What are my fixed home loan expiry options?
Where to next?
Reassuringly, your home loan gives you options. You took the option to fix and protect your loan from rate rises during your current St.George fixed rate term,
and as you approach the end of this term, we're here to guide you through your options and next steps.
Compare your options
Variable loan with offset
- Freedom to make unlimited extra repayments, no redraw3 fee
- Offset account option
- Option to reduce your min repayments if your interest rate falls
- Interest Only option**
- Package option ($395 annual fee)#
- Interest rate could rise or fall
- Your minimum repayments will likely fluctuate
Fixed home loan
- Up to $30k in extra repayments, no redraw3 fee
- Rate and min repayments are locked in for up to 5 years, even if market interest rates rise
- Interest Only option**
- Interest Only in Advance option***
- Package option ($395 annual fee)#
- There may be a break cost2 if you sell your home, prepay over $30k or adjust your loan within your fixed term
- If interest rates fall, your rate and repayments stay the same
Split home loan
- Best of both worlds
- Ability to move extra repayments into whichever fixed or variable loan has the higher interest rate at the time (a break cost2 applies for fixed loan prepayments over $30k).
- Package option#
- You can’t link an offset account to your fixed loan
- See considerations for both fixed and variable
Review my situation
Tip: aim for minimum monthly repayments under 1/3 of your pre-tax monthly income.
Consider your short-term and long-term plans.
Loan and rate review
Whenever things change, our lenders are on hand to review your home loan options and interest rate, in a ‘Home Loan Health Check’.
Estimate your new repayments
Need a little breathing space?
You may be able to:
- reduce your minimum repayments
- pause your repayments
- change to Interest Only repayments**.
If eligible, you may end up paying more interest over the life of your loan.
Financial difficulty? You're not alone.
If illness, income change or a relationship ending is making it hard to meet your repayments, the sooner you tell us, the sooner we can help. Financial hardship arrangement info will only stay on your credit report for 12 months after the arrangement ends, as long as you meet the revised repayments.
Can’t decide what to do?
If you do nothing, when your fixed rate term ends your rate will automatically roll onto our variable rate with optional offset. After that, you can always choose to switch any portion back to our fixed home loan anytime – with no switching fee.
Book a callback or chat with your broker.
2-6 months out
- Read our weekly economic reports
- Stay updated on our interest rate news
- Know your repayment options
- Budget planner
3-5 weeks out
- We’ll send you a letter in the mail, allowing you enough time to review your options.
- Run the numbers again
- You can re-fix or view your variable rate options online up to 3-5 weeks before your fixed expiry.
- Book a callback if you’d like to review your options or re-fix over the phone.
While you can’t make changes before expiry without breaking your fixed rate term, we can still talk through your options with you anytime. Book a callback or contact your broker.
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.
The information on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it’s right for you. If you need help, call 13 33 30.
Tax consequences may arise from offers and promotions for investors and customers should seek independent advice on any taxation matters.
Fixed rate home loan: St.George will apply the fixed rate that is available at the loan settlement date or the date the fixed rate period commences. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate.
#Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible St.George transaction account. An Advantage Package discount has been included in the advertised eligible rate. The discount and fee savings apply for the duration of the package. Before deciding to acquire a St.George transaction account, read the terms & conditions, and consider if the product is right for you.
Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
**Interest Only repayments. Conditions apply. It’s important to understand that interest rates for loans with Interest Only repayments are higher. Your repayments will increase at the end of the Interest Only term as the amount you’ve borrowed will need to be paid back in a shorter timeframe. This also means you’ll pay more interest over the life of the loan with an Interest Only repayment term, than if you’d opted to continue paying principal and interest. There’s a maximum of 5 years for Owner Occupied loans and 10 years for Investment loans on Interest Only repayments over the life of the loan. If you’ve had less than this, you may be able to extend the Interest Only repayment term, subject to conditions and a new assessment. You’ll need to start the process well in advance of your expiry date and provide details of your income, expenses and liabilities.
For interest only loans, an interest offset facility requires repayments to be made by automatic transfer or by direct debit from a nominated account.
***Interest must be paid in advance annually for each chosen fixed rate term to receive this rate. If after the first year of a fixed rate term interest is no longer paid in advance the Interest Only in Advance discount will be removed for subsequent years.
^Available for Owner Occupier and Investment Property Loans with Principal & Interest and Interest only repayments.
1Rate Lock: St.George will apply the fixed rate available at the loan settlement date or the date the fixed rate term commences, unless you lock a fixed rate in on your loan using our Rate Lock feature. The fixed rate lock-in fee is 0.15% of your loan amount or $500, whichever is higher, capped at $1000 for loans up to $2M. For loans above $2M, the fixed rate lock-in fee is 0.15% of your loan amount. At the end of your fixed rate term, the interest rate will convert to our standard variable interest rate, unless a new fixed rate term’s selected and then the fixed rate is determined on the day the fixed term ends.
2Break costs: $30,000 prepayment threshold for the entire fixed period without break costs or fees applying. For fixed rate loans taken up prior to 18 August 2019, customers can make prepayments of up to the $10,000 prepayment threshold in each 12 month period without break cost or fees applying. Prepayment break costs are explained in the .
3Redraw facility: if you have 'available funds' (you’re ahead on your home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (in-branch it’s $30k). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our for full details.
The interest rates used in the calculator:
- are current, as indicated on our home loan interest rate pages;
- are St.George’s standard interest rates and include any package or promotional discounts; and
- are subject to change.
The output or result of these calculators:
- is subject to the assumptions which are subject to change;
- is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 13 33 30. We recommend that you consult your financial adviser before taking out a loan;
- does not represent either a quote or pre-qualification for a loan;
- may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, St.George may use an interest rate that is higher than the current interest rate for the loan requested