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


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.


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!!!!

Related Stores

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closed Comments

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

    • 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.

      • +14 votes

        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.

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

  • 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! ;)

  • +4 votes


    This is their normal price, no deal…

  • 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

  • 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.

  • no deal spam

  • 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.

    • 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!

    • Not entirely correct.

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

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

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

    • 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.

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

        • 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.

        • 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! ;)

        • 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??

        • +3 votes

          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

        • 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.

        • 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.

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

        • 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.


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

        • "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'

      • 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.

        • 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!

        • 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 ?

    • Climate change ?

  • 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.

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

    • 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…

  • 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

    • 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.

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

  • Already mentioned in the forums


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

  • 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.

    • 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.

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

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

        • 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.

          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.
          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.
        • 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.

        • 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.

        • 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?

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

  • 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.

    • 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.

      • 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.

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