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St George 3 Year Fixed Rate Home Loan Now at 5.59%

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St George 3 Year Fixed Rate Home Loan Now at 5.59%
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Store RepCash Back Mortgage on 17/07/2012 - 10:27 cashbackmortgage.com.au (440 clicks)
Last edited 17/07/2012 - 15:09

St george has reduced its 3 year fixed rate to 5.59% which in comparison to CBA is a great deal. I have included a comparison link and also a graph i have compiled from Reserve bank of Australia data showing these rates are now close to historic lows. The rates are available direct or through your broker.

http://img341.imageshack.us/img341/1452/interestratehistory.…

3 Year Fixed rates with other lenders
CBA 5.79%
Citibank 5.85%
CUA 5.89%
AMP 5.99%

I must add as well St George currently has a $700 refinance rebate offer at the moment and from us a 400,000 loan would be $1,746 commission refund so your effective rate over 3 years would be around 5.39% for a 400k loan with the cash backs!!!!

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  • weezlebub on 17/07/2012 - 10:35
    +7

    can you knock another % or two off for OzBargainers, since that's their standard fixed rate :)

    • Store RepCash Back Mortgage @ Cash Back Mortgage on 17/07/2012 - 10:36

      If you look at the interest rate history it is a really good deal. Yes variable rates may come down further but they also might go up again just as quickly.

      • wisc on 17/07/2012 - 10:38
        +14

        this is a bargain site, not a standard advertising site sorry…without offering some type of discount your just Spamming…

        your're just offering your standard rate here…its better than others, i dont know its borderline.

    • weezlebub on 17/07/2012 - 10:37
      +10

      side note, in comparision to CBA, everything is a bargain!

      • Store RepCash Back Mortgage @ Cash Back Mortgage on 17/07/2012 - 10:38

        Their fixed rate was just reduced last week from memory which made them cheapest of the big banks

        • cloudy on 17/07/2012 - 13:47
          +2

          The word cheap and big banks shouldn't even be put in the same sentence really.

  • StewBalls on 17/07/2012 - 10:35
    +4

    Ubank were doing 5.62% variable last time I checked. IME, when the banks are asking you to fix a rate they know there's going to be a drop soon! ;)

  • jv on 17/07/2012 - 10:37
    +4

    SPAM

    This is their normal price, no deal…

    • StewBalls on 17/07/2012 - 10:38
      +1

      I tend to agree…ergo, neg from me.

      • Store RepCash Back Mortgage @ Cash Back Mortgage on 17/07/2012 - 10:42

        can you show a better 3 year fixed rate?

        • StewBalls on 17/07/2012 - 10:42
          +3

          Can you show me a significant discount for OzBargainers over normal pricing???

        • Store RepCash Back Mortgage @ Cash Back Mortgage on 17/07/2012 - 10:43

          in comparison to other lenders i can find it is the cheapest

        • jv on 17/07/2012 - 10:52
          +3

          Maybe if you included a "Free Valuation Report" ?????

          just saying…….

        • Geewhizz on 17/07/2012 - 13:00

          Free valuation reports are easy to come by

        • wisc on 17/07/2012 - 13:03

          yes… and thats why what he said was funny.

        • SBOB on 17/07/2012 - 13:22

          .

    • Store RepCash Back Mortgage @ Cash Back Mortgage on 17/07/2012 - 10:39

      in comparison to other options it is a deal

      • cash8 on 17/07/2012 - 10:43
        +2

        it might be a deal but definitely not a bargain

      • jv on 17/07/2012 - 10:46
        +2

        this is not a deal.

        you are just posting a list of interest rates offered to the public.

        you are not offering any additional savings or special offer that has a limited time…

        this belongs in the forums, not here…

      • Trishool on 17/07/2012 - 12:01

        Care to elaborate on those options? The Comparison rate is provided by banks to be used as a baseline for comparing loans across the board. If you had provided the comparison rate on the lowest 3 year fixed rate for the major 4 banks that'd been much more useful in backing up your claim and showing others that this is in fact a deal compared to what others are offering.

        • SmiTTy on 17/07/2012 - 13:45

          +1 - agree. Right on trishool

      • bargain_finder on 17/07/2012 - 13:49

        It's not really a deal !

  • weezlebub on 17/07/2012 - 10:50

    Actually, I can honestly say "I wish they posted this the other week, I've just signed up with them" … but settlements not for another month, and i think I went variable because i thought things might go down a little

    • StewBalls on 17/07/2012 - 10:52
      +1

      I honestly don't think you'll regret going variable! :)

      • Store RepCash Back Mortgage @ Cash Back Mortgage on 17/07/2012 - 10:53

        did you look at the rate history graph?

        • CarbonTwelve on 17/07/2012 - 11:27
          +3

          Compared to discount variable, there were few occasions in the last couple of years where being fixed for 3 years would've been a benefit.

        • hatts on 17/07/2012 - 12:08
          +5

          Are you giving financial advice in a public forum? does your ACL / AFSL cover that?

  • pencilman on 17/07/2012 - 10:54
    +5

    I disagree with the comments.
    This is a great rate, and if anyone can get a better rate than this, please let me know.

    Remember, a 0.5% interest rate saving on a home loan of say $300,000 is $1500 in your pocket per year.
    Much better saving than eg. a $3 saving on a usb flash drive that was so popular recently.

    • Vladdo on 17/07/2012 - 11:09
      +3

      Well said, and its just great awareness getting it out there that fixed rates can get close to variable rates.. and there's the option of extra payments and redraws, something of which is excluded from most fixed rate products..

      • StewBalls on 17/07/2012 - 11:22

        Public service announcements go in the forums don't they??? :p

    • SBOB on 17/07/2012 - 13:22

      .

  • xcal on 17/07/2012 - 11:03
    +1

    no deal spam

  • Freakycat on 17/07/2012 - 11:04

    This is definitely a lower rate than it was in GFC. At that time, fixed for 3 year was 5.69% and 5 year fixed was 5.99%. I saved quite a bit fixing the loan, considered it was about 6.59% in 2010.

    • supajuicy on 17/07/2012 - 13:08

      3 years ago I got 3yrs fixed for 5.25% .. in the process of changing banks and my mortgage broker just called to let me know of this drop too - perfect timing!

    • beaudilo on 17/07/2012 - 14:45

      Not entirely correct.

      I had 4.99% for three years with Westpac. That rate offer lasted less than a month though.

    • Trishool on 17/07/2012 - 15:27
      +1

      During the GFC I got a fixed rate of 5.19% for 3 years.

  • bohn on 17/07/2012 - 11:36
    +1

    spam
    not a good deal
    who would lock in that rate in this climate anyway?!

    • pencilman on 17/07/2012 - 11:48

      I would, and did before the end of financial year. Wish I knew of this deal 3 weeks ago :).
      Looking at Australia's long term interest rates, I can't see it going much further down, with greater likelihood of increase over 3 years. In the next year the rate may continue to fall slighly but at 5.59% this is already a very aggressively priced rate.

      • StewBalls on 17/07/2012 - 12:21

        If you don't mind me asking, what rate did you lock in at?

        • pencilman on 17/07/2012 - 13:46

          5.79% for 2 years, which I thought was pretty good at the time. Most places were offering ~6% or more…
          Prob the banks knew that lots of people were wanting to fix before the end of the financial year so could keep their rates higher then.

          Whilst 0.2% may not sound like much, as I noted on an earlier post it adds up to quite a lot if you have a big loan.

        • StewBalls on 17/07/2012 - 13:55

          Cheers dude.

          Whilst 0.2% may not sound like much, as I noted on an earlier post it adds up to quite a lot if you have a big loan.

          Therein lies the problem with fixing, you are stuck! You are already 0.2% worse off than even this rate, and even worse off when the variable rate drops further. Let's face facts, the banks are not going to offer you any product that keeps your money out of their pocket! ;)

        • pencilman on 17/07/2012 - 14:05

          But what is a good current variable rate, preferably with a big bank?

          I have other loans and even after spirited Ozbargaining I think my variable rates are in the the order of 5.9% which is higher than 5.59%. It'll be about the same if there are 2 more rounds of 25 basis point Reserve bank rate cuts (and provided the banks pass on most of the rate cut) and until then fixed is cheaper.
          Variable will only be cheaper if there is a 3rd 25 basis point cut.

          So how likey do you think 3 rounds of 25 basis point rate cuts are in the next year??

        • SBOB on 17/07/2012 - 14:12
          +3

          Ubank as an example are 5.62% at the moment..
          so you are only 0.03% better off.. (in the immediate future)
          one more cut and you are already 0.2% worse off, which as you said it adds up to a quite a lot if you have a big loan

        • Trishool on 17/07/2012 - 15:14

          I went through extensive comparisons of the features that come with UBank and St George Advantage Package (including the credit card that they give you which has a real good rate on purchases, offers travel insurance, and extended warranty on purchases made on the CC). To care so much about 0.03% versus the benefits offered by the Advantage Package (such as the added functionality via their online banking versus the reviews for uBanks which seems to be fairly simple to say the least) is a bit short sighted imo.

          Also lets not compare apples with oranges, youre comparing their current variable rate with St Georges fixed rate. uBanks fixed 3yr rate is 5.68% (5.80% comparison rate) which is a bigger difference than 0.03%. Fixed gives you one thing if you need it - certainty on your repayment amount for a period of time. Variable takes that away from you but allows you to make as many additional repayments as you want. So theyre two different things that cant be compared side by side as there are different products with different offerings and different risks associated to them.

        • StewBalls on 17/07/2012 - 15:16

          But what is a good current variable rate, preferably with a big bank?
          Ubank as an example are 5.62% at the moment..
          Also lets not compare apples with oranges, youre comparing their current variable rate with St Georges fixed rate.

          That was actually the requested comparison, dude.

        • wisc on 17/07/2012 - 15:18

          only problem with UBank is you need to have 75% equity…

        • Trishool on 17/07/2012 - 15:31

          That 5.62% is UBanks variable & comparison rate. Im trying to level the playing field by asking you to compare uBanks FIXED rate and FIXED comparison rate which at this point are 5.68% and 5.80% respectively.

          http://www.ubank.com.au/ub/web/mortgages_rates_book/uhomeloa…

        • StewBalls on 17/07/2012 - 15:34
          +1

          No Trishool, you're not levelling anything; you're simply missing the point of Pencilman's question entirely! Sigh…

        • SBOB on 17/07/2012 - 16:49

          "including the credit card that they give you which has a real good rate on purchases, offers travel insurance, and extended warranty on purchases made on the CC)."

          apart from the rate, i get that for free on my Bankwest Platinum card. I pay it off every month so the rate is irrelevant to me..
          Doesnt make the StGeorge deal any more 'attractive'

        • hatts on 17/07/2012 - 20:15

          .

      • SmiTTy on 17/07/2012 - 13:48

        I would to.

        Everyone to their own , noone knows if rates will go up or down or stay put.

        if you think you do, you don't. You have an opinion just like everyone else.

        • StewBalls on 17/07/2012 - 13:58
          +3

          The banks normally have a pretty good projection of what interest rates are going to do given the current economic climate…they have well paid professionals advising them on these matters!

          Let me reiterate, the banks are not going to offer you any product that keeps your money out of their pocket!

        • dealman on 18/07/2012 - 09:24
          +2

          Agree with stewballs, anyone fixing their rate is gambling that they know more about the rates than the banks do ? The Banks set a fixed rate knowing they are not going to be worse off.

          Can anyone here with any amount of analysis say that they know more about the future rates than the banks ?

    • pmupsinep on 17/07/2012 - 12:09

      Climate change ?

  • Trishool on 17/07/2012 - 11:52

    OP, the real understanding of whether this is a better rate than the others is by showing some current comparison rates with CBA, Westpac, NAB and ANZ.

    • Store RepCash Back Mortgage @ Cash Back Mortgage on 17/07/2012 - 11:55

      thanks, i added some to the original post.

    • wisc on 17/07/2012 - 11:56

      pfft they are some of the more expensive banks, no one gets the standard rates…

  • weezlebub on 17/07/2012 - 11:58

    St George is part of the Westpac Banking Corporation, I'm surprised they dont match rates …

    • wisc on 17/07/2012 - 15:20

      they dont match because people like going to the big four, so you have your budget bank for those willing to get a better rate, and you keep your main bank for those foolish enough not to shop around…

  • NotAMoodle on 17/07/2012 - 12:04
    +4

    Im with CBA, and im on the no frills home loan, and my rate is variable at 6.110% just checked, its come down nicely with all the cuts (started at 7.110%)

    So in comparison to this, this is not a deal I'd look to go through 500 pages of paperwork again, with 594789564 signatures and all the bullshit to save some short term money and then BAM be hit with a nice rise after the 3 years.

    Good on you for having the balls to post this in OzBargain though

    • Withdr4wn on 17/07/2012 - 16:03

      You'll find that by visiting a Broker, most of the 'redundant' paperwork will be taken care of. Don't be scared by what the lenders make you do yourself. After all, Brokers are paid (fairly well might I add) on commission, and will do quite a bit of that leg work for you. You also get the added benefit of them using software to compare / contrast a number of lenders to find the most suitable for you.

      As far as being scared about broker's chasing the high-commission loans, under NCCP requirements, they have to make sufficient enquiries about your financial situation and recommend a product based on your feedback. I'm unaware of any specific auditing cases yet, but I presume only time will tell.

  • hatts on 17/07/2012 - 12:09
    +4

    Link should be to St George site not an affiliate link.

    • pmupsinep on 17/07/2012 - 12:15
      +5

      The only reason this has been posted is to get commission for people who sign up through him. You think he would post it if there was no $ in it for him lol.

      • andy19363 on 17/07/2012 - 16:26
        -1

        At least he's actually posted a deal…….

        • pmupsinep on 17/07/2012 - 18:29

          your tired old line means nothing to anyone. thanks for trying though.

  • Geewhizz on 17/07/2012 - 12:59
    +1

    Already mentioned in the forums

    http://www.ozbargain.com.au/node/69779

    And because you have linked to your own site, not ST George, this is simply advertising.

  • SBOB on 17/07/2012 - 13:21

    .

  • RubenM on 17/07/2012 - 13:39
    +2

    Not sure why all the hate, great deal!
    To a lot of people having the assurance that your investment property will be cash flow positive for the next three years is worth taking a small risk of paying a little bit more money over that term.

    • Daabido on 17/07/2012 - 14:01

      Agree. Not too much different from the Coles / Woolies weekly specials listing. I don't see any bargains there just for OzBargainers.

      That, and a lot of people spend more on their mortgage than their groceries.

      • StewBalls on 17/07/2012 - 14:15
        +2

        Not too much different from the Coles / Woolies weekly specials listing.

        The difference: Specials, specials…specials!!! We don't see many posts for normal shelf prices, now do we? ;)

        • Trishool on 17/07/2012 - 15:00
          -1

          I'd consider this a special because:
          1. Its less than what they had before (5.79% 3yr fixed on Advantage Package)
          2. Its cheaper than the rest of the banks
          3. There's a good chance it wont stay at this rate forever.

        • StewBalls on 17/07/2012 - 15:13
          +2
          1. Not every market driven price reduction is worth a bargain post.
          2. This is just spam with the same information available to any broker/customer…there is no actual deal here!
          3. See point 1.
        • Trishool on 17/07/2012 - 15:16
          1. Petrol prices have gotten mentions here on OzB. Are they not driven by the market and the economy? All the bargains that we get have a lot to do with the world economy so I dont regard your point as valid.
          2. Compared to the other banks, there is a deal. Just like when Woolies sells toilet paper less than Coles for a period of time, its a deal, open to everyone, limited by stock availability and time.
          3. See above two points.
        • StewBalls on 17/07/2012 - 15:20

          As stated by many already, this spam does not meet the criteria for a bargain post…period!

          Remember, simple price reductions do not automatically equal bargains or specials. Specious comparisons to fuel & dunny paper aside, this is not marked as either limited time or special offer.

        • Trishool on 17/07/2012 - 15:32

          If that were the case, and you were by any chance right that this does not meet the criteria for a bargain, the mods would have removed it by now.

        • StewBalls on 17/07/2012 - 15:36

          Well, they should have removed it; especially given that it's a dupe of the same spam jv mentioned in the forums…I presume that I'm not the only one that reported it hours ago?

      • PinzVidz on 17/07/2012 - 14:32
        +2

        Oh come on, you know that Coles Circle coupon with the free ice cream was a bargain in a ½. :)

  • Withdr4wn on 17/07/2012 - 15:58

    No deal. You can go to Loan Market, Aussie, AFG etc… and get exactly the same deal. This is just your rudimentary 3 Year Fixed Rate package with St. George. For a standard 30 year loan, $300,000 - this works out to be a 6.64% comparison rate due to the $10.00 monthly fee and $700 establishment fee. For this particular structure, a 'Basic Home Loan' has a better comparison rate, no ongoing fees (about 6.28%). In fact, Macquarie have a better 3 year fixed rate under their "Classic 3 Year Fixed Rate" product at just a 6.04% comparison rate.

    All I'm saying is that you really should speak to a broker - rather than falling for these "OMG! save you cash" kind of deals. The comparison rate above should be about 6.3% for St. George with approximately $1,700 given back of the $3,600 you will be paying in Monthly fees. Although, you could theoretically put $1,700 on your mortgage and not incur interest for that portion of principal.

    • Trishool on 17/07/2012 - 16:02

      Your feedback is correct, however you are comparing a PACKAGE RATE to a BASIC RATE. If all you want is a home loan, then the basic rate savers are a great deal. However if you want a package that gives you a credit card and other features, then the Advantage Package is a great deal. You can compare St Georges Advantage Package 3yr fixed with CBA's Wealth Package 3yr fixed as they are competing products, but the same comparison cannot be done for a package versus a simple home loan rate.

      • Withdr4wn on 17/07/2012 - 16:10

        The Macquarie product I mentioned has a Credit Card option. Granted, there is no Offset, Redraw Facility, in the Macquarie Product - but St. George's 3 Year Fixed (the standard variant) doesn't have a Credit Card option (it does however allow a Partial Offset Account, Direct Salary Credit etc…).

        I'll be first to admit that Comparison Rates are complete bulls*** and don't allow a borrower to fully understand what they're signing up for. That's why they should talk to a Broker, not apply based on some super deal posted on OzBargain. That, I believe, is wrong.

        You might very well use Cash Back Mortgage as your brokerage, but it would be unwise to jump in saying "I want XYZ product because there's $1,700 cashback".

        EDIT: I should also mention that the Macquarie product was merely a suggestion of a product with a lower Comparison Rate based on the scenario posted before. This shouldn't be taken as advice by any means.

  • deals007 on 17/07/2012 - 17:14
    +1

    I hv my loans.com.au variable loan for 5.33%. This is not a deal.

    • amsaini15 on 18/07/2012 - 00:08

      Same with me. I am lucky to score that during last year special offer

    • Trojan on 19/07/2012 - 11:00
      +2

      Wow, thats sounds like great.
      Wish I could get that on my home loan. :(

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