St George Bank Home Loan Options
St George Bank offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.
Variable Rate Home Loan
Fixed Rate Home Loan
Variable rate home loans provide flexibility to expats. The interest rate on this loan can fluctuate with the market, which means it can go up or down over time. This flexibility can be advantageous if you expect interest rates to decrease in the future, potentially reducing your monthly payments.
With this loan, you typically have the freedom to make extra repayments, helping you pay off your mortgage faster and potentially save on interest costs. SGB often includes a redraw facility with variable rate loans, allowing you to access additional repayments you've made if the need arises. It may come with additional features such as an offset account, which can help reduce the interest you pay on your loan.
Fixed rate home loans provide Australian expats with the security of knowing exactly what their interest rate and monthly payments will be for a set period, typically ranging from 1 to 5 years. This predictability can be beneficial for budgeting and financial planning. When interest rates in the market rise, your fixed rate remains constant, protecting you from higher repayments during the fixed term.
While fixed-rate loans provide certainty, they often come with limited flexibility. Making extra repayments may be restricted, and there can be break costs if you decide to refinance or pay off the loan before the fixed term ends.
Bridging loans can be used to bridge the gap between selling one property and buying another. SGB offers a variety of bridging loans, including short-term and long-term loans. This is a financial solution for expats who already own a property and are looking to purchase a new one before selling the current property. This loan bridges the financial gap during the transition, allowing you to buy the new property and then sell the old one.
Bridging loans typically have an interest-only repayment period while you're in the process of selling your existing property. They are often flexible in their terms and can be customised to suit your individual circumstances. Once the old property is sold, you can either repay the bridging loan or transition it into a standard home loan.
St George Bank Home Loans Review
Here are the pros and cons of choosing St George Bank to buy property in Australia.
Competitive interest rates and fees
May charge a higher interest rate for expats than for domestic borrowers.
Dedicated expat lending team
May require expats to provide additional documentation to support their application.
Wide range of home loan products
May have a longer processing time for expat home loan applications.
Online and phone support available 24/7
Features of St George Bank Home Loans
St George Bank can help you get the following home loan features.
Allows you to lock in your interest rate for up to 90 days, giving you certainty about your repayments while you find a property to buy.
Allows you to split your home loan into two parts, one with a variable interest rate and one with a fixed interest rate. This can give you the flexibility to manage your repayments and take advantage of changes in interest rates.
Allows you to link your home loan to your savings account, so that you only pay interest on the net balance of your loan. This can save you money on interest, particularly if you have a large savings balance.
Allows a family member to guarantee your home loan, which can help you to get approved for a loan if you have a limited credit history or a low deposit.
Facts About St George Bank
How Do I Apply for an Expat Mortgage with St George Bank?
To apply for an Australian expat home loan with St George Bank, you can follow these steps.
- Check Your Eligibility: To be eligible for an Australian expat home loan with St George Bank, you must be an Australian citizen or permanent resident living overseas, a foreign investor living overseas with a valid Australian visa, able to provide evidence of your income and employment, able to provide evidence of your assets and liabilities, and able to provide a deposit of at least 20% of the purchase price of the property you are buying.
- Get Pre-approved: Getting pre-approved for a home loan before you start looking for a property will give you an idea of how much you can borrow and what your monthly repayments will be. You can get pre-approved online or by speaking to a St George Bank lending specialist.
- Gather Your Documentation: When you apply for a home loan, you will need to provide St George Bank with a number of documents, such as a copy of your passport and a copy of your visa (if applicable).
- Submit Your Application: You can submit your home loan application online or by speaking to a St George Bank lending specialist. Once you have submitted your application, St George Bank will assess your financial situation and make a decision about your loan.
- Accept Your Offer: If St George Bank approves your home loan application, you will receive a loan offer letter. You will need to sign and return the loan offer letter to accept the offer.
- Settle on the Property: Once you have accepted the loan offer letter, you can proceed with the settlement of the property you are buying.
It is important to note that the application process for an Australian expat home loan may vary depending on your individual circumstances. It is always best to speak to an Australian expat home loan lending specialist such as Odin Mortgage to discuss your individual needs and to get help with the application process.
Who is Eligible?
To be eligible for a home loan with St George Bank in Australia, you must:
- Be an Australian citizen or permanent resident, or a foreign investor with a valid Australian visa.
- Be able to provide evidence of your income and employment.
- Be able to provide evidence of your assets and liabilities.
- Have a good credit history.
- Be able to provide a deposit of at least 20% of the purchase price of the property you are buying.
Australian expats and Aussie permanent residents living overseas can get a home loan from St George Bank. St George Bank has a dedicated expat lending team who can help expats to get approved for a loan and navigate the Australian home buying process.
Foreign investors living overseas can get a home loan from St George Bank. However, there are a few additional requirements that foreign investors must meet, such as:
- Having a valid Australian visa.
- Providing evidence of their income and employment.
- Providing evidence of their assets and liabilities.
- Having a good credit history.
- Providing a deposit of at least 30% of the purchase price of the property you are buying.
What Documents Do I Require?
St George Bank in Australia requires the following documents for a home loan from overseas borrowers.
SGB may also require additional documentation, depending on your individual circumstances. For example, if you are a self-employed borrower, you may need to provide additional financial information.
Other Related Products from St George Bank
Construction loans are designed to help you finance the construction of a new home or the renovation of an existing home. SGB offers a variety of construction loans, including owner-builder loans and loans for projects that require multiple stages of construction.
Investment loans are designed to help you purchase a property to invest in. SGB offers a variety of investment loans, including loans for residential and commercial properties.
Portfolio loans are designed to help you finance a portfolio of investment properties. SGB offers a variety of portfolio loans, including loans for residential and commercial properties.
Need a Mortgage With St George Bank?
SGB can be your trusted financial partner as an Australian expat looking to invest in property back home. With their expertise and tailored home loan solutions, your dream of owning property in Australia from overseas can become a reality. However, you may still have difficulty securing your overseas mortgage. That’s where we come in!
Our team has the know-how in securing overseas mortgages for Aussie expats, PRs and foreign investors living and working outside of Australia. Speak with us today for tailored recommendations and advice for your unique circumstances!
Other Australian Lender Reviews
FAQs About St George Bank
Yes, SGB provides an online application process designed for expats living overseas, making it convenient to apply for a home loan.
SGB offers fixed-rate home loans, variable home loans, and interest-only home loans, each catering to different financial needs.
You can check your eligibility by visiting their official website or contacting their customer service for assistance.
SGB offers competitive interest rates, which can vary based on the type of loan and current market conditions.
While SGB offers competitive rates, it’s important to be aware of any potential fees associated with your home loan, including application fees and ongoing charges. Make sure to review all terms and conditions before committing to a loan.