St.George Bank is one of Australia’s premier banking institutions. Their varied selection of home loan options makes St.George an excellent choice for refinancing.
If you have been in a home loan agreement for a long time, or if you find that the time is nearly up on a variable loan product, you may decide that refinancing a home loan is an enticing option. Selecting this course of action can make it easier to manage monthly payments and to take advantage of attractive interest rates. However, venturing down this path requires careful consideration.
St.George Bank Home Loan Products
St.George Basic Home Loan
This is St.George’s standard home loan with no add-ons or special features. The loan comes with a variable interest rate, meaning that borrowers’ monthly, fortnightly or weekly repayments will fluctuate along with the current standard interest rate.
St.George Fixed Rate
1 Year
With this loan, the interest rate is locked in for the first year. At the end of this period, customers have the option of establishing a new fixed rate or switching to a variable rate. A fixed rate protects the borrower from interest rate rises during the fixed period.
2 Years
For the first two years of this loan, the interest rate that the borrower pays will remain stable. After this, it can be re-fixed or will revert to a variable rate. Customers have the option of making repayments monthly, fortnightly or weekly.
3 Years
Customers choosing this loan will receive a set interest rate for the first three years, after which it will switch over to a variable rate, fluctuating along with the current standard rate. Customers also have the option of re-fixing the interest at the current rate.
4 Years
For four years, the interest rate on this loan will not change. This means that the borrower’s repayments will be the same each period. At the end of four years, customers can choose between re-fixing the interest rate and letting it turn variable.
5 Years
This loan offers the longest fixed-rate period in St.George’s loan selection. The rate will be locked in for the first five years. After this introductory period, customers can re-fix the rate or allow it to convert to a variable rate that will change along with the current standard rate.
St.George Standard Variable Loan
This loan features a variable interest rate that fluctuates with the current standard rate. Customers also gain access to an offset account to help them save money on interest. Borrowers are free to redraw from the amount repaid if they need to access extra money.
Low Doc
The St.George Standard Variable Low Doc loan, is designed for self-employed individuals or owners of small businesses. It enables borrowers who may not otherwise be able to obtain financing to get the funding they need. Borrowers can choose between fixed or variable interest rates, or a combination of the two.
St.George Portfolio Home Loan
This loan offers a flexible line of credit, meaning that borrowers may take out as little or as much money as they like up to their credit limit. Interest will only be charged on the amount that is borrowed. This loan is ideal for purchasing investment properties.
St.George Advantage Home Loan Package
With this package deal, customers get discounted interest rates and fees for bundling several accounts at St.George. In addition to a home loan, borrowers also receive a credit card and a transaction account. Customers can choose a fixed or variable interest rate for the home loan.
About St.George Bank Refinancing
St.George Bank Refinancing Guide
Search Online
St.George Bank recommend beginning a search for a home loan product online. This will enable you to harness the power of technology as they compare and contrast suitable loans and rates.
Suitable Loans
There are many reasons why you may want to refinance your existing loan, and as such there are a variety of different loan products available. Each of these is designed to suit a particular set of purposes and situations.
For example, some loans may provide you with additional flexibility regarding their payments; others may offer more fixed structures should you require this level of reliability. You may want credit cards linked to you loan, or to have the facility to redraw additional payments.
Refinancing Packages
In order to further increase the levels of choice available, and to ensure that a wide range of circumstances is covered by the loan products on offer, St.George Bank provide refinancing packages to their customers.
These are financial bundles which offer extra features and facilities, including discounts on the loan itself, as well as on credit card, insurance and wealth products offered by St.George Bank.
Conditional Approvals
Before submitting an application to St.George Bank, you will need to have first released yourself from any home loan agreements you are currently utilising. Very often this will require a fee to be paid.
Once this is submitted, the bank will issue a conditional approval. This will be followed by a valuation of the your home to ascertain the Loan to Value Ratio (LVR), which is the proportion of the property’s total value that you will be able to borrow.