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St. George Personal Loans

 

St. George Bank

 
 

St. George Bank is a lender that has recently been taken over by Westpac but continues to operate under its own name with its own branch network and products.

It offers a number of personal loans including a fixed personal loan, a variable personal loan and a get set loan.  The personal loans can be secured or unsecured.

With the variable personal loan the minimum amount loaned is $3,000 and the maximum amount is $80,000.  The term can be between one year and seven years.  Interest rates are slightly lower than with the fixed personal loan, but they are also vulnerable to being raised when the RBA rate goes up.  Payments will lessen further if the loan is secured against a property. 

Overpayments can be made and there is a redraw facility available for the overpayments. The interest is calculated on a daily basis which means that the full benefit of the overpayments will be obtained like a savings account.   The repayments are monthly, although more frequent repayments are allowed.

With the fixed personal loan there are the same minimum maximum amounts of $3,000 and $80,000 and the term can be between one and seven years.  Interest rates are slightly higher than the variable rate loan, but they will not be raised with the RBA rate (and they will not fall further).  A secured option is also available.  Although overpayments can be made and interest is calculated daily, there is no redraw facility. As with the variable loan, repayments are monthly with more frequent repayments allowed.

The establishment and monthly administration fees differ between secured and unsecured loans, and has no reference to whether the loan is variable or fixed.  With secured loans there is an establishment fee of $195 and a monthly administration fee of $7.  With an unsecured loan the establishment fee is lower at $150 but the monthly administration fee is $9, so on the administration fees an unsecured loan is cheaper for less than two years while the secured personal loan is cheaper for two years or more.  This is before the interest rate differential.  For higher amounts the only way to get a personal loan may be to offer security, depending on the personal circumstances of the borrower.

St. George also offers a Get Set Loan that in some ways acts like an overdraft.  It sets a credit limit at the beginning of the loan and the borrower can borrow up to that limit at any time, and repay at any time (although there is a minimum monthly requirement).  When the borrower does not borrow to that limit then there is no interest due on the un-borrowed amount, although there is a monthly administration fee of $9 and an establishment fee of $150 no matter how much is borrowed.  Money can be withdrawn by either a cheque book or a visa card that come with this loan.  The minimum that can be borrowed is $5,000 with a maximum of $50,000. 


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