St. George Three Year Fixed Plan
Posted May 7th, 2010
and last modified January 30th, 2012
Fixed rate home loans can help you save money if you use them properly. If you are able to fix the interest rate when they are at their lowest you will be able to save money when the interest rates rise. There are many fixed rate loans available on the market and finding the right one can be difficult. The St. George three year fixed plan home loan is one of the many fixed rate home loans that are available that have very good rates and a variety of features that will help you save.
New and existing St. George customers switching to a new fixed rate will receive a discounted rate.
What are Fixed Rate Loans
Fixed rate loans are loans that are offered by most providers. Most fixed rate loans will function in the same way:
- Fixed interest rate. When you apply for a fixed rate loan you will be able to fix the interest rate and while the rate is fixed you it will not change throughout the fixed term. This is even true if the interest rates rise during that time. Fixed rate loans will generally come with higher interest rates to start off with and are usually less flexible than variable rate loans.
- How will they help you save. The fixed rate loans will help you save when the interest rates rise. If you have locked in a low rate and the rates rise you may end up saving money on your home loan.
When you are applying for the St. George three year fixed plan home loan you will have to be sure that you know the current market and believe that the rates are going to rise. If the interest rates don’t rise then you may end up losing money with the St. George three year fixed plan home loan.
Features of the St. George Three Year Fixed Plan
Like many fixed rates loans the features of the St. George three year fixed plan home loan are limited. The features of the St. George three year fixed plan home loan are:
- Borrowing conditions. The St. George three year fixed plan home loan allows you to borrow between $10,000 and $1,000,000 to buy a home. When you use the St. George three year fixed plan home loan you will have to provide a deposit of at least 95% of the loan to value ratio.
- Interest rate. As mentioned before fixed rate loans will generally require you to pay a higher rate of interest. The interest rate offered with the St. George three year fixed plan home loan is 6.54% While this interest rate is higher than other loan you may save money if the interest rates rise.
- Fees. There will be few fees that will be charged to your St. George three year fixed plan home loan. However you will have to pay a large ongoing fee on the account. The ongoing fee that will be charged to the St. George three year fixed plan home loan will be $10 per month. There may also be some application and legal fees that you will have to pay when you apply for the loan.
The St. George three year fixed plan home loan is a great fixed rate loan that will allow you to fix the interest rate for three years. If you fix at the right time then you may be able to save money on your repayments. The St. George three year fixed plan home loan also comes with a variety of features that will help you save. If you would like to know more about the St. George three year fixed plan home loan follow this secure link through to the official website of St. George bank.
Read the official terms and conditions
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