All Topics / Finance / Any experience with St George Profesional Package?

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  • Profile photo of eecchhooeecchhoo
    Participant
    @eecchhoo
    Join Date: 2005
    Post Count: 16

    Hi all,

    I come across with St George prof package on their website:
    http://www.stgeorge.com.au/loans/home/range/prof_benefit.asp?orc=personal

    Seems like that package is similar with Westpac’s product with the difference is Westpac charge $395/year for that kind of package.

    Any suggestion/experience before i decide to go with St George? Any other banks that give a discounted interest rate beside those 2 banks?

    I am going to take about $220K of loan with Offset account. By looking at that package it will reduce the variable rate by 0.4% to 6.92.

    Thanks in advance for any input ….

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    The St George pro pack is pretty good, the 0.7% off the SVR occurs at $250K in WA so any increase in future lending should see you qualify for a further discount.

    There are a number of lenders with pro packs but its impossible to suggest suitable lenders and their products without a lot more detailed personal info.
    Perhaps contact a WA mortgage broker for some help, unfortunately mortgage brokers residing outside of WA are not permitted to do business in that State, but feel free to call or email me with further info if you require some guidance/suggestions, Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of WylieWylie
    Member
    @wylie
    Join Date: 2004
    Post Count: 346

    We tried to get this St George professional package a few years ago. Our annual income was short by $1,000. They wouldn’t budge on this, so we went with another lender, who was more flexible.

    The other thing I didn’t like was that they told us “you are a one income family with three dependants, therefore you spend $_____ per year on living expenses”. The figure they quoted (can’t remember, maybe $21K?) was way more than we actually “live” on. I explained that we live much cheaper than that, but again, they wouldn’t budge. The other lender calculated living expenses in a different way and we breezed in.

    Apart from their absolute inflexibility regarding serviceability and living expenses, we would have loved the package. Their loss.

    Wylie.

    Profile photo of Finance FriendFinance Friend
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    @finance-friend
    Join Date: 2005
    Post Count: 24

    Another option, if you’re chasing a prof package purely for rate discounts and offset, Macquarie offer a fairly good product, they offset on their basic product, giving you a fairly competitive rate without the annual fees. Also, lenders offering fixed 3 yrs with offset AND redraw on the loan.

    Prof pkgs have their merits, but sometimes are over rated. I think their niche is for people who are going to be continually borrowing over a short period of time, as you will save on bank fees by doing so.

    The basic loans and fixed loans offer much more than they used to and in a race to offer the best, many lenders are enhancing their product features considerably on their bottom level products, which were priced cheaper initially because of their lack of features.

    Any queries, dont hesitate to ask!

    Regards,
    Rob

    Rob Whyte
    Certified Mortgage Consultant MIAA

    Principal & Licensee
    The Mortgage Gallery
    e [email protected]

    Winner 2004 National Office of the Year!

    Accredited with over 27 lenders nationally. 15 years experience in commercial and residential lending, ask me anything, if I dont know, I’ll find out!

    Profile photo of DerekDerek
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    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi eecchhoo,

    For me the more important consideration is the amount the respective lenders are prepared to lend you based on your current situation.

    Different lenders have different rules and ceilings and as such you may be better off, in the longer term, with another lender who will loan more.

    Having said that I am not familiar with the ‘ins and outs’ of the different lenders and this is where a good broker will be invaluable to you.

    Derek
    [email protected]
    http://www.pis.theinvestorsclub.com.au
    0409 882 958

    Profile photo of cruisercruiser
    Participant
    @cruiser
    Join Date: 2004
    Post Count: 43

    Commonwealth Bank and AMP offer 0.5% off the SVR i.e. 6.82%, both also offer a one year introductory 6.19% rate, after which you can switch to the 6.82%. With Commonwealth you have to qualify for their wealth package which costs $300 a year, AMP says they’re currently waiving all annual and monthly fees related to the profl package.

    I think a lot of the extra costs you don’t budget for are in the loan documentation – fee to attend settlement – deferred establishment fee – etc. etc. It is infuriating when they hit you with something you didn’t expect, yet signed up to in the loan contract, because the contracts are so huge you never read all of them.

    I wonder if brokers examine these ‘hidden’ costs and put them into their evaluations?

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    The St George pro pack does not have high annual fees, it has a monthly fee of $8 and an extra $3 per month if you take up the 100% offset facility,
    this is one of the cheapest pro packs on the market when compared to similar products with annual fees of approx. $300 per annum, Stg discount rate of 6.62% for lending over $250K & zero application fee until the end of September.

    The Maquarie mortgage saver product with offset has a monthly fee of $10 per month with discounted rates currently at 6.69% until the end of September for loans above $300K or $200K in WA and SA,
    Its also worth noting that Maquarie are a securitised lender, so keep this in mind if you want/need to limit your exposure to LMI. Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of Mr SatanMr Satan
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    @mr-satan
    Join Date: 2005
    Post Count: 2

    Hi eecchhoo,

    Talk with your lender, even you need a loan of $220K, you still can apply for $250K to meet the 0.7% discount benefit, and left the extra $$$ in the loan account to avoid interest.

    Regards,
    Satan.

    Profile photo of slesle
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    @sle
    Join Date: 2005
    Post Count: 19

    Why dont you try the ANZ Bank. They have a professional benefits package also and you would get .5% off the standard variable rate – thus the rate would be 6.82% for a $220k loan. Should you advance to $250k, they take .6% off.

    They didnt win bank of the year for the last 6 years for nothing!
    Cheers
    Matt

    Profile photo of eecchhooeecchhoo
    Participant
    @eecchhoo
    Join Date: 2005
    Post Count: 16

    Hi All…

    Thanks for the replies and suggestion guys …

    Seems like Macquarie Bank has a lower interest rate at 6.74 if i want to borrow $220K.

    Probably i’ll have a think on St George or ANZ as well if they cost less than Macquarie

    SLE: i am not able to find the information for ANZ Homeloan Pro package on their website, are you able to copy the link of the website if there is one please?

    Thanks

    Willie

    Profile photo of slesle
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    @sle
    Join Date: 2005
    Post Count: 19

    The ANZ do not promote it via the website – its one of those packages you need to ask about, but rust me it is there and there is no annual fees.
    Cheers
    SLE

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    The devil is in the detail,
    ANZ pro benefits pack has a $10 monthly fee for the 100% offset.
    6.72% for lending over $250K Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of slesle
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    @sle
    Join Date: 2005
    Post Count: 19

    Not neccessarily!
    You can have one of 2 offset accounts at the ANZ. Granted one is $10 and this account acts as your normal transaction account also or you can have a fee free option which you can still access from ANZ Atms, internet, phone and in branch with unlimited withdrawals – no fees at all!
    Cheers
    Matt

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    ANZ H.I.S no fee offset conditions.

    Min withdraw $500
    Must have a minimum balance of $2K in account to effect offset.
    ANZ ATM only
    Phone & Internet banking
    No Cheque
    No EFPTOS

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of slesle
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    @sle
    Join Date: 2005
    Post Count: 19

    Still easier to access the funds via those methods than most redraws! And there are no costs to take the cash out…….and I have seen people take much less than $500 at a time…..and even if the min withdrawal is $500…..whats to stop you from taking out $500 and then re-depositing $400 back in if you only want $100!
    You’re really making things sound harder than they are…..

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    Originally posted by sle:

    You’re really making things sound harder than they are…..

    Hi Matt,
    With all due respect I disagree with your assumption, I am simply providing the finer details. Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of calvin_thirty4calvin_thirty4
    Participant
    @calvin_thirty4
    Join Date: 2004
    Post Count: 556

    Hi,
    Thanx to Steve’s and others advice, I have spent the last week going thru the drills of finding finance, comparing CBA, ANZ with St George and it is quite amazing that no two answers are the same.
    Thank you Steve for not pushing “your” barrow and guiding me (so that I’d be a pain in some-one elses neck Hehehehe) but it has been interesting and frustration at the same time. Being a little borrower (< $250K) I don’t qualify for much, so feeling like a chiwahua with big fangs and nothing to loose I went the hole hog! Asking for no fees lower interest rates, ‘stretching the truth’ a little to get the banks motivated by saying things like “… my Mortgage broker has told me he/she can get me this percentage. What can you do…” an just sitting back and letting them explain to me why I can’t have this or that. And in true infant style, I keep asking “…but why?”. It is almost fun! Too bad my finalisation date is comming up, because I could do this for a lot longer I recon! Hehehe.
    So, one of the things I have found out is: – if choosing the ‘Breakaway Package’ in conjunction with the above mentioned off-set account with the ANZ, there are no fees on that account, even for withdrawals, sorry Steve. I have had the Bank Lender underline the passage for me;

    ANZ pro benefits pack has a $10 monthly fee for the 100% offset.

    I don’t know how that applies to the Pro Benefits Pack though!

    Cheers
    C@34

    Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
    – Thomas Edison

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Calvin & thanks for the kind words,
    The ANZ break free package is a different product to the ANZ pro pack,

    Under the ANZ break free package there is no fee for the offset, but there is a $295 annual package fee.
    $500K plus = 0.6% discount, Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of slesle
    Member
    @sle
    Join Date: 2005
    Post Count: 19

    Actually, any combined lending under the breakfree package in excess of $250k gets the .6% off the standard variable rate champ. You could even do a fixed loan for $200k (no discounts) and a supp loan for $50k and get the .6% off on the supp loan.
    ALternatively ANZ do a 6.62% on a single $250k+ Moneysaver loan – but no offset capability on that particular one.
    Cheers
    Matt

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Thanks Matt,
    I stand corrected, $250K + = .6% discount. Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

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