St George Home Loan Review

Published: July 29, 2019

If you’ve just found your ideal home to live or invest in, the next step is usually to find a home loan that suits your budget and unique requirements.

St George offers various home loan interest rates, including Fixed and Variable mortgage loans. If you decide to take up their Advantage Package by linking your home loan with a St George transaction account and credit card, you can save up to 1.32% per annum on loans above $100,000, depending on the loan type you choose.

Buying a house is one of the most expensive financial investments you’ll ever make, so before rushing into anything, you might want to compare St George’s home loan rates to other major financial institutions in Australia.

Take note: ComparingExpert and consultants are not mortgage brokers. The information provided in this article is to help you make an informed decision. Please contact the home loan provider or financial institution for advice and guidance.

About the St George Bank

St George has been offering personal, business and corporate banking solutions since it was founded in 1937. The bank became part of the Westpac Group in 2008, and is now one of their major operating divisions, contributing to creating Australia’s leading financial services organisation with an AA credit rating.

Types of St George Bank Home Loan Rates

St George offers various mortgage options to help you find a home loan suited to your requirements, including:


Standard Variable Rate

A flexible home loan with great features like repayment holidays, an offset account and redraw facility.


Basic Home Loan

A no bells and whistles Variable home loan. Generally, for people on a tight budget or for those that don't want to pay for features they're likely not to use.

Fixed rate home loan

St George Fixed Home Loan Rates

Lock in your interest rate, for 1 to 5 years, at the time you apply for your home loan. You can generally borrow up to 95% of your property's value.


Advantage Package

Receive discounts on interest rates when you package your home loan with your credit card and transaction account. A $395 annual package fee applies.

Access Line of Credit

Portfolio Loan

A line of credit home loan, with a fixed-rate term that allows you to use your home equity for other investments, so you can start building assets.


Building Loan

Fund the building of your new home and get funds advanced in stages as construction milestones get completed. These funds can be scheduled and made directly to the builder after each building stage.


Relocation Loan

Fund the building of your new home and get funds advanced in stages as construction milestones get completed. These funds can be scheduled and made directly to the builder after each building stage.

  • Standalone Relocation Loan: You repay the full loan when you sell your existing home or
  • Relocation loan combined with a new loan: You partially pay off the loan when you sell your current home and then choose a St George home loan rate for the outstanding balance.

St George home loan features and benefits

St George home loan options have different features and advantages which are essential to consider and understand before deciding which home loan is best suited for you:

  • Flexible repayment options: Pay weekly, monthly or fortnightly.
  • Discounts on interest rates: If your Standard Variable loan amount is above $100,000 and you combine with the Advantage Package, you’ll save 1.32% p.a. Fixed rate loans above $150,000 get a 0.15% p.a. discount on the Advantage Package (as per July 2019).
  • Split loan: You can have part of your loan at Variable interest rates and part at a Fixed interest rate, thus reaping the benefits of both loan types.
  • Offset account: Pay off your home loan sooner with interest offset account, where the money you have in your transaction account helps to reduce the amount of interest charged on your home loan balance. Available on eligible Variable rates. However, a partial interest offset is available to customers with a suitable Fixed rate loan.
  • Redraw facility: On Variable rate home loans, you can withdraw extra payments you’ve made on your home loan when you need it.
  • Repayment holiday’s: Eligible home loans can stop or reduce repayments for an approved period, for example, when on maternity leave.
  • Family pledge: Use the equity in your family members home to help you reduce your loan to value ratio, and possibly avoid paying Lenders Mortgage Insurance.
  • Top-up: Increase your home loan if your financial position requires it.
  • Cashback offer: New Owner Occupiers (principal & interest) and Investment refinancing loans over $250,000 with an Advantage package are eligible for a $2,000 cashback offer.

How much deposit do I need?

For a home loan from St George, you generally need a 20% minimum deposit. If you need to borrow more than 80% of the property value, you’ll need to pay the Lender's Mortgage Insurance (LMI). However, if you have LMI and been a St George customer for at least 6 months, you only require a 5% deposit. New customers with Lender’s Mortgage Insurance need a minimum10% deposit.

Applying for a St George mortgage

The St George bank typically requires you have the following information and documents on hand:

  • A copy of your savings accounts, covering the last 3 months.
  • Proof of income: Your last two consecutive payslips or a letter confirming your salary and length of employment. Alternatively, you’ll need to provide evidence of a regular income being deposited into your bank account. If you’re self-employed, you’ll need to provide copies of your personal and business income, tax returns and financial statements over the past two years.
  • A list of your financial commitments and ongoing expenses, for example, personal loans, credit cards, rent, groceries, insurance, childcare, etc.
  • The purpose of the home loan: For example, a new home to live in, refinancing, renovations or for an investment.
  • Copies of the Building Contracts or Contract of Sale when acquiring a new home.
  • First Home Owner Grant: If you are eligible, St George can help you with your application and lodge it on your behalf. If you’ve already received the grant, make sure to have the relevant details ready.

For the full home loan application checklist, visit the St George website.

Frequently asked questions and answers

How long does a St George mortgage approval take?

After submitting your online application, a specialist will contact you to help you get pre-approval (valid for 90 days) if you’ve met the lending criteria and provided the required documentation. You will generally receive an SMS or email when your application has been fully approved. Once everything is approved, the bank will provide you with a Loan Offer that outlines the terms and conditions of your loan.

How can I apply for a First Home Owner Grant with St George?

You may be eligible for a First Home Owner Grant if you're buying or building your first home. However, criteria vary between states and territories. To check if you qualify, visit The eligibility criteria usually require that you be:

  • An individual, not a business or trust,
  • A permanent resident or Australian Citizen,
  • 18 years or older,
  • A new homeowner, jointly or separately
  • Occupying the home as a place of residence for at least 6 months starting within 12 months of settlement or construction of your house.

Once you have this information, you can contact a lender at St George who will be able to process the grant on your behalf.

Can I switch from a Variable home loan to a Fixed home loan with St George?

Yes, throughout the life of your home loan, you are generally able to switch between Variable or Fixed interest rates. However, each home loan type has different benefits so you might want to contact a home loan expert to help you decide what suits your financial situation.

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