Any experience with St George Profesional Package?

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.

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

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.

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

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

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

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…..

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;

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

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