If you're after a fully featured home loan with package benefits, then the St George Standard Variable Rate Home Loan (Advantage Package) is worth considering. As part of a broader home lending package and one of St George's most comprehensive home loan offerings, it features variable interest rates across the Owner Occupier and Investor categories, and the ability to split your loan with St George's fixed rates. St George also offers a basic home loan option, so it is prudent to consider what's most important to you before applying. Further details about the St George Standard Variable Rate Home Loan (Advantage Package) options and benefits are outlined below.
Package overview, Owner Occupied and Investor loans:
A key feature offered under the Package is the ability to use an offset account to minimise interest charged. This can, over the life of the loan, save borrowers significant money. Under the Package, there is the option to split the loan into Variable and Fixed rate components, plus being able to make extra repayments and in the future, redraw funds if desired. In terms of repayments Interest Only repayments and Principal and Interest repayments are available.
Specifically for Owner Occupier loans, under the package:
Pricing includes a $395 annual fee, and a relatively high variable rate starting from 7.39% p.a. (7.73% p.a. comparison rate) on Principal and Interest repayments. Keep in mind that these rates should be negotiable if you are borrowing a sizeable amount, particularly if you also hold a large deposit or equity in the property. Also, the St George Standard Variable Rate Home Loan (Advantage Package) does require a minimum of either 5% deposit or 5% existing equity. Often anything above these amounts will help you further negotiate a lower interest rate.
Specifically for Investor loans, under the package:
Pricing includes a $395 annual fee, and a relatively high variable rate starting from 7.95% p.a. (8.28% p.a. comparison rate) on Principal and Interest repayments. An Interest Only repayment option is also available, featuring a relatively high variable rate starting from 8.24% p.a. (8.57% p.a. comparison rate). Please note, this investor loan requires a minimum 5% deposit or 5% existing property equity. For lending above these amounts, you'll be positioned well to negotiate a lower interest rate.
Considering the range of options available with this product under the package, this home loan will appeal to a range of people, either as a home owner or as an investor. It will also appeal to someone where the established St George brand and service is important, or for those who prefer a traditional bank home loan, rather than borrowing through a smaller or less known lender.