Westpac & St George Home Loans

November 13, 2017
Raymond Teh

The below is from experience and are not facts. 

St George & Westpac are parts of the Westpac Banking Corporation. St George is priced cheaper across all product type except SMSF loans.  Westpac may be positioned as the premier brand.  It has more branches, more lenient lending policies and less paperwork requirement.

Both brands' niches:

1.  An interest rate premium is not charged for mortgaged insured loans

2.  Allow for equity drawdown without written evidence of funds' use

3. Super fast refinance by allowing funding without receiving the property title deed from the outgoing leader.  

4. Redraw available for fixed rate loans

5. 90% lend without mortgage insurance charges for professionals including doctors, lawyers and accountants earning  >$150k/year

6. Market leading mortgage insurance premium for >90% loans 

7. May lend to a borrower on parental leave resuming work in 12 months

Both brands' shortcoming:

1. Once overexposed to a property development, no further lending will be allowed regardless of the borrower's strength or past relationship with the group 

2. A declined decision by the electronic credit scorecard cannot be reversed.  This is regardless of mitigating reasons.

RT 12/11/17

Posted in: Tips

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