How Home Loans Work | Save On Your Loan

While it’s easy to think of your home loan as 'set and forget', understanding features and how to use them can save you money.

Ways to save
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Great ways to save on your home loan

There are some great ways to save on your home loan!

Check that you have the right loan

You started with...	And now could benefit more from...
A Basic Home Loan	Advantage Package - With a St.George Advantage Package you may be eligible for discounted interest rates and fees.¹
A variable rate home loan	Protecting yourself against potential interest rate rises with a Fixed Interest Rate or by splitting your home loan.
A fixed rate home loan	Making unlimited additional repayments to pay off your loan sooner on a Variable Rate loan (break cost may apply if you end your fixed rate term early).

To switch home loans, call us on 1300 304 660 or drop by any St.George branch.

Use your home loan features to your advantage

Do you have...	You can use it to save...
An interest offset facility	Deposit your salary into your offset account If you have an interest free days option on your credit card, use it to keep your cash in your offset account longer
Extra repayments and Redraw	Calculate what you could save over the life of your loan by making extra repayments³ You can make a Redraw request if you need the extra funds.²
Interest in advance	Receive 0.20% p.a. off the standard fixed rate for paying interest in advance Advantage Package customers receive an additional discount.¹
Weekly or fortnightly repayment option	Make your repayments weekly or fortnightly to pay off your home loan sooner if you are making principal and interest repayments Calculate what you’ll save.

Minimise fees

Consolidate all your loans – if possible, consolidate your other loans into your St.George home loan to save on loan account fees and interest charges.
Avoid exception fees – monitor your transaction account balance to make sure you have funds available for repayments. It’s easy with Internet Banking, Mobile Banking or Phone Banking. You can also get mini-transaction histories on most Bank of Melbourne transaction accounts at any St.George ATM.
Redraw electronically – To make a redraw request via Internet Banking Phone Banking. Download, complete and return the Redraw registration form (PDF 83KB) and you’ll be ready to Redraw when you need to.

Calculate what you could save

Try our calculators...	See what you could save...
Home Loan Repayments	Calculate weekly, fortnightly or monthly loan repayments
Home Loan Comparison	Compare our home loans using varying interest rates, loan amounts, loan terms and more
Principal & Interest	See the benefits of making Principal and Interest repayments
Extra Payments	See how much sooner you’ll pay off your home loan
Lump Sum Payments	Calculate how much time and interest you’ll save
Splitting your loan	See the benefits of having part of your loan at a variable interest rate and part at a fixed interest rate

Thinking about switching? Here's how...

Talk to an expert

Speak to one of our home loan experts on 1300 304 660 to learn how we can help you manage your finances, including switching between fixed and variable rates.

Request a call back

A St.George home loan expert will call you back at a time that suits you, Monday to Saturday. Request a call back

Switch online

Logon and select your home loan.
Desktop: Go to Switch to a fixed rate home loan.
App: Go to Services, then tap Switch to fixed rate.

Choose your new fixed rate and confirm.

Manage your home loan

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Interest rates and calculators

Important information

Conditions, credit criteria, fees and charges apply. Based on St.George’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change. Before making a decision, it’s best to read the terms and conditions.

Loan Accounts – Charges for specific services and accounts (PDF 43KB)

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

¹Advantage Package: Terms & Conditions (PDF 648KB) apply. A $395 annual package fee applies and is payable from an eligible St.George transaction account. Before deciding to acquire a St.George transaction account, read the terms & conditions, and consider if the product is right for you.

² Redraw requests are subject to our approval. Redraw Limits for Fixed rate loans commenced before 17 May 2020: During a fixed rate period, you can only redraw up to $10,000 in each 12 month period. For this purpose, a “12 month period” is the period from the date the fixed rate period started to the first anniversary of that date and each consecutive 12 months after that, during the fixed rate period. Redraw Limits for Fixed rate loans commenced on or after 17 May 2020: During a fixed rate period, you can only redraw available funds that you have paid into the loan during your fixed rate period, up to the prepayment threshold. For more information on the prepayment threshold see the Break costs section.

³Fixed Rate loan repayments up to $30,000 only, before break costs apply. For fixed rate loans taken up prior to 18 August 2019, prepayments of up to the $10,000 are allowed, before break costs. Redraw, repayments pause and rate lock requests are subject to our approval. Fees apply.