St George is stepping up its presence in mortgage lending, introducing a raft of new policy and product changes.
Yesterday, the bank’s general manager intermediary distribution Steven Heavey told The Adviser that St George was ready to re-introduce lending up to 95 per cent LVR.
“Quite a few lenders have made the move back to 95 per cent lending in recent weeks and we were determined to be equally competitive in the higher LVR space,” he said.
In addition to increasing its maximum lending, St George has also revealed it will offer a refinance rebate up to $700 to any borrower that refinances with the bank.
And, in further good news for brokers, the lender has announced it will pay trail on all loans that are up to 60 days in arrears.
As part of its commission changes at the end of last year, St George announced it would cease to pay trail on any loan that was more than 30 days in arrears.
However, after lengthy consultation with its third party distribution network, Mr Heavey said it was revoking the commission change.
“We talked it over with our broker partners and learned that it can often take more than 30 days to help a customer get back on track with their loan repayments, which is why we decided to abolish this change. It was not fair to our broker channel and we are 100 per cent committed to supporting them in any way possible.”