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Also known as St George, St George Bank, Bank of Melbourne, BankSA
St.George is a solid choice if you want a big-bank-backed lender with a fee-free basic variable loan, an offset option on its standard variable loan and access to the 5% Deposit Scheme. It is a division of Westpac, and in Victoria and South Australia the same group sells similar loans as Bank of Melbourne and BankSA.
This review covers St.George's three loan types, the Advantage Package, its rate lock fee, and how St.George compares with Westpac and its sister brands.
By Better Rate Mate Editorial Team · Last reviewed · Checked against St.George's own website
| Feature | St.George |
|---|---|
| Offset account | Optional, on the Standard variable loan |
| Extra repayments | Unlimited on Basic and Standard variable |
| Split loans | Yes, fix all or part of the loan |
| Package | Advantage Package, $395 a year |
| Rate lock | Capped at $1,000 for loans up to $2 million; 0.15% of the loan above that |
| Sister brands | Bank of Melbourne and BankSA, also Westpac Group |
| Ways to apply | Online or book an appointment |
| 5% Deposit Scheme | Participating lender (first home buyers can buy with 5% and no LMI) |
St.George Bank operates as a division of Westpac Banking Corporation, so its loans are made by an APRA-regulated major bank. The Westpac Group runs four home loan brands: Westpac, St.George, Bank of Melbourne and BankSA. All four are on the 5% Deposit Scheme participating lender list.
St.George sells a Basic variable loan, a Standard variable loan with an optional offset account, and a Fixed rate loan that can cover all or part of your borrowing. Most of the Standard and Fixed pricing is designed around the $395 Advantage Package.
A variable loan with unlimited extra repayments and no establishment fee or ongoing monthly fees. St.George's promotional discount on this loan excludes refinances and switches within the Westpac Group.
St.George's standard variable loan, with unlimited extra repayments, no associated break costs and an optional offset account.
Lock the rate for a set term on all or part of your loan. At the end of the term the loan reverts to the applicable variable rate. A Rate Lock is available for a fee (for loans up to $2 million the fee is capped at $1,000; above $2 million it is 0.15% of the loan amount).
$395 a year for interest rate discounts, no establishment fee and no ongoing monthly fees on packaged loans, and savings on credit card fees. Paid from an eligible St.George transaction account.
St.George prices by product, purpose, repayment type and LVR. Its lowest advertised rate is normally the promotional rate on the Basic Home Loan for new owner-occupier principal and interest applications, which it can vary or withdraw.
Standard variable and fixed rates are quoted with the Advantage Package discount, so add the $395 annual fee when you compare them with a lender that has no package. Bank of Melbourne and BankSA set their own rates, which are often close to St.George's but not always identical.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.24% in July 2026, and 6.40% for investors (published 7 September 2026). The cash rate was 4.35% as at 28 September 2026, unchanged since 6 May 2026; the RBA's next decision is due on 29 September 2026.
Enter the rate for the St.George loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as St.George's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator.
Estimate your repayments for any loan amount, rate and term.
Monthly Repayment
$2,997.75
| Loan Amount | $500,000.00 |
| Interest Rate | 6.00% p.a. |
| Loan Term | 30 years |
| Repayment Frequency | Monthly |
| Total Repayments | $1,079,190.95 |
| Total Interest Paid | $579,190.95 |
This calculator provides an estimate for principal and interest repayments only. It does not account for fees, redraw activity, rate changes, or other loan features. Verify with your lender before making financial decisions.
Same parent, separate pricing. Both have a basic variable loan without establishment or monthly fees, an offset loan built around a $395 package, fixed loans and 5% Deposit Scheme access. Westpac's Rocket Repay allows up to 10 offset accounts and its fixed loans allow $30,000 of extra repayments over the term. Because the group excludes internal refinances from its offers, switching between Westpac and St.George rarely earns a new-customer discount. See our Westpac review.
Bank of Melbourne and BankSA are the Westpac Group's other two home loan brands. They sell loans in the same families as St.George and are on the 5% Deposit Scheme list. If you live in either state, check the local brand's rate page as well as St.George's; they are separate rate cards even though the lender behind them is the same.
Use St.George's home loan selector or calculators to size the loan
Apply online or book an appointment with St.George
St.George assesses serviceability and orders a valuation
Conditional then formal approval; decide whether to rate lock a fixed portion
Sign the loan documents and settle
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
Yes. St.George Bank is a division of Westpac Banking Corporation (ABN 33 007 457 141) and lends under Westpac's Australian credit licence 233714.
Yes, an optional offset account is available on its Standard variable home loan. The Basic Home Loan doesn't include one.
$395 a year, paid from an eligible St.George transaction account. It gives interest rate discounts, removes the establishment and monthly fees on packaged loans, and adds credit card fee savings.
Yes. St George Bank, Bank of Melbourne and BankSA are all on Housing Australia's participating lender list.
For loans up to $2 million the fee is capped at $1,000; for larger loans it is 0.15% of the loan amount. It holds the fixed rate available at the time you lock until settlement.
