St.George Home Loan Review (2026)
St.George Home Loan Review (2026)Rates verified 21 June 2026
Rates can change without notice. Last verified: 21 June 2026 (AEST). Please confirm details on the bank’s official page.
Best rate (OO P&I)
6.29%
p.a. at ≤70% LVR
Comparison rate
6.30%
p.a. ($150k, 25 years)
Product
Basic
no offset, no annual fee
About St.George Home Loans
St.George Bank is a wholly-owned Westpac Group subsidiary, operating as a separate brand with its own product suite. The Basic Home Loan is St.George's no-frills variable rate mortgage, designed for owner-occupiers who prioritise a low rate over features like an offset account.
The same product — and broadly similar rates — is available under Bank of Melbourne and BankSA branding, also Westpac Group subsidiaries. If you're comparing within the Westpac ecosystem, the rate schedules are typically aligned.
The 6.29% p.a. rate (for LVR ≤70%) is competitive among big-four group banks but remains above digital lenders and non-bank lenders that offer sub-6% variable rates.
Basic Home Loan — OO P&I Rates by LVR
| LVR | Rate (p.a.) | Comparison rate |
|---|---|---|
| ≤70% | 6.29% | 6.30% p.a. |
| 70–80% | 6.39% | 6.40% p.a. |
| >80% | 6.69% | 6.70% p.a. |
Owner-occupier, principal and interest. Comparison rate based on $150,000 over 25 years. LMI may apply for LVR above 80%. Check St.George's website for current rates and full terms.
Pros and Cons
Pros
- ✓ Competitive big-four group rate at 6.29% for ≤70% LVR
- ✓ No annual fee on the Basic loan
- ✓ Westpac Group — strong brand and branch presence
- ✓ Also available via Bank of Melbourne and BankSA
- ✓ Free extra repayments on variable rate
Cons
- ✗ No offset account on Basic product
- ✗ Rate significantly above digital and non-bank lenders
- ✗ Rate climbs sharply at higher LVRs
- ✗ Ultimately Westpac Group — no pricing independence
How It Compares
- Unloan (CBA) Refinance Variable5.89% p.a. — lowest major-backed variable rate
- St.George Basic Home LoanReviewed here6.29% p.a. — for ≤70% LVR — competitive for Westpac Group
- CommBank Standard Variable Rate (Wealth Package)6.34% p.a. — Wealth Package, for ≤60% LVR
- NAB Base Variable Rate Home Loan6.44% p.a. — comparable at similar LVRs
- Westpac Flexi First Option (Online Offer)6.44% p.a. — comparable at similar LVRs
Related guides
Rates verified 21 June 2026. Variable rates change without notice. Comparison rate based on $150,000 over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. This is not financial advice.