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How to minimise fees
How to minimise personal loan fees
Plan your banking
Do you have the right personal loan for your needs?
St.George has a range of personal loan options for you to choose from to best meet your borrowing needs whether they be certainty or flexibility of loan term, interest rate, repayment structure and amount borrowed. For a product overview of all personal loan products please refer to Features at a Glance.
Fixed or variable – which is better suited to your needs?A fixed rate loan gives you the security of knowing what your repayments are and protects you against interest rate rises for the life of the loan. You can pay extra off your loan, but there is a limit on the number of additional payments you can make before break costs apply.
A variable rate loan gives you flexibility, as you can pay extra off your loan and redraw those extra payments if and when you need them*. The interest rate is not fixed, so it may vary over the term of the loan.
* Subject to St.George approval. Minimum redraw amount is $500, subject to our approval and a redraw fee applies for each approved request.
Ensure that you have enough money in the account that is being debited for your repayment, when the repayment is due. This will ensure that you are not charged for payment dishonours.
You may also want to organise for your loan repayments to be made from your nominated account at the same time your salary is credited to your account.
Make repayments via Direct DebitMaking loan repayments via direct debit saves you the hassle of having to make manual payments and can help avoid fees for missed or late payments.
St.George's exception fees on personal loan accounts
Exception fees are charged when you don't have sufficient money in your nominated transaction account to cover a payment or your loan account becomes overdrawn. Exception fees relating to personal loans include direct debit, dishonour and honour payment fees. These fees are avoidable and fully disclosed upfront to customers as part of our terms and conditions.
| Payment dishonour fee - payable on your personal loan account whenever a direct debit order for payment from another institution is dishonoured. | $15 per direct debit |
| For Get Set Loans and Unsecured Personal Overdrafts. Payment Honour Fee – payable for each transaction we honour which exceeds available credit | $38 |
| For Get Set Loans and Unsecured Personal Overdrafts. Payment Dishonour Fee – insufficient funds in your account when a periodic payment, direct debit or cheque is presented and we do not process the payment | $45 |
In order to avoid such fees it is important that you have the right personal loan for your needs.
Monitor your personal loan
We have a number of ways for you to monitor the state of your personal loan and ensure you avoid these types of fees. These include;
- Internet and Phone Banking
- Enquiring over the phone or at any St.George branch
- St.George ATM balance enquiries on Get Set Loans and Personal Overdrafts
- SMS and email alerts on Get Set Loans
If you would like more information on any of the fees that may apply to your personal loan, please contact St.George on 13 33 30.
