Ratings
LVR options
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
Repayment options
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
Interest only repayment option is not available with St.George Bank Basic Promo for refinance.
Paying pricinpal and interest
St.George Bank
Q&As
Does St.George Bank Basic Promo comes with an offset account?
No, Basic Promo does not come with an offset account.
While it does not have the convenient that comes with an offset account, but $Basic Promo comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.
What are the costs to apply for St.George Bank Basic Promo?
There is upfront costs of $600 to apply for Basic Promo.
- Application fee: $500
- Settlement fee: $100
Basic Promo also comes with ongoing account fees of $96 per year.
- Monthly fee: $8 per month
Are there costs when I exit or refinance to another lender?
St.George Bank charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.
IMPORTANT: Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with St.George Bank or a mortgage broker just to be sure. This information should be used as a guide only.