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St George Bank
Slay Your St George Home Loan With An Offset Account
St George BankYour home may be the biggest purchase you ever make, costing you hundreds of thousands of dollars, plus interest charges. You can make offers on the price of your property, but there's no controlling how much interest you have to pay, right? Think again.
With an offset account, such as the St George Mortgage Equaliser, you can reduce the amount of interest you pay and could potential save thousands of dollars.
So, how does it work? The St George Mortgage Equaliser works by linking your everyday transaction account to your home loan account. Your income can be paid directly into your transaction account as usual, but the balance of your transaction account works to reduce the amount of interest you pay.
St George: The Drain of Credit Card Debt
St George BankAre you tired of seeing your cash flow down the drain of credit card debt? Each month, you get paid and a large part of your income goes straight towards your home loan repayment, personal or car loan and bills. Then you have a bit of cash to live off for the remainder of the month, until the cash dries up and you start using your credit card to get you through to your next pay day. This cycle continues each month, meaning you owe more and more on your credit card as the charges and interest mount up.
Whether your credit card or cards are with St George Bank or another lender, you can break the cycle of credit card debt with some minor adjustments to your money management.
Slay Credit Card Bills With St George Visa Debit Cards
St George Bank
Do you dread getting your credit card bill each month? Maybe you've made a couple of impulse buys, then paid for some concert tickets and then you used credit for a few days before your next pay landed in your account and now it has all added up to a hefty bill.
There is a way to avoid that sinking feeling every month. The answer is a Visa debit card, such as the one offered by St George Bank.
Using a St George Visa debit card means that you are using your own money instead of credit, so you won't get a bill at the end of the month. You can only spend the money that you have in your account, so you will be forced to adopt a tougher approach to your spending.
Is It An Essential Loan For You?
St George BankHave you ever thought about the ways banks dress up their home loan products to lure borrowers into applying? To name just a few, ANZ has the Money Saver, BankWest has the Mortgage Shredder and St George Bank has the Essential Home LoanÂ. When shopping for a home loan, it's important to get past the marketing devices and find out whether it really is essential to your financial situation.
The St George Essential Loan is a variable rate loan that offers a discount on St George's standard variable interest rate.
Eligible home buyers can borrow between $10,000 and $1 million, with a minimum loan term of 2 years and maximum of 30 years. Borrowers applying for either individual or joint loans also need a minimum income of 30% of the total value of the loan.
The discounted rate offered by St George may sound appealing, but even with the discount this rate may still be higher than the rate offered by other non-bank lenders, so remember to shop around before making a commitment.
You should also take more than just the interest rate into consideration when choosing a home loan. Fees and charges, for example, can erode any benefits of a discounted interest rate. The St George Essential Loan attracts a hefty application fee of $600, a settlement fee of $100 and an ongoing account service fee of $12 per month. If you wanted to transfer your Essential Loan to another type of St George Loan, a switching fee of $350 would apply.
Lay Low With St George's Low Doc Loans
St George BankSelf employed? You may have an income and assets but you don't always have the necessary paperwork to qualify for a standard home loan. A Low Doc home loan could be the answer, but be sure to shop around. Short for low documentationÂ, a Low Doc loan means you can self-verify your loan by providing a signed declaration of your income, without the need for statements and pay-slips.
St George offer Low Doc options on their Portfolio Loan, Variable Rate Home Loan and Fixed Rate Home Loan products. Eligible homebuyers can borrow between $10,000 and $1.5million.
St George Standard Variable Rate Loan: Features At A Cost
St George BankWith 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.
St George Builds A Specialised Loan
St George BankThe three little pigs got off lightly, only having to worry about straw, sticks, bricks and the Big Bad Wolf, but anyone who is planning to build knows there's a lot more involved. Banks are finding ways to get into this market, with some offering specially created financial products such as the St George Bank Residential Construction Loan.
The cost of building your own home certainly adds up. For a start, you need a deposit to buy the land, then you need to pay stamp duty. Once you've got somewhere to build, you need to pay a deposit to your builder and set up progress payments for each stage of the building process. You also need to cover the cost of insurance, legal costs and inspections.
Know the Cost of St George's No Deposit Home Loan
St George BankAs the cost of living and property prices continue to rise rapidly, saving for a deposit has become harder than ever. Enter the St George No Deposit Home Loan.
This loan allows you to borrow up to 100% of the value or purchase price of your property and claims to be ideal for those borrowers with a good amount of cash flow but low amount of equity.
When considering a no-deposit home loan, it is important to examine the features and flexibility of the loan, as this type of loan may be subject to tight restrictions.
For example, the St George No Deposit Home Loan offers a redraw facility, which at first glance may seem an attractive feature, perhaps when compared to other loans. On closer examination, however, the redraw facility is available only to customers on a variable rate loan, is subject to the bank's approval and a redraw fee applies to approved redraw applications.
Senior Access Loan: Unleashing the Dragon of Equity
St George BankWith the proportion of Australia's population aged 65 years and over expected to almost double within 40 years, banks and financial institutions are continually exploring products specifically tailored to help retirees. St George Bank's Senior Access Loan is a reverse mortgage, which mean it's the bank who pays the homeowner instead of the other way around. It means that retirees can tap into the equity of their property usually their biggest asset to find a lifestyle they might not otherwise be able to maintain.
Lenders can pay anywhere between 10 and 50% of the value of the property, depending on the retiree's age. St George offers a range of 15 to 25% with payments strata starting for borrowers over 63 years, all the way up to 80 years of age and over. Basically, the older you are, the more you can borrow.
The Senior Access payment is available as a lump sum, or can be paid similarly to an income in order to supplement savings or a pension. The money can be used however you wish, so a new car, caravan or cruise around the world may not be out of the question.
As there are only a limited number of lending offering this service at the moment, St George offers a variable rate that is 1% higher than the standard variable rate. This interest is gradually added on to the total debt over time. Retirees can make voluntary payments towards their Senior Access Loan at any time, but the good news is that the debt doesn't have to be paid back until the property is sold, or the borrowers no longer live in the home, or the borrowers are deceased. It's a non-recourse loan, so retirees will not be able to owe more than the value of their property.
