St.George has just announced a lower basic variable rate with a bigger ongoing (life of loan) discount, and also extended their $4k refinance cashback offer to the end of October 2022.
Similar offer is available from Bank of Melbourne which is essentially St.George's brand in VIC, and from BankSA in SA.
St.George or Westpac?
- The St.George offer competes well with Westpac. Although Westpac can be 0.05%-0.10% cheaper for the P&I loans, the Westpac offer is a 2-year introductory offer and the discount will drop after 2 years. So the St.George offer may be better if you plan to stay beyond 2 years.
- For Investment I/O loan, St.George is already 0.05% cheaper than Westpac if your LVR is 70%-80%.
- Also, St.George currently has a much faster turnaround time than Westpac, around a week to commence assessment.
After the July rate increase, their latest rates for the BASIC loan (with redraw facility, without offset account):
- Owner Occupied <=60% LVR: 3.24% (CR 3.26%)
- Investment P&I <=60% LVR: 3.64% (CR 3.65%)
- Investment I/O <=60% LVR: 3.84% (CR 3.95%)
- Owner Occupied 60%-80% LVR: 3.29% (CR 3.31%)
- Investment P&I 60%-80% LVR: 3.69% (CR 3.70%)
- Investment I/O 60%-80% LVR: 3.89% (CR 3.90%)
- $0 annual fee
- $0 upfront fee from St.George (you only pay your existing bank's discharge fee which is usually $350, and the land title office cost which is usually $250-$400 depending on the state/territory)
$4,000 Cashback from St.George
$4,000 Cashback from Bank of Melbourne
Contact me for a no-obligation chat :)
Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704
My current fixed term (3.18%) is up in September 2022.
Value $205,000 left.
What would be good?