinancing a home often include an application fee, valuation fee, registration of mortgage fee and discharge fee. These fees can add up, but are normally recouped by switching to a loan with a lower interest rate.

What is the benefit of refinancing a home?

The main benefit of refinancing your home loan is saving money over the course of your mortgage, which occurs through reduced interest repayments.

What does refinancing do to your credit?

Refinancing can affect your credit score both positively and negatively. Initially, it may go down, because applying for your new loan counts as a credit enquiry. However, if it helps you make your repayments on time or pay off your mortgage faster, it will ultimately have a positive impact.

When is refinancing a good idea?

Refinancing your mortgage is a good idea if you’re unhappy with your current interest rate and have found a better deal, have a strong credit score and still have many years left on your current mortgage.

When is refinancing a bad idea?

If you’re already satisfied with your interest rate, have a poor credit score, can’t easily recoup the costs involved or are in the final 5 to 10 years of your mortgage, refinancing might not be the best choice for you.