St George Fixed 5 Years

The 5-Year Fixed Rate Home Loan offered through St. George Bank is the maximum term available for this type of loan. With it you can enjoy the security of reliable payments because of stable interest rates. However, once the five-year term ends, this loan will return to the Standard Variable Rate.

The fixed rate home loan, like most home loans, comes with certain features that help to make them more flexible products. The rate lock is one that is particular to fixed rate loans because it allows the borrower to set the interest rate for a period of 90 days before loan payments commence.

Other features are found in most of Australia’s home loan products. They include the redraw facility, repayment holidays, additional payment options, split loans, interest only payments, and the like.

KEY BENEFITS

Below are some key benefits associated with the St. George 5-Year Fixed Rate Home Loan:

Redraw

The redraw lets you remove money that was already paid into the mortgage account so you can use those funds for other purposes. The maximum you can re-draw is based on the additional payments you have made above the normal required.

Additional Repayments

This lets you pay more on the loan so you can pay it off faster by reducing the balance on principal.

The Repayment Holiday

You can place payments on hold for 3 to 12 months provided you pay a one-time $500 fee and you are ahead on your loan payments.

Split Loans

You can split the total amount you borrowed between more than one type of home loan.

Interest Only Payments

This means you are paying only the total interest owed on the loan. Periods of up to 15 years are possible.