St.George Bank home loan review
Also known as St George Bank. Sister brands: Bank of Melbourne (VIC) and BankSA (SA).
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
General information only. It doesn't take into account your objectives, financial situation or needs. Check the lender's key facts sheet, credit guide and TMD before you apply. We don't compare every lender, and we may earn a commission if you apply through our links.
Latest St.George variable rate change
St.George raised its owner-occupier and investment variable home loan rates by 0.25% p.a. on 9 October 2026, as it announced on 30 September. Bank of Melbourne and BankSA made the same change on the same day. St.George's announcement (checked 10 October 2026). For today's rates, see St.George's rates page.
St.George home loans at a glance
| Feature | St.George |
|---|---|
| Offset account | Full offset on the Standard Variable Rate loan; none on Basic |
| Fees (Standard Variable) | $600 establishment and $8 a month, or $0 with the $395 Advantage Package |
| 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) |
General information only. It doesn't take into account your objectives, financial situation or needs. Check the lender's key facts sheet, credit guide and TMD before you apply. We don't compare every lender, and we may earn a commission if you apply through our links.
St.George mortgage and home loan repayment calculator
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. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is St.George good for home loans?
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.
Pros
- +Basic loan with no establishment or monthly fees
- +Optional offset on the Standard variable loan
- +Takes part in the 5% Deposit Scheme
- +Backed by Westpac, a major bank
Cons
- -Offset and the lowest Standard rates are tied to the $395 package
- -Promotional rates exclude refinances from Westpac, Bank of Melbourne and BankSA
- -Rate lock fee of up to $1,000 on loans up to $2 million
Who St.George suits
- Borrowers who want a Westpac Group lender under a different brand and rate card
- First home buyers using the 5% Deposit Scheme
- Borrowers who want a fee-free basic loan from a major-bank group
About St.George
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.
- Ownership
- A division of Westpac Banking Corporation. Bank of Melbourne and BankSA are sister brands in the same group.
- Lender and licence
- St.George Bank, a division of Westpac Banking Corporation ABN 33 007 457 141, Australian credit licence 233714
St.George home loan products
Basic Home Loan (variable)
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.
Standard Variable Rate home loan with offset
St.George's full-featured variable loan: a full offset facility, unlimited additional repayments with redraw, and the option to fix part of the loan. It has a $600 establishment fee and an $8 monthly loan account fee, both $0 with the Advantage Package.
Fixed rate home loan
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).
Advantage Package
$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 variable rate home loans: how rates are set
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 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
St.George variable rate home loans: Basic vs Standard Variable Rate
St.George sells two variable loans. The Basic Home Loan is the no-frills option, with no establishment or monthly fees and unlimited redraw but no offset; the Standard Variable Rate loan adds a full offset account and the option to fix part of the loan, and its fees fall away inside the $395 Advantage Package.
| Basic Home Loan | Standard Variable Rate (with offset) | |
|---|---|---|
| Offset account | No | Full offset facility |
| Extra repayments and redraw | Unlimited, with fee-free redraw | Unlimited, with redraw |
| Fix part of the loan | Not offered on this loan | Yes |
| Establishment fee | $0 | $600, or $0 with the Advantage Package |
| Monthly loan account fee | $0 | $8, or $0 with the Advantage Package |
| Package | Not needed | Advantage Package: $395 a year for a rate discount and waived fees |
St.George vs Westpac
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.
St.George vs Bank of Melbourne and BankSA
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, are on the 5% Deposit Scheme list, and announced the same 0.25% p.a. variable rate rise from 9 October 2026. If you live in Victoria or South Australia, check the local brand's rates as well as St.George's: see Bank of Melbourne home loans and BankSA home loans. They are separate rate cards even though the lender behind them is the same.
How to apply for a St.George home loan
- 1
Use St.George's home loan selector or calculators to size the loan
- 2
Apply online or book an appointment with St.George
- 3
St.George assesses serviceability and orders a valuation
- 4
Conditional then formal approval; decide whether to rate lock a fixed portion
- 5
Sign the loan documents and settle
Check how much you could borrow with our borrowing power calculator; St.George's own calculator applies its own lending policy, so its figure can differ.
Buying in New South Wales? The NSW stamp duty calculator works out the duty and any first home buyer relief.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
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.
St.George home loan questions
Is St.George owned by Westpac?
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.
Does St.George have an offset account?
Yes, an optional offset account is available on its Standard variable home loan. The Basic Home Loan doesn't include one.
How much is the St.George Advantage Package?
$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.
Is St.George on the 5% Deposit Scheme?
Yes. St George Bank, Bank of Melbourne and BankSA are all on Housing Australia's participating lender list.
How can I contact St.George's home loan team?
St.George's contact page lists 1300 304 660 for home loans, 8am to 8pm Monday to Friday and 9am to 6pm Saturday (excluding public holidays). For general banking it lists 13 33 30, and you can book an appointment with a home loan specialist online.
Has St.George raised its variable rate?
Yes. St.George raised its owner-occupier and investment variable home loan rates by 0.25% p.a. on 9 October 2026, as it announced on 30 September. For today's rates, see St.George's home loans page.
Will mortgage rates drop to 3% again?
Nobody can say, and we don't forecast rates. The RBA's average rate on new owner-occupier variable loans was last below 3% between April 2020 and May 2022. See will mortgage rates drop to 3% again? for the RBA's latest figures.
What does a St.George rate lock cost?
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.