Effective Tuesday, 11^th March, St George, Bank of Melbourne and BankSA introduced a special rate of 4.99% p.a. for Advantage Package Portfolio Variable Rate Home Loans for investment purposes only.

Key Benefits

·         The Portfolio Loan offers a true 'interest only' repayment option, unlike the 'interest based' repayment options of other St George/Bank of Melbourne/BankSA variable rate products.

·         It is a flexible line of credit, which provides the option for customers to create up to 10 sub-accounts to organise their personal and investment borrowing.

Eligibility

·         St George/Bank of Melbourne/BankSA Portfolio loans under Advantage Package

·         Application received on or after Tuesday 11 March 2014

·         Borrowings of $150,000 or more

·         New lending only

·         Applications received before 11 March 2014

·         Loans that are not on Advantage Package.

·         Borrowings of $150,000 or more

·         Existing sub-accounts and increases

·         Switches and splits to new portfolio loan sub-accounts (i.e no change to limit)

·         Internal refinances

What you need to do

For the promotional rate to be applied please ensure that you select Residential Investment as the Loan Purpose when setting up the sub-accounts.

What you need to know

·         The 4.99% p.a rate can be applied to existing Portfolio Loans for new lending on new sub-accounts created in the campaign period if they are for investment purposes only, and if borrowings under Advantage Package are $150,000 or more.

·         The offer applies only to new lending and borrowings of $150,000 or more under Advantage Package.  The promotional rate cannot be applied to switches and splits to new portfolio loan sub-accounts if there is no new lending, or if borrowings are $150,000 or more under Advantage package.

For more information contact your BDM.