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Greater Bank Great Rate Loan

Features

The Greater Bank Great Rate Home Loan features a low interest rate and no ongoing monthly fees.

This low rate loan is packed with features that can help you save while giving you the flexibility to split the loan between a fixed and variable interest rate.

The standout feature of Greater Bank Great Rate Home Loan is the zero application, monthly or annual fees.

When it comes to repayments, this loan lets you choose between paying principal and interest or opting for interest-only for a period of time. You also have the option of making unlimited additional payments and structuring your repayments around your salary in either weekly, fortnightly or monthly installments.

While there is no 100 percent offset facility, the Greater Bank Great Rate Home Loan gives you access to an unlimited redraw facility.

The Greater Bank Great Rate Home Loan will let you borrow up to 95 percent of property value but to avoid paying Lenders’ Mortgage Insurance you will need a deposit of 20 percent or more.

If you’re borrowing over $150,000 you may be eligible for further rate discounts on both the fixed and variable interest rates.

At present, the Greater Bank Great Rate Home Loan is only available to customers in NSW, QLD and ACT.

Who is the Greater Bank Great Rate Loan good for?

The lack of upfront and ongoing monthly fees as well as the option to split the loan between fixed and variable rates gives this Great Rate Loan broad appeal.

While most borrowers stand to benefit from low interest rates and interest-only payments, the lack of 100 per cent offset account is worth noting if you have extra cash.

The Greater Bank Great Rate Home Loan is only available to customers in NSW, QLD and ACT.

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Borrowers that like the best of both worlds can split the loan across both variable and fixed interest rates which can help even out your repayments and help you budget better.

The zero ongoing monthly, annual or application fee can be an enticing feature, especially for first home buyers on a tight budget.

While this loan can save you paying additional fees, the lack of 100% offset account can potentially cost you thousands in interest over the life of the loan, especially if you have savings. Having said that, this loan does let you make unlimited additional repayments, so you do have the option of paying down your principal quicker.

It’s worth noting that this loan is only available to customers in NSW, QLD and ACT and while you can apply for the loan online, the documents will need to be signed at a branch. 

Greater Bank Great Rate Loan Options

The Greater Bank Great Rate Home Loan is a low interest rate loan with no monthly or annual fees. This low rate loan is available in fixed, variable and investment loan options. Click below to find a Great Rate Loan.

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Fixed Rates from

3.69%

Advertised rate

4.21%

Comparison rate

Variable Rates from

3.74%

Advertised rate

3.74%

Comparison rate
Pros
  • Low interest rate.
  • No upfront or ongoing fees.
  • Ability to split the loan.
Cons
  • Limited branch network.
  • No 100% offset facility.
  • Only available to customers in NSW, ACT and QLD.
Eligibility

Provide proof of identity.

Provide proof of income and employment.

Provide a list of assets and liabilities.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $300
  • Ongoing fees: $0

The Greater Bank Great Rate Home Loan offers the potential to save by offering no upfront fees as well as zero ongoing monthly loan fees.

There is a discharge fee payable when the loan ends or if you choose to refinance with another lender.

Depending on your loan size and deposit amount, there is further opportunity to save on the already low interest rate.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Greater Bank

Since 1945, Greater Bank has been providing a range of loans and financial services to residents in NSW and QLD. As Greater Bank is owned by its customers it means that profits are distributed back to the bank’s members. Greater Bank customers have access to an extensive ATM network including Westpac, St George, Bank of Melbourne and Bank of SA ATMs. 

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