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Variable home loan interest rate increase

Friday 10 November 2023 announcement

Following the Reserve Bank of Australia (RBA’s) decision to increase the official cash rate, St.George today announced a 0.25% per annum (p.a.) increase to our variable home loan interest rates, for new and existing home loans.

These variable rate changes will come into effect from Tuesday 21 November 2023.

 

Summary of changes

These rates don’t include any package# or special offer^ discount, or any applicable LVR+ discount or margin.

Loan Rate change from Tuesday 21 November 2023 Variable rate Comparison rate*
Standard Variable Rate:
Principal & Interest
+0.25% p.a. 8.81% p.a. 8.95% p.a.
Standard Variable Rate:
Interest Only
+0.25% p.a. 9.40% p.a. 9.54% p.a.

Basic home loans will also increase by 0.25% p.a.

Variable loans that are no longer for sale may also increase by the same amount.

 

How to check your current rate

You can check your current rate in our App or Internet Banking. Your rate will be updated on Tuesday 21 November 2023.

  • Our App – tap your home loan account and tap the Details tab.
  • Internet Banking – select your home loan account and select Account details.
Loan Rate change from Tuesday 21 November 2023 Variable rate Comparison rate*
Standard Variable Rate:
Principal & Interest
+0.25% p.a. 9.37% p.a. 9.51% p.a.
Standard Variable Rate:
Interest Only
+0.25% p.a. 9.66% p.a. 9.80% p.a.

Basic home loans will also increase by 0.25% p.a.

Variable loans that are no longer for sale may also increase by the same amount.

How to check your current rate

You can check your current rate in our App or Internet Banking. Your rate will be updated on Tuesday 21 November 2023.

  • Our App – tap your home loan account and tap the Details tab.
  • Internet Banking – select your home loan account and select Account details.

What this means for you

Principal & Interest variable rate home loans

We’ll send a letter with details of the new minimum monthly repayment amount and when this starts, giving you time to adjust your payments. If you’ve set up a direct debit for your home loan repayments, this will automatically be updated to meet your new minimum monthly repayment amount.

 

Interest Only variable rate home loans

Your repayment changes each month depending on the interest charged to your loan. If you’ve set up a direct debit for your home loan repayments, this will continue to be automatically updated to meet your Interest Only repayment.

 

Fixed interest rate home loans

Repayments aren’t affected by variable interest rate changes during your fixed rate term.

 

Fixed rate ending soon? Here's how to prepare.

2-6 months left

Get a feel for the economy and play with our calculators & tools.

3-5 weeks left

We’ll mail you a fixed rate expiry letter. View your latest interest rate options in the Mobile App or Internet Banking: you can re-fix online, automatically roll onto a variable interest rate with a special discount** or split your loan later.

Get it touch

Up to five weeks out, you can re-fix over the phone, or we can review your rate and options.


Estimate your new repayments

FAQs

You can instantly check your current rate, repayments and balance by logging into our App or Internet Banking and selecting your home loan account.

Alternatively, you can request a callback or visit a branch.

Get a home loan health check and rate review  

Your St.George home loan’s been designed to evolve with you, and we’re here to help fine-tune your loan so you can become mortgage-free sooner. Remember, there’s no fee to switch between our variable loans, or between Interest Only and Principal & Interest repayments. Call through our App to skip the security questions (tap Contact us).

 

Helpful resources

Changes to your repayments

Use our repayments calculator to work out how much more your repayments may cost as interest rates rise.

Calculate my repayments

Pay off your loan sooner

Tackle interest rate fluctuations and discover how to own your home earlier.

Mortgage stress relief

You’ve got options if money’s getting tight. You may be able to adjust your minimum repayments, get free advice from an independent financial counsellor and apply for financial hardship assistance.

Explore your options


Terms & conditions

Credit criteria, fees and charges apply. Based on St.George credit criteria, residential lending is not available for Non-Australian resident borrowers.

#Advantage 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.

*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.

**Available for Owner Occupier and Investment Property Loans with Principal & Interest and Interest only repayments.

+LVR stands for the initial loan to value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won’t change during the life of the loan as the LVR changes.

^Basic Home Loan Promotional Principal and Interest Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 24/11/2023. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.

Basic Home Loan Promotional Interest Only Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Interest Only repayments received from 26/10/2020. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.

Residential Investment Basic Principal and Interest Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Principal and Interest repayments received from 24/11/2023. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.

Residential Investment Basic Interest Only Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Interest Only repayments received from 24/11/2023. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.

^^Changing repayment amount or frequency: Cannot be performed on an interest-only loan. However, you may make extra repayments. For more details on interest-only home loans.

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