Gail,
It actually is quite a good 100% loan. There is actually no Mortgage Insurance payable however St George charge a Loan Extension Fee of 2.5% of the loan amount. There is a $750 application fee and the interest rate is .3% higher than their normal standard variable or fixed rates.(no a great deal more when you think about it) Another great feature is that after 12months of having the loan, if you have built up 10% equity or more for $400 you can switch to their standard rates, I am currently performing this option with quite a large number of my clients at the moment. The loan is quite hard to get as you need a very strong income position, it is either 1.25:1 if you have 2.5% of genuine savings over a minimum of 3 months or 1.5:1 if you have no savings. (These are ratios that St George use to assess your servicability.)
Regards
Chris Vitale