Greater Bank home loan repayment calculator

Thinking about taking out a home loan with Greater Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Greater Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.68 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Award-winning customer service
  • Opportunity to bundle the loan with other financial products
  • Flexible loan options
  • Competitive interest rates
Cons
  • No low doc option
  • Only available for properties in NSW, ACT and QLD

Greater Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.68%

Variable

$0

2.69%

$0
Greater Bank
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2.78%

Variable

$0

2.79%

$0
Greater Bank
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2.98%

Variable

$0

2.99%

$0
Greater Bank
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3.08%

Variable

$0

3.09%

$0
Greater Bank
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2.79%

Fixed - 5 years

$0

3.33%

$0
Greater Bank
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2.39%

Fixed - 3 years

$0

3.35%

$0
Greater Bank
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2.89%

Fixed - 5 years

$0

3.36%

$0
Greater Bank
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2.49%

Fixed - 3 years

$0

3.37%

$0
Greater Bank
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2.94%

Variable

$0

3.37%

$395 annually
Greater Bank
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2.79%

Fixed - 4 years

$0

3.39%

$0
Greater Bank
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2.89%

Fixed - 4 years

$0

3.41%

$0
Greater Bank
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2.24%

Fixed - 2 years

$0

3.42%

$0
Greater Bank
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2.34%

Fixed - 2 years

$0

3.44%

$0
Greater Bank
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3.04%

Variable

$0

3.47%

$395 annually
Greater Bank
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1.99%

Fixed - 1 year

$0

3.52%

$0
Greater Bank
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2.09%

Fixed - 1 year

$0

3.53%

$0
Greater Bank
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2.39%

Fixed - 3 years

$0

3.61%

$395 annually
Greater Bank
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2.79%

Fixed - 5 years

$0

3.61%

$395 annually
Greater Bank
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2.49%

Fixed - 3 years

$0

3.64%

$395 annually
Greater Bank
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2.24%

Fixed - 2 years

$0

3.66%

$395 annually
Greater Bank
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2.79%

Fixed - 4 years

$0

3.66%

$395 annually
Greater Bank
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2.89%

Fixed - 5 years

$0

3.66%

$395 annually
Greater Bank
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3.24%

Variable

$0

3.66%

$395 annually
Greater Bank
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3.09%

Fixed - 5 years

$0

3.67%

$0
Greater Bank
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3.66%

Variable

$0

3.67%

$0
Greater Bank
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2.34%

Fixed - 2 years

$0

3.69%

$395 annually
Greater Bank
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2.89%

Fixed - 4 years

$0

3.69%

$395 annually
Greater Bank
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2.69%

Fixed - 3 years

$0

3.70%

$0
Greater Bank
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3.19%

Fixed - 5 years

$0

3.71%

$0
Greater Bank
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2.79%

Fixed - 3 years

$0

3.73%

$0
Greater Bank
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1.99%

Fixed - 1 year

$0

3.74%

$395 annually
Greater Bank
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3.09%

Fixed - 4 years

$0

3.74%

$0
Greater Bank
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2.09%

Fixed - 1 year

$0

3.76%

$395 annually
Greater Bank
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3.19%

Fixed - 4 years

$0

3.76%

$0
Greater Bank
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3.34%

Variable

$0

3.76%

$395 annually
Greater Bank
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3.76%

Variable

$0

3.77%

$0
Greater Bank
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2.54%

Fixed - 2 years

$0

3.79%

$0
Greater Bank
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2.64%

Fixed - 2 years

$0

3.80%

$0
Greater Bank
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3.46%

Variable

$0

3.88%

$395 annually
Greater Bank
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2.49%

Fixed - 1 year

$0

3.91%

$0
Greater Bank
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2.59%

Fixed - 1 year

$0

3.91%

$0
Greater Bank
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2.69%

Fixed - 3 years

$0

3.95%

$395 annually
Greater Bank
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3.09%

Fixed - 5 years

$0

3.95%

$395 annually
Greater Bank
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3.56%

Variable

$0

3.98%

$395 annually
Greater Bank
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3.09%

Fixed - 4 years

$0

4.00%

$395 annually
Greater Bank
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2.54%

Fixed - 2 years

$0

4.02%

$395 annually
Greater Bank
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3.19%

Fixed - 5 years

$0

4.05%

$395 annually
Greater Bank
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4.04%

Variable

$0

4.05%

$0
Greater Bank
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2.79%

Fixed - 3 years

$0

4.06%

$395 annually
Greater Bank
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3.19%

Fixed - 4 years

$0

4.10%

$395 annually
Greater Bank
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2.49%

Fixed - 1 year

$0

4.12%

$395 annually
Greater Bank
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2.64%

Fixed - 2 years

$0

4.12%

$395 annually
Greater Bank
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4.14%

Variable

$0

4.15%

$0
Greater Bank
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2.59%

Fixed - 1 year

$0

4.23%

$395 annually
Greater Bank
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3.84%

Variable

$0

4.25%

$395 annually
Greater Bank
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3.90%

Variable

$0

4.31%

$395 annually
Greater Bank
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3.90%

Variable

$0

4.31%

$395 annually
Greater Bank
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3.94%

Variable

$0

4.35%

$395 annually
Greater Bank
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4.60%

Variable

$500

4.76%

$10 monthly
Greater Bank
More details

4.60%

Variable

$500

4.76%

$10 monthly
Greater Bank
More details

Greater Bank customer service

Greater Bank customers with general enquiries can contact the customer support centre six days a week and home loan customers have a direct line to the loan centre. In addition to round the clock telephone banking, Greater Bank customers can email the fraud prevention department at any time. Greater Bank customers can also contact support via the live chat function or by visiting a NSW or QLD branch.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Live Chat
  • Branch
  • Mobile banking staff

How to apply for a Greater Bank home loan

Borrowers wanting to apply for a Greater Bank loan can do so by contacting the bank directly, filling out an online application form or calling the bank’s loan hotline. 

Before applying for a Greater Bank home loan, consider what you can afford to borrow and what other costs you need to include. 

To apply for a Greater Bank loan, you will need to supply the following information:

  • Personal identity information.
  • Proof of income and employment.
  • Details of your current debts, liabilities and assets.

Note: only available for properties in NSW, ACT and QLD.

Greater Bank home loans review

As a customer-owned bank, Greater Bank is able to reinvest its profits to benefit its customers, including offering competitive interest rates. Fixed, variable and split interest rate options are available for owner occupiers and investors, paying principal and interest or interest only. Refinancers may also be able to benefit from a fast refinance option.

Greater Bank has mortgage options available for self-employed borrowers. Borrowers that are short on their deposit (such as some first home buyers) may still be able to get a home loan from Greater Bank if a family member can guarantee the loan with their own property as security.  Construction and land loans are also available, as are reverse mortgages and lines of credit.

While Greater Bank home loans are available with no ongoing fees, an annual package fee may apply if you choose to bundle your loan with other financial products from Greater Bank.

Greater Bank offers home loans with additional repayments and unlimited free redraws. Repayment holiday options are also available. Selected home loans also offer the option of multiple offset accounts.

Learn more about Greater Bank

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

How much of the RBA rate cut do lenders pass on to borrowers?

When the Reserve Bank of Australia cuts its official cash rate, there is no guarantee lenders will then pass that cut on to lenders by way of lower interest rates. 

Sometimes lenders pass on the cut in full, sometimes they partially pass on the cut, sometimes they don’t at all. When they don’t, they often defend the decision by saying they need to balance the needs of their shareholders with the needs of their borrowers. 

As the attached graph shows, more recent cuts have seen less lenders passing on the full RBA interest rate cut; the average lender was more likely to pass on about two-thirds of the 25 basis points cut to its borrowers.  image002

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.