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St George Bank Variable Owner 2.49% (<60% LVR) No Annual Fee Home Loan

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Further reductions announced today.
St George Bank variable owner 2.49%, investor 2.94% (<60%LVR) No Annual Fee Basic Home Loan with $4000 bank rebate

$4,000 St George bank rebate + $2k per additional property (>$250k) + up to 0.4% Broker rebate

$1 LMI 85%LVR for first home borrowers (<$850k)
Further reductions for loans over $500k+

St George Basic Product

No annual fees, free online redraw, no offset.
2.54% (CPR 2.56%) owner occ variable P&I (further -0.05% for <60% LVR = 2.49%)
2.99% (CPR 3.01%) investor variable P&I (further -0.05% for <60% LVR = 2.94%)

St George Package

$395 annual fees, offset account, free redraw, premium credit card.
Rates from below (variable rates subject to approval)

(further -0.05% for <60% LVR . eg. 2.19% for owner occ fixed 2yrs)
2.24% (CPR 3.45%) fixed 1-3 years owner occ P&I.
2.64% (CPR 3.89%) fixed 2-3 years investor P&I.
2.64% (CPR 3.53%) owner occ variable P&I. (further -0.05% for <60% LVR)
3.04% (CPR 4.08%) investor variable P&I (+0.2% for investor interest only) (further -0.05% for <60% LVR)

PLUS up to 0.4% Broker Rebate for purchase or refinance (available via us only, not via the bank)

In ADDITION to bank rebates, we have up to 0.4% rebate of loan size (net of offset ie balance owing) for ANY bank or product (Paid 50/50 at 2 and 24 months after settlement).

We are pleased to announce we have added a $1m+ tier of 0.4% rebate of loan size (net of offset ie balance owing) for new loans. That is:

$250k+ x 0.3% = $750~~ Broker cash rebate (still 0.3% rebate)
$400k+ x 0.3% = $1,200 Broker cash rebate
$1m+ x 0.4% = $4,000 Broker cash rebate

Contact us for other great bank offers incl $4000 bank rebates from big 4 and other lenders and we have achieved 2.05% discounts.

Let us know if we can help.

We have some of the lowest rates, and can get pricing discounts up to 2.1%.
Our policy is to beat any competitor/broker/lending manager with our rates and rebates, so will do whatever it takes to get the best deal for you.

My experience:
I have worked as a tax lawyer having worked for the ATO and Big 4 Accounting firms, as well as a property investor.
Feel free to ask me any questions about my experience. However in our capacity as a broker we must disclaim we are not providing you with financial advice and you should seek your own independent financial and/or legal advice.

Len
Bundle Property Home Loans
T: (02) 9698 7186
M: 0422354868
E: [email protected]
ACL 445947

Disclaimer:
The information provided is for general education purposes only and is not intended to constitute specialist or personal advice. This has been provided without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.

Mod: Removed duplicate from title

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closed Comments

  • +2

    St George Bank variable owner 2.54%

    Sometimes you own it, sometimes the bank owns it ????

    • +4

      Not far from the truth actually. You are the legal owner and bank is the beneficial owner if you default (first mortgagee)

  • $1 LMI 85%LVR for first home borrowers (<$850k)

    Sorry, I'm new to understanding this stuff, recently attempting to buy a home.

    Does this mean you need to have a minimum of 15% deposit for this to apply?

    • +2

      you need 15% if you dont want to pay LMI

      https://www.google.com/search?client=firefox-b-d&q=lmi

      • Yeah, so LMI is usually for under 20%, yeah? and in this case it is $1 if you have 15% instead?

        • Yes you still need 15% deposit, but will save you thousands. Plus stamp duty, but as first home buyer most states waive this under a price threshold

    • +1

      It means the LMI insurance for a 15% deposit is only $1. Usually it would cost more. LMI scales from $0 for a 20% deposit up to thousands of dollars for a 5% deposit.

  • +1

    Did they lower the basic home loan rate (so existing customers rates will go down), or just provide a larger discount for new customers? I'm on a previous iteration of this basic home loan currently @ 2.74%. Can't remember what my "discount on the base rate" was.

    • It's a new offer for new customers unfortunately. Email us for other great offers

    • In my experience only new customers/security get the discounts, unless there is an actual rate drop. Some lenders like Athena give everyone discounts, for other lenders you need ring retention team or refinance away.

      • 86 400 also recently passed on their rate drop to existing customers, but yes seems to be limited to the newer neo banks from what I've seen

  • +1

    How often can / should I refinance?

    This offer puts me paying 0.15% less than my current St George offer that I got last time there was a $4k cashback. I believe it's been 6 months. Probably should give them a call but I mean how many times can I get cashback and stupidly low rates before the stop lending me. I'm guessing once a year is about right?

    • +1

      I'd guess if you are already with St George and refinance to another St George (or Westpac group) product, you won't get the $4k again… You'd need to refinance from another institution.

      • $4k is only for refi from outside the Westpac Group (ie not from STG, RAMS, Bank of Melb/Adelaide etc).

    • You can refinance as often as you want

      • Thats alot of time/effort.

        • Maybe for some

      • Sorry I’m new to all of this.Doesn’t refinancing reset the interest you’ve paid off so you are essentially starting all over again just to get a lower interest rate?

        • +1

          The act of refinancing itself does not immediately change how long it takes you to pay off a loan, that depends on your future ability and speed to repay the loan. Refinancing may help you reduce your rate and interest expense so you can pay if off faster.

          The general notion is that if you actually take 30 years to repay a loan vs 20 years, you will of course pay more interest over 30 years than 20 years. However, it is generally better to keep/reset loan term at 30 years when you refinance, meaning the LONGEST the bank allows you to repay the loan is 30 years. You have the OPTION of paying it off sooner than 30 years if you apply discipline to repay a bit extra than the minimum repayment amount. If you reduce loan term to under 30 years, the bank will force you to make higher repayments (rather than give you the option), even if you have a rainy day or lose your job. A shorter loan term and higher repayments may result in a shortfall in servicing on the current loan application, and also heavily reduce your borrowing capacity for your next loan application if you wish to purchase another property in future.

          We must stress that this only applies if you have a reasonable amount of self discipline to make extra repayments on top of the minimum repayments. If you feel you have the habit of only ever make minimum repayments and spend any extra money you earn rather than put back into the loan, it may be better to have the bank force you to make higher repayments.

          • @Len -Bundle Loans: Thanks for the detailed reply. If you’ve paid extra into your loan and started to hit the curve where the interest is paid off and you’re starting to pay off the principal would refinancing with another bank put you in the position of starting over again in terms of paying off the new banks interest?

  • I got a variable loan with ANZ two weeks ago with cashback, can I switch and claim this already?

    • +1

      did you get the cashback credited? I would wait until the money hits your account

      • +5

        Awesome, just gotta swap 50 more times and the mortgage is done.

        • Would this actually work? Like if a person refinanced 2-3 times a year, would that be possible or is it too much of a hit to your credit rating or something? Or not enough bank refinance offers to roll through?

          • +1

            @Smol Cat: I currently swap every 12 months, done it 3 years in a row. Have received about 15k in offers in those. When I left NAB they even said maybe you'll be back when we have a good offer again. So I'm assuming you can cycle back through the same banks once you leave.

            • @Gary Gary Gary: Damn that's impressive. I thought they locked you into a 2/3 year fixed term loan when they offer these deals? How do you get out of the time requirement of these fixed loans? I don't think I've ever seen a cash back offer for a variable one?

    • The bank will want 3 months of loan statements. It might look bad when in the last 3 months you have different statements with different banks.

      Also you will get another credit check on your file.

      Personally I would wait at least 3 months before refinancing.

  • Rep, do you have access to Citibank offer?

    • Yes we can 1.99% + Citibank bank rebate + our broker rebate up to 0.4%

      • PM'ed you couple of days back regarding this but no replies from you. This doesn't instill me with confidence.

        • We have replied your ozb. Pls allow 1-2 days for replies via Ozb as we don't monitor every day. If it's urgent please call or email us.

  • I was told if you switch jobs or found a new job that I need to wait for 6 months on the new job before you can apply for pre-approval?

    • Most lenders will allow a new job just started if permanent

  • St George website says 2.54%, how do you get 2.49%?

    • I did that when you borrowing less than 60% they discounted it. Apparently it is better to go down a branch and talk to someone. The website don't display everything.

      • If under 60lvr take a further 0.05% off

  • +1

    Is there a minimum loan size for $4k?

  • It looks like the banks are anticipating a rate cut in November.

  • +3

    I found these guys pretty useless. You have to hound them non-stop for any sort of response, and after a while you figure it's simply not worth the bother.

    • By "these guys", do you mean St George Bank?

      • +1

        Pretty sure he was referring to the broker as I went through the same thing…

    • +1

      Agreed based on my own experience, you're better off finding a good broker and stick with them

    • Please try us now as we are back to normal <24hr response time. We did receive overwhelming response from our popular broker rebate offer and had disruptions from COVID, but we know its frustrating and apologise for the delays earlier in the year. We guarantee that it did not cause any delay to loan application times, albeit taking a further 2-3 months via the banks. Happy to say we did get approval and/or settle >95% of our applications submitted

    • +2

      I had a poor experience as well with the broker and this was pre-covid. I ended up going with a different broker (not on ozb).

  • Would this apply to construction loans? I currently have a loan for my block of land with ANZ and was planning to move to NAB and get a pre-approval for the construction loan, so this deal seems better.

    • +1

      Hi the $4k is for refinance so if you move the land then do construction loan you get this rebate.

  • Hi OP,
    Is there a claw-back on the cashback offer if you leave within a certain time period?
    What are the exit fees?

    • Yes 24 months. Exit fees depend on lender, but STG is $350 discharge fee

      • Does the lender claw back the $4k or is it just the broker commission that is subject to clawback?

        • Just the broker commission gets clawed back. Better off going direct to the bank then.

        • Just broker. If you plan on refinancing every 6-12 months yes best to go to bank direct

  • Reductions announced? but I am getting this with St George through loan base at current, in the process of refinancing:

    2.59% for owner-occupied variable with offset
    2.19% for owner-occupied fixed
    2.49% for investment fixed

    6k cashback.

    Did they reduce their rates or is this marketing?

    • Do you mean $4K cashback? If not, can you please advise how the $6K works out, since even StGeorge website states $4K cashback?

      • Investment is 2k owner 4k = 6k

        • Also you would be paying $395 per year for their package to get the offset?

    • STG reduced their basic rates on 26 Oct. So from 2.49% basic owner occ variable

  • How are you getting 6k cash back?

    • i'm curious too, appreciate if the details can be shared.

      • @Korban Dallas seems to be refinancing 2 properties - owner occupied ($4K) and investment property ($2K)

    • He refinanced 2 properties owner + investor = $4k +$2k = $6k

  • with cashback deal, does most ppl engage with broker or they just walk in to the bank and apply directly with the bank instead.

    • Going via broker gets you the extra broker rebate which is not available via branch, on top of the $4k .

  • 2.61 is best I can get with my broker. So we pay that $350 fee is if we leave your mortgage broker in two years?

    • Yes $350 is the discharge fee

      • Is this a common practice. Sounds like a way to stop people from refinancing…

        • $350 is the discharge fee charged by STG and its quite standard fee amongst larger banks. Smaller banks often have even higher discharge fees. Brokers should not charge any fees

  • With St. George package, can I have a loan split into many each with their own offset account. I am setup like this with 6 splits with Macquarie. If I want to transfer I want to keep a similar structure.

  • +1

    Has anyone refinanced for more than $250,000 but then after settlement transferred a large amount of funds back into that loan account and still received the $4000 cashback?

    Is the deal simply to take a loan greater than $250,000 or does the actual amount owning need to be greater than $250,000?

    • Loan >250k for the bank rebate is ok, not amount owing.

  • Rep, do you get broker rebate with Westpac Flexi Option?

    • Yes we offer our broker rebate on top of all lender products