Greater Bank Line of Credit Loan

Features

Whether you are investing, renovating or just want access to ongoing credit, the Greater Bank Line of Credit Loan can be tailored to your needs. Make repayments weekly, fortnightly or monthly and enjoy the insurance of knowing you can borrow 90 per cent of the value of the property you are purchasing.

The Greater Bank Line of Credit Loan doesn’t have an offset account but it does have a redraw facility that means you can make arrangements for expenses later on down the road. The loan also allows for extra repayments to be made, helping you to pay off your loan in your own time frame.

Who is the Greater Bank Line of Credit Loan good for?

This loan is particularly good for someone who wants to capitalise on the existing equity in their loan to get ongoing access to funds. Whether it’s for renovating your home or undertaking another investment, a line of credit loan is a viable option for a savvy investor. 

Review - What RateCity says

It is the flexibility and variety of options that make this loan stand out, particularly for investors and home owners with an eye on expanding or renovating their property. Variable rates will appeal to buyers who want to take advantage of potential low interest rates and the minimal monthly fee is also attractive.

While the Greater Bank Line of Credit loan’s higher than average upfront fee is a hurdle before you can start to pay off your loan, the interest rate is relatively low for a line of credit mortgage.

Greater Bank Line of Credit Loan Options

The Greater Bank Line of Credit Loan is geared towards getting the equity in your home working more efficiently for you, whatever your position on the property ladder.

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More details

Variable Rates from

4.85%

Advertised rate

5.00%

Comparison rate
Pros
  • Access up to 90 per cent of the property value.
  • Low monthly fee.
  • Make flexible repayments.
Cons
  • No offset account available.
  • High upfront fees.
  • Only available to customers in NSW, ACT and QLD.
Eligibility

Able to pay initial upfront fees.

New borrowers are required to attend an interview in branch.

Applies only to property in NSW, QLD and ACT.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $500.00
  • Discharge fees: $300
  • Ongoing fees: $10 monthly

The Greater Bank Line of Credit Loan has relatively high upfront fees that are charged after your application has been approved. From here on, there are no transaction fees to pay, with just a small monthly fee. There is a discharge fee that is payable when you reach the end of your loan term or switch to a different lender.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra 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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