Hi all
My potential new advisor has recommended i refinance with St George. Has anyone had any experience with their loans, fees etc?
I am currently with Citibank. What are peoples thoughts on them?
Thanks
Wilko, St George are very good. Very competitive.
Go for your life if it is a better deal for you.
Pisces
Rob, Wilko is in QLD. Therefore, anything over $250,000 gets 0.70% (NSW & ACT it has to be over $500k).
St George has break fees of $1,000 for 3 years. Their Portfolio loan encourages you to cross-securities (in fact it’s all in one) and can be expensive every time you add another property to the loan.
St George is ok if you aren’t going to change your lending too often. They are a bit light on borrowing capacity.
Cheers
Stu
Live in Qld but grew up in NSW!! No amount of perfect weather, hot babes and beautilful beaches will make me wear maroon!!
Back to the question, so you are saying that St George “Bees Knees”?
I would agree with Rob (based on his assumptions). (although it is hard to comment as we don’t know what’s important to you, your objectives, loan structure, amounts, etc.)
Cheers
Stu
I don’t care for Rugby! I am Victorian. We only like AFL.
Cheers
Stu
I think a councilor maybe able to help you stu ie being victorian is a disease of the mind!![laughing]
God help you Wilko… I think the suns getting to you. Honestly, they should just build a big wall along the NSW border and isolate you guys.
Cheers
Stu
[biggrin]
Anyway, back to the subject. If an advisor recommends a cetain institution, and can show you how much better the product is, what do you do?
I will put it this way. “Can people on this forum tell me who they are financed with and why?
Thanks
[suave3]This is not relevant. To answer your original questions depends on your preferences, objectives, etc, etc.
It’s like me asking where I should invest my money? No one can answer that question until they know what risk I want to take and my objectives, etc.
Therefore, contact a broker and get a second opinion.
Cheers
Stu
Good advice.
Thanks all
Hi
My advisor recommended a certain bank at one time.
I later found out this was the bank that was giving him the highest fee. $1800 for introducing us to the bank and getting the loan.
There are competent and honest brokers on this forum.
regards
alfWilko, you said….
Anyway, back to the subject. If an advisor recommends a cetain institution, and can show you how much better the product is, what do you do?
Generally you will have formed an opinion of the advisor, if this is the person you wish to do business with, the next step is to simply sign your name (make a decision and move on to the next most important thing in your life, which i agree is real footy…afl)
cheers
brahms
If you don’t ask, the answer is no!!
Hi Guys,
just curious a little bit about St George… their bank and their lending capacity, has put them into a highly geared insitution, but also in a vunerable position.
… what worries me is, that and based on my own research and analytic assumptions(this is only an opinion and should not be taken the wrong way) that i can honestly see a take over bid from some of the stronger lenders and bank insitutions like CBA and NAB with in the next 18 months…
… does anyone see, this as a significant problem, in the later future???
Cheers,
sisHi Rob,
havent got the figures right infront of me, but i do believe St George is the highest exposed bank, with their asset to debt liabilites, but also that am i talking about a take over bid with in the next 18 months….
give it a little bit more time and i do believe we will see such a takeover bid.
Cheers,
sisHi Rob,
Heres their Annaul Report for 2003 Sept.
Have a look at page 5 and you will see, how highly geared they area…
http://www.stgeorge.com.au/resources/sgb/downloads/annual_report/2003/sgb_full03.pdf
its quite interesting too…
… could there be a possilbe takeover bid…
my guess… anywhere between, now and the next 18 months…
Cheers,
sisSis, I did some Corporate Finance work for St George when I was at Deloitte and I can’t see it happening. NAB was going to be the most likely bidder but they are in no position at the moment.
I agree with Rob that it would have considerable ACCC issues if one of the Big 4 banks offered.
The only reasonable potential purchaser would be a foreign bank (similar to Bank of Scotland buying BankWest).
Cheers
Stu
SIS, I think the odds of St George being taken over were NAB about 2 years ago (?). I bank with St George, and was talking to my manager there then, and there was some restriction in place until mid year (maybe 2002, my memory is fuzzy) such that no takeover until after that. He was fairly confident that it would be NAB, but then things happened with NAB, and maybe St George is safe now…..
Cheers
MelWilko,
I have been with St George for years. Currently have 2 mortgages with them, 1 Home equity Loan (NSW) and one fixed int. IP loan (WA). I don’t think they are the cheapest, but I have never really had any complaints with them. I am currently looking at refinancing but will most likely keep the equity loan with them if not the other one. They were very helpful when I set up my IP loan, although I did sometimes have trouble contacting the person sorting out my loan.Hi Ket,
Do you have the St George Professional Benefits Package? You may be entitled to a discount off the Standard Variable Rate,E.g.:
Existing St George customers, with an outstanding Loan balance of $150.000 to $300.000
0.25% discount off the SVR,
Outstanding Loan Balance of $300.000 +
0.50% discount off the SVRIf your not receiving the discount, contact St George and ask for it,
Also: New customers to St George can receive up to 0.70% discount off the SVR depending on the total borrowing amount and the State where the majority of the security is.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
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