St George Business Loans – 5 Star Rated 2016

St. George is a provider of business loans, banking and investment products, home loans, home and contents insurance, car insurance, life insurance, and travel insurance.

“Start something.”

We congratulate St. George on their Commercially Secured Overdraft and Residentially Secured Overdraft products, which have both received CANSTAR’s 5-star rating in 2016 for Business Loans in our Overdraft profile.

The inclusions below represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.

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Resources on offer for small business owners

Grants

The St. George KickStart competition offers start-ups owners the chance to win a $25,000 grant cash injection. The finalists receive business pitch training before pitching their ideas to a live audience and judges at TEDxSydney. This program began in 2014 and was formerly known as the Small Business Champion grants.

St. George currently sponsors the AusMumpreneur Awards and supports the AusMumpreneur Network. These awards celebrate amazing mothers across Australia who are successfully balancing running their own business with being a full-time mum. Grants of up to $5,000 are available through the awards under the current Queensland Government, to help entrepreneurs with young children develop their businesses.

When things get tough, you want your bank to stand by your business. St. George has been offering Natural Disaster Relief grants since 2013.

Resources

Open For Business is St. George’s main business resources hub. They have tools and resources such as templates for business plans, cash flow projections, and balance sheets. You can Ask ActionCoach to find the answers to a new business owner’s usual FAQs. They even offer free email advice service for business owners to ask questions of company law and taxation lawyers via their Legal Access Services website.

St. George provides free eBooks about how to succeed in business, the Ten Truths Trilogy by small business coach Roland Hanekroot. All three books in the trilogy (The Ten Truths for Building a Great Growth Company; The Ten Truths for Raising a Healthy Bouncy Business; and The Ten Truths for Making Business Fun), which is also available in audio book format, are free to download here.

Something that’s not free but may be very helpful for a business owner who’s just starting out is Business Connect. This is a package of four cloud-based software applications available on any compatible device to help strengthen a different area of your business. St.George partnered with BCSG Australia Pty Ltd to create this product for a monthly fee.

Features of Commercially Secured Overdraft

Key features of this business loan product are:

  • Loan Purpose: Available for any business or commercial purpose
  • Loan Type: Revolving Credit, or Interest Only with no time limit
  • Maximum Loan Term: No maximum
  • Loan Amount: Minimum $0 – Maximum $99.9 million
  • Repayment Options: Daily, weekly, fortnightly, monthly, quarterly, semi-annually, or annually
    Additional repayments allowed
    Repayments may be made via internet, lump sum, ATM, or phone
  • Facilities Available: ATM, cheque, EFTPOS, online banking, branch access, telephone banking, BPAY
  • Portable Mortgage: Portable loan, with no balloon payments at end of term
  • Security Options: Cash, lien over specific asset, any business assets, specific assets, commercial property, other, or unsecured
  • Free Transactions: 50
  • Availability: This product is currently not available in Tasmania or the Northern Territory

Rates and Fees

Key rates and fees that apply to this business loan product are:

  • Advertised Rate: 80% variable rate. Rate varies according to LVR.
  • Ongoing Fee: $10/month
  • Overdrawn Service Fee: $9
  • Substitute Security Fee: $200
  • BPAY Transaction Fee: 00%
  • Cheque Fee: 50%
  • Over-the-Counter Transaction Fee: 00%
  • Portability Transfer Security Fee: $200

About St. George

St. George is best known as the bank with the dragon logo. They were founded in 1937 in the suburbs of Southern Sydney as a co-operative building society. They achieved full banking status in July 1992 and now have over 2.6 million customers in Australia.

In 2008, St. George became part of the Westpac Group.

St. George provides Disaster Relief Packages for affected customers, such as after the 2016 bushfires in Western Australia.

How St. George supports the community

  • Children’s health: The St. George Foundation was founded in 1989 to enhance quality of life for Aussie kids. To date, more than $15 million has been distributed to Australian children’s charities.
  • Charitable giving: St. George has a gift-matching program, and employees receive one day a year to volunteer for a worthy cause and can also be involved as a mentor through NGOs and social enterprises.
  • Sponsorship: St. George sponsors Sydney’s Open Air cinema, the Illawarra Dragons, and the Queensland Reds.

How St. George protects the environment

  • Enviro-loans: St. George employees can access interest free loans of up to $4,000 per year to purchase and install environmentally-friendly modifications such as solar hot water systems and energy-efficient appliances.
  • Earth Hour: Participating in Earth Hour each year.

Please note that CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular credit product. If you decided to apply for a loan, you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes and additional information.

 

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