Could I please hear about any pros and cons of using the St George Portfolio Loan product.
Thanks in advance.
Simon
Hi Simon,
Have just refinanced our St George Portfolio loan to a westpac loan because we own a property in Mount Isa and St George would only value it at 50 %. Found the loan to be great but to refinance or change conditions on the loan was very hard and to purchase another property I found St George to be very disorganised and not very helpful in my requests.Simon,
I like the St George PL. I use it myself.I like it because you can have money preapproved and in your account undrawn ( ready to use ) typical line of credit I suppose. They give me 5.97% interest on my primary account & sub accounts. I like to use the available funds to fund a 20% deposit and chase 80% stand alone funds elsewhere. I am a GOLD client with ST George which means I have a direct line to assistance that the general public doesn’t use. I find them very helpful and extremely competative. I always get good service.
St George listened to me 10 years ago when the major four mucked me around. So my exoerience has been all good.MJK
Hi MJK,
I’ve just started up a St George Portfolio Loan last moth.
Is the GOLD rating based on time or amount?Cheers…..Doug
Hi MJK,
I’ve just started up a St George Portfolio Loan last month.
Is the GOLD rating based on time or amount?Cheers…..Doug
(Spelling Corrected)
Doug,
I have no idea they just sent it to me. Like I said I’ve been with them a long time and have no personal debt. I suspect it has more to do with how much you borrow and having a good track record of making repayments. I wouldn’t say its anything to aspire to but I thought I would mention it so people could see where I was comming from.
PS. I hope your a newbie because I have to earn some nice points after being savaged on the soap box forum.
MJK
Hello,
A good loan overall because you can separate the debt into sub accounts all under one pre-approved limit i.e. owner occupied debt, investment debt, personal credit etc and manage what you want to pay off first. Might be god for tax purposes but…
The thing I don’t like about the St George portfolio is that there is a $12 p/m fee for every sub-account (unless salary credit into sub account). That can get expensive.
A good feature is there is 8 free transaction every month.
It is a competitive loan when you take the professional package (based on limit set) but it is not the most competitive line of credit available when you borrow over $250K as you only get .5-.6% off the current rate of 6.67% (depending on where you are). These discounts were recently reduced.
Wow MJK – you did get savaged!
Talk about the pen being mightier than the sword…Cheers…..Doug
We have had a portfolio loan for 4 years, and have 3 investments hanging off sub accounts. We also get the professional rates discount (its on the amount usually and length of time you have been with them) The account fees have just gone up but they are a tax deduction on the sub accounts if you use them for your investment properties. We also have a direct line to a personal financial advisor and use the senior morgage manager for advice regularly on properties we are interested in. Overall its a great account but we did have problems setting it up initially (new person set it up for us and wasn’t familiar with the product)now it runs like a charm. HG
Thanks everyone. It generally sounds like people are fairly happy with it.
Simon
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