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St George Standard Variable Rate Loan: Features At A Cost
St George Bank
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With so many mortgage products on the market, selecting one can be confusing. The key is to shop around and find the loan that offers the features, flexibility and interest rate that best suits your financial situation.
The St George Standard Variable Rate Loan allows home buyers to borrow up to 80% of the Loan to Valuation Rate (LVR), or 95% if they cover the additional cost of Lenders Mortgage Insurance. While this means home buyers could borrow more and therefore need to save less for a deposit, the added cost of Lenders Mortgage Insurance could increase the total amount owed by a considerable amount.
A minimum income of 30% of the amount of the loan is required for joint and individual borrowers. The St George Standard Variable Rate Loan has a minimum term of 1 year with a maximum term of 30 years.
According to the St George website, the Standard Variable Rate Loan has complete repayment flexibility and offers a full range of features. These features include the ability to make extra repayments, a redraw facility, partial interest offset on a nominated account and the flexibility to make monthly, fortnightly or weekly payments. These features could be of benefit to your financial situation, but they come at a cost.
The interest rate and $600 application fee are both higher than those offered by many other banks and non-bank lenders. A settlement fee of $100 and ongoing account service fee of $10 per month also apply. The redraw facility is available for internet and phone banking home loan customers, with no minimum amount, but a fee of $10 per transaction applies.
Fees and charges contribute to the overall cost of your home loan, so when choosing the right home loan for you, be sure to read the fine print and understand the costs involved. For example, if you decide to change your Standard Variable Rate Home Loan to another St George loan such as a fixed rate, split loan or home equity product during the term of your loan, you can expect to pay $350 to make the switch.
When shopping for a home loan, find out which features you need before you commit to paying for extras that may not suit your financial situation. Speak to a financial broker for expert advice and a range of home loan products from different lenders.
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