Effective Monday 14 October 2019, St.George is decreasing the following Owner Occupier Standard Fixed Rates with Principal & Interest repayments and Residential Investment Standard Fixed Rates for both Principal & Interest and Interest Only repayments.
FOR NEW LOANS
Fixed Rate FAQs
What interest rate will be applied to Fixed Rate loan applications submitted prior 14 October 2019?
If customers have already rate locked their fixed rate, and if the rate locked in is higher than the new rate, then they will receive the new lower carded rate applicable to their loan on the date the loan settles (provided that there is no further fixed rate change). If the rate locked in is lower than the new rate, then they will not be impacted by the fixed rate decrease (i.e. they will get the rate they locked it at).If they have not rate locked their fixed rate or the rate lock has expired, then the rate applicable to their loan will be the carded rate (less any applicable margin) on the date the loan settles.
Should customers select “rate lock**”?
You should always discuss the benefits of rate lock when discussing fixed rate loan options as rates are subject to change. Rate lock will guarantee the current interest rate for 90 days from the date the rate lock is requested. A fee of 0.15 of the fixed rate loan amount applies, with a minimum amount of $500. Rate lock is only available if the security property is known e.g. has been found for purchase.
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