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St.George Bank $1,500 Refinance Cashback Offer Owner Occupied AND Investment Property

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St.George Bank $1,500 Refinance Cashback Offer Owner Occupied AND Investment Property
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LCapeFin on 11/01/2016 - 11:33 info.stgeorge.com.au (390 clicks)
Last edited 01/04/2016 - 18:39 by 1 other user

Starting today (11th January 2016) St.George are offering $1,500 rebate on a refinance of investment and owner occupied home loans.

The rebate will be paid within 60 days of settlement.

Eligibility requirements:
-This offer is limited to one $1500 cashback during the campaign and will be paid per primary/main applicant (Applicant 1) only. Multiple applications submitted by the same main applicant are not eligible for this offer.
-Loans under Advantage Package only. Advantage Package Terms and Conditions apply and are available here. $395 Package Fee applies.
-Excludes Portfolio loans.
-Both owner occupier and residential investment refinances are eligible.
-The total loan amount per application must meet the minimum loan amount criteria (i.e. >=$250,000 for St.George).
-Originated from Monday 11 January.
-Must have a St.George transaction account linked to the refinanced home loan at the time of settlement.
-Home loan repayments must be direct debited from this transaction account.
-The transaction account must be kept open for a minimum of 60 days after settlement. The cashback will be paid into this account during this period.
-Customer is not refinancing from Westpac, St.George, BankSA or Bank of Melbourne.
-Not available in conjunction with any other cashback offer.

NB: Perth based mortgage broker here, happy to assist with your refinance (free of charge) Australia wide
authorised credit representative 478455 of Connective Credit Services Pty Ltd Australian Credit Licence Number 389328.

Financial Home Loan Investment Loan Refinance

Related Stores

St.George Bank
St.George Bank

closed Comments

  • Sidor on 11/01/2016 - 11:45
    +1

    what is the interest rate on >250k loans, owner occupied and investment ?

    • CapeFin on 11/01/2016 - 11:47

      The advertised rate is from 4.19% for owner occupied loans. If you would like to PM me, we can apply for pricing based on your scenario to try for a better rate.

  • CyberMurning on 11/01/2016 - 11:45
    +2

    how much is the interest.. if much higher than others, those $1500 is not meaning so much.

    • CapeFin on 11/01/2016 - 11:49

      There is a 2yr fixed special for 4.19% on offer and a Basic Variable for 4.24% for owner occupied loans. Depending on your scenario there may be better rates to be negotiated.

      • [Deactivated] on 11/01/2016 - 12:01
        +3

        Eisniwire makes an extremely relevant point. The Advantage Package variable rate is 4.69%p.a. (CR 5.08%p.a.). This fixed rate is, similarly, way overpriced. NPBS is offering 3.79%p.a. (CR n/a) on 2 year fixed and there are rebates available (https://www.naritas.com.au/latest-news/fixed-rate-special-3-…). PS This rebate you have posted is NOT available with the St George Basic Loan. It is only available with the Advantage Package products that carry the $395 annual fee and the higher interest rates.

  • Jessie Ryder on 11/01/2016 - 11:52

    Isn't the basic variable 5.39%

    • CapeFin on 11/01/2016 - 11:55

      The Standard Variable rate is 5.69%, the Basic Variable Home Loan is 4.24%, but is a no frills loan and not part of the advantage package (http://info.stgeorge.com.au/homeloan/basichomeloan/)

      • Click_It on 11/01/2016 - 12:46

        5.69% Yikes that sounds high?

        I was on 4.8% with ANZ Simplicity Plus (variable). Is that not comparable to this package, or less featured?

        I'm not a home owner currently but I'll need offset when I next become one, my ANZ package didn't allow that.

        • CapeFin on 11/01/2016 - 13:24
          +1

          The standard variable rate is just the starting rate of banks, they will then offer a discount off this 'standard variable rate'.

        • Click_It on 11/01/2016 - 13:27

          @CapeFin:

          Ah, gotcha.

  • calcium on 11/01/2016 - 11:53

    Is there an offset facility?

    • CapeFin on 11/01/2016 - 11:55

      Yes some of their products do offer offset accounts, the Basic Home Loan does not.

  • konazz on 11/01/2016 - 12:06
    +4

    Be warned… you won't be able to access your money. Every f-ing holiday break, St George breaks their internet banking.

    October long weekend, accounts were inaccessible for a few days, even the branches couldn't access money. Awesome when you're on holidays, locked out of your accounts.

    Only got access back to our accounts about 45 minutes ago - they've been down since late last night.

    Internet banking is hopeless.

    • CapeFin on 11/01/2016 - 12:08

      Sorry to hear about your experience.. banks can be very frustrating at times.

    • ddhh on 11/01/2016 - 12:12

      It is good to keep ur money in ur pocket, not to spend that much. :)

      • konazz on 11/01/2016 - 12:29
        +1

        Since the october long weekend debacle, we have $500 tucked away at home in our safe (which i used this morning to pay the plumber, as my credit card wasn't working). Wouldn't help on holiday - i never carry cash.

        Either way, ended up getting 4.04% with another bank, full offset, no annual fee for life. Loan is settling next week.

        • SuperC on 11/01/2016 - 13:27

          Can I ask which bank that is with? That is a really good deal, looking to refinance soon.

        • konazz on 11/01/2016 - 13:44

          @Chrisel87:
          Yellow Brick Road. Also came with a credit card, but didn't bother. The sucky thing is, you still have to pay for the set up fees; we missed out on the awesome offer Suncorp had early last year.

        • CapeFin on 11/01/2016 - 13:55

          @Chrisel87: Hi Chris, feel free to send me a PM with your requirements if you would like to know some alternate refinance options.

    • kipps on 11/01/2016 - 21:10

      +1 to this. St George had massive, massive problems with allowing their customers to access their money. Sorry, but unless St George is offering ridiculously good rates (and these rates are ordinary) then the $1,500 rebate isn't worth the switch, particularly when combined with a rather high $395 per annum annual fee. No deal.

  • smoke87 on 11/01/2016 - 12:10
    +2

    Hardly a deal when the annual FEES, a little sweetener for the bank slapped on top of interest, wipe out the cash back in 3.5 years. Fewer if you factor in the lower rates available elsewhere.

    • CapeFin on 11/01/2016 - 12:13

      Yes there is a $395 annual fee, they do give you a free transaction / offset account, free credit card, better than standard rate and waive the application fee as part of the package.

      • uder on 11/01/2016 - 12:33
        +2

        The whole free credit card thing is a misnomer. You are paying $395 essentially for a credit card and an offset account.

        • smoke87 on 12/01/2016 - 08:36

          Exactly. I can a free credit card at the drop of a hat. In fact my relationship with Citibank and credit history is so good I am amount to get my second $18000 loan at 0% and nil fees…

          Don't try and sell this crap like it is a favor. Every time we use the credit card the bank takes a cut and makes money. Ozbargainers are not muppets!!!

  • SunshineRay on 11/01/2016 - 12:10

    Is there an known expiry on this offer?

    • CapeFin on 11/01/2016 - 12:13

      Not yet..

  • CyberMurning on 11/01/2016 - 12:25

    bank of queensland is better at 3.99? why none of brokers recommend it? because they dont offer good commissions ? (curious and looking for honest answer)

    • CapeFin on 11/01/2016 - 12:40
      +1

      We personally don't have access to BOQ products. There are other Banks offering similar rates with Auswide 3.98% and ME Bank 3.99%. Happy to show you a comparison if you would like to drop me a PM.

    • [Deactivated] on 11/01/2016 - 12:45
      +3

      bank of queensland is better at 3.99?

      Well, strictly speaking, it is not 3.99%p.a. for everyone. It's 3.99%p.a. for people borrowing $500K+. For those borrowing 150K-499K it is 4.15%pa. - which is more than Newcastle Permanent at 3.99%p.a. and Family First CU (to name but two alternatives in addition to the ones that Capefin mentioned). Take, for example, Newcastle Permanent, they are considerably cheaper than BOQ for most of their fixed rate lending and have consistently been cheaper than many of the smaller banks that price compete on variable products for the past decade (https://www.newcastlepermanent.com.au/about-us/our-awards)

      why none of brokers recommend it?

      a) BOQ is not typically the lowest priced lender nor are they widely considered the most fully featured/best high service lender. Occasionally they run promotions that are cheap in comparison to many other lenders, but their have been multiple lenders that position themselves as low priced online alternatives that are consistently cheaper.
      b) Despite this, there are numerous brokers who recommend BOQ. In fact, BOQ has operated a franchise model in past that encouraged brokers to join their network.

      because they dont offer good commissions ?

      BOQ offer great commissions. In fact, their commissions are often higher than many of the building societies.

      Hope this helps :)

      • toto on 11/01/2016 - 16:50

        any risk involved to choose small lender like Newcastle Permanent over big 4? Does Newcastle Permanent offer full offset account?

        Just not clear why PPL not choose them given their interest rate is considerable lower.

        • [Deactivated] on 11/01/2016 - 17:10

          Excellent questions @toto.

          any risk involved to choose small lender like Newcastle Permanent over big 4?

          Newcastle Permanent (NPBS) is not an especially small lender. They are Australia's biggest building society and are over 100 years old. They're also covered by the Australian Government guarantee on deposit funds because they are an ADI. So, strictly speaking, they're not in the same league as small lenders and purely online lenders. That said, you're not at a significant risk dealing with any ADI (http://www.apra.gov.au/adi/pages/adilist.aspx) if you are worried about the safety of your monies that are held in your lender associated offset account or transactional account (assuming it is less than $250,000 - which is the amount of the government cap).

          Does Newcastle Permanent offer full offset account?

          NPBS does offer a fully transactional offset account and you get access to your money via the Westpac ATM network fee free under most of their packages.

          If you're still wondering what the catch is, it would be:
          a) They only accept people with good credit - think stable employment, strong net disposable income (NDI) and good collateral (no high density apartment blocks or properties with high risk ratings).
          b) They are not the fastest lender in terms of approvals. They are usually very popular due to their pricing, so they are slower to approve loans (which may be an issue for people with tight settlement agendas) and are also fastidious in terms of the paperwork they require (i.e. more expensive lenders will often have faster approval times and ask less questions).
          c) They have conservative credit policy and lending attitudes. Some lenders have much lower hurdle rates and are less fastidious in terms of the importance of a strong property valuation. As such, people who are looking to borrow the absolute most when it comes to a high LVR or push the limit of borrowing capacity given their financial commitments are probably not going to have the best experience with NPBS.

          Hope this helps.

        • kipps on 11/01/2016 - 21:12
          -1

          @naritas: There would also be no "risk" banking with Newcastle Permanent if you're the debtor. You would be the risk to them.

        • [Deactivated] on 11/01/2016 - 21:37
          +1

          @kipps: Actually, that is a common misconception that the borrower carries no risk.
          The borrower always carries the following risks:

          1. That a new lender will want to finance the existing mortgage outstanding at the time their lender goes belly-up. That is, when a lender goes belly-up the mortgages will typically be on-sold to a new lender. This often kicks off a re-assessment process of the existing mortgages at the time of sale. If the borrower's circumstances are not favourable to the lender proposing to buy the mortgages off of the bankrupt lender at the time of re-assessment, the new lender may refuse a finance offer to the borrower and the borrower may ultimately be forced to sell or look elsewhere for finance with short notice. This is of particular concern to people with unique situations that caused them to get the loan from the lender that went belly-up or for people who wouldn't meet new lender servicing hurdles (commonly happens when people have kids after getting approved, take on new debts for cars or become 'too old' for a new mortgage).

          2. That re-draw capacity is lost. It is most likely that the new lender will offer finance terms on the outstanding loan balance, not on the originally approved debt value. For people who rely upon their redraw capacity for liquidity and risk management this could be a major issue depending on their circumstances.

          3. Perhaps most importantly, the borrower risks losing monies sitting in their offset account. Many small and online lenders are not ADIs. Such lenders can provide no guarantee that funds in offset accounts would not be lost to the institution's creditors if they went belly-up. Why? Because offset accounts are investment products and anyone who deposits monies into such an account with a non ADI accepts the returns based upon the risk profile of the product provider. Some people do not perceive these risks to be huge, however, if you get the same price from an ADI that comes with the Australian Government guarantee on deposit funds, you may be taking on board unnecessary financial risk.

          tl;dr The quality or 'risk' of the lender definitely matters. How much it will matter will depend on the borrower's financial characteristics.

          Hope this helps.

        • kipps on 11/01/2016 - 21:56

          @naritas:

          1. Residential mortgages are quite heavily regulated. There is considerable protection in place to avoid improper defaults. Commercial loans do not have this protection, and therefore, more care needs to be exercised when picking a lender (agree).

          2. I very much doubt that this is correct as a matter of law, speaking as a solicitor. If the loan is assigned then the terms of the loan will also be assigned. Unless the terms of the home loan expressly provide this, you're not right.

          3. This comment fails to understand the right of set-off at law which would apply if the lender became insolvent (see s553C Corporations Act 2001).

        • [Deactivated] on 11/01/2016 - 22:18
          +1

          1. There is considerable regulation of the lending conduct of lenders who lend to consumers. There is no such 'heavy' regulation for the financial management of these consumer lenders that do not fall under the BASEL standards or APRA mandate - which is nearly all small lenders and non-ADIs.

          2. The terms of nearly all loan contracts are heavily stacked in favour of the lender being able to exercise their own discretion as to whether you meet their hurdles and policy requirements and consequentially grant the lender the ability to vary the terms of your loan contract. You are definitely not guaranteed any rights so far as your ability to redraw on a loan to its original value - especially if lender policy changes to include checks to demonstrate your capacity to pay for a redrawn sum if it is particularly large. In practice, if times are good for the lender and you have been making your repayments on time, they are unlikely to refuse the redraw. On the event of sale of your mortgage to a new lender, the new lender will make a commercial decision based upon the loan's risk metrics. If there is little risk to them to honour the original loan advanced they may wish to do so, if they have concerns about the LVR or the borrower's ability to service the debt, they are likely to advance the outstanding sum.

          3. Our comment is entirely correct. The lender may or may or not be the product issuer for the offset account. If they are, those funds are most certainly in question. If they are not the product issuer for the offset account, it is worth seeking specific guidance from the product issuer (in writing) as to whether they are covered by the Australian Government Guarantee on deposit funds for the offset account in question.

        • kipps on 12/01/2016 - 20:27
          -1

          Seriously, stop giving legal advice. You evidently do not hold a law degree. The advice you are giving is dangerous.

        • Lerchik on 12/01/2016 - 22:07

          @kipps: actually what Naritas is saying makes a hell of a lot more sense than what you're saying. If you really are a solicitor you sure don't sound like an expert in financial services law.

  • SevenSmurfs on 11/01/2016 - 14:05

    Bank of Melbourne have a similar deal but $2k cashback

    • CapeFin on 11/01/2016 - 16:43

      That offering has now ended.

  • jimmej on 11/01/2016 - 15:38
    +1

    I am with St George and I would not recommend them to anyone. Recently we had to report them to the FOS for misleading conduct. Over promise, under deliver - just out right lied to retain our business. Been with them for years now and it has been a continuous problem and will be jumping ship soon. Stuffed up settlement, stuffed up offset account, our CC was stolen and they didn't tell us because their security department wasn't open on weekends… it goes on…

  • dack on 11/01/2016 - 19:31

    i would not recommend st george bank. As currently i am with them paying too high interest. After having two loan with them both less than 80%…i am paying 4.49 on PPOR and 4.69 % on investment (both variable).They just pull new customers in showing offers and dont care about them after a while…I am about to meet brokers for refinancing option

    • CapeFin on 11/01/2016 - 20:19

      Hi Dack,
      It is a shame banks don't feel like they need to look after their existing customers a lot of the time… would you like us to discuss a pricing discount on your existing lending with them? Feel free to send me a PM to discuss further.

    • kipps on 11/01/2016 - 21:14
      +1

      Dack, this seems to be standard practice to rip off existing customers all the time. Same thing is happening with our mortgages to NAB and Bankwest. In fact, NAB can't even tell us how our interest rate is calculated, and they're unable to produce our loan documentation. You should always keep checking your rates and shop around. With $nil exit fees now the law for newer mortgages there's little reason not to shop around.

      PS - strongly recommend you not have both loans with one bank… An event of default on one facility is likely an event of default on the other, and you want to keep your options open if anything ever goes wrong (ie, banks issuing non-monetary defaults like Bankwest did to borrowers for exceeding max LVRs when they did valuations at the bottom of the market to reduce loans).

      • CapeFin on 11/01/2016 - 21:20

        Bankwest have been sneaky with their rates as of late, couldn't agree more that a regular review is a must!

  • dack on 11/01/2016 - 21:16

    i agree with you….

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