Variable home loan interest rate increase
6/10/22 announcement
Following the Reserve Bank of Australia (RBA’s) decision to increase the official cash rate, St.George today announced a 0.25% per annum (p.a.) increase to our variable home loan interest rates, for new and existing home loans.
These variable rate changes will come into effect on Tuesday 18 October 2022.
Summary of changes
These rates don’t include any discounts, including any package#, LVR+ or special offer^ discounts.
What this means for you
Principal & Interest variable rate home loans
We’ll send a letter with details of the new minimum monthly repayment amount and when this starts, giving you time to adjust your payments. If you’ve set up a direct debit for your home loan repayments, this will automatically be updated to meet your new minimum monthly repayment amount.
Interest Only variable rate home loans
Your repayment changes each month depending on the interest charged to your loan. If you’ve set up a direct debit for your home loan repayments, this will continue to be automatically updated to meet your Interest Only repayment.
Fixed interest rate home loans
Repayments aren’t affected by variable interest rate changes during your fixed rate term.
FAQs
You can instantly check your current rate, repayments and balance by logging into our App or Internet Banking and selecting your home loan account.
Alternatively, you can request a callback or visit a branch.
Get a home loan health check
Your St.George home loan’s been designed to evolve with you, and we’re here to help fine-tune your loan so you can become mortgage-free sooner. Remember, there’s no fee to switch between our variable loans, or between Interest Only and Principal & Interest repayments. Call through our App to skip the security questions (tap Contact us).
Helpful resources
Changes to your repayments
Use our repayments calculator to work out how much more your repayments may cost as interest rates rise.
Pay off your loan sooner
Tackle interest rate fluctuations and discover how to own your home earlier.
Financial hardship and getting help
If you're doing tough, our specialist Customer Assist team are ready to listen to your situation and walk you through the support available, to help get you back on track. Please call 1800 629 795 as soon as possible, or you can also get assistance online.
Terms & conditions
Credit criteria, fees and charges apply. Based on St.George credit criteria, residential lending is not available for Non-Australian resident borrowers.
#Advantage Package Terms & Conditions (PDF 217KB) apply. A $395 annual package fee applies and is payable from a St.George Complete Freedom transaction account. Before deciding to open a St.George Complete Freedom account, read the Terms & Conditions, and consider if the account’s right for you.
*Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
+LVR stands for the initial loan to value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won’t change during the life of the loan as the LVR changes.
^ Basic Home Loan Promotional Principal and Interest Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 10/10/2022. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.
Basic Home Loan Promotional Interest Only Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Interest Only repayments received from 10/10/2022. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.
Residential Investment Basic Principal and Interest Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Principal and Interest repayments received from 10/10/2022. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.
Residential Investment Basic Interest Only Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Interest Only repayments received from 10/10/2022. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.
^^Changing repayment amount or frequency: Cannot be performed on an interest-only loan. However, you may make extra repayments. For more details on interest-only home loans.