Greater Bank goes below 3%

Laine GordonMay 30, 2019( 2 min read )

Related news

Home Loans

CBA takes the axe to fixed rates

Australia’s largest bank has today cut its fixed rate home loans, making it the last of the big four banks to adjust fixed rates since the RBA cash rate cut on July 2.

Jul 26, 2019( 3 min read )

Home Loans

Banks slash fixed rates, pricing in Melbourne Cup cut

Three of the Big Four Banks have dropped rates on their fixed home loans in the past week, with NAB the latest major bank to cut.

Oct 8, 2019( 3 min read )

Home Loans

CASH RATE ON HOLD: But fixed rates keep tumbling

The RBA has left cash rate on hold today at an historic low of 1 per cent. Reserve Bank Governor Philip Lowe has indicated there will be a prolonged period of low rates and further cuts are still on the table.

Sep 3, 2019( 4 min read )

Home Loans

CBA cuts fixed rates by up to 0.50%

Australia’s largest bank, CBA, has today cut fixed rate home loans by up to 0.50 per cent.

Feb 14, 2020( 3 min read )

Greater Bank has announced it will slash its 1-year fixed home loan for owner-occupiers paying principal and interest by 0.50 per cent to 2.99 per cent, making it the first bank to go below 3 per cent ahead of the RBA’s meeting on Tuesday.

Greater Bank is dropping several fixed rates, including its 2-year fixed rate to 3.39 per cent, and both the 4- and 5-year fixed rates to 3.64 per cent, which will be the lowest available rates on RateCity for all three loan terms.

The rate cuts take effect on Monday 3 June.

Bank of Queensland will also cut its 2-year year fixed rate to 3.44 per cent, and 3-year fixed home loan rate to 3.39 per cent for owner-occupiers, effective tomorrow.

Today’s updates from Greater Bank and Bank of Queensland follows ING’s and NAB’s announcements made in the past 24 hours, as fixed rate cuts continue to flow in thick and fast.

New lowest home loan rates

1-year fixed

Lender	Rate
Greater Bank	2.99%
Tic Toc	3.39%
Macquarie Bank	3.59%

2-year fixed

Lender	Rate
Greater Bank	3.39%
BoQ	3.44%
NAB	3.49%

3-year fixed

Lender	Rate
BoQ	3.39%
Loans.com.au	3.48%
Suncorp	3.49%

4-year fixed

Lender	Rate
Greater Bank	3.64%
Macquarie Bank	3.79%
Teachers Mutual Bank	3.99%

5-year fixed

Lender	Rate
Greater Bank	3.64%
Macquarie Bank	3.79%
UBank	3.94%

Variable

Lender	Rate
Mortgage House (RBA special)	3.29%
Reduce Home Loans	3.44%
TicToc	3.47%
loans.com.au	3.48%

Note: some rates are effective Friday 31^st May and Monday, 3^rd June.

Laine Gordon

Head Of Public Relations

Laine Gordon is the Head of Public Relations at RateCity. With a background in journalism, Laine brings over a decade of experience in personal finance to the team. She is passionate about helping people get out of debt, save money, and make better decisions about their own finances.

Today's top home loans products

Discount Offer Variable Home Loan OO P&I ($200k+)

Real Time Rating™

2.82 / 5

Advertised Rate

Comparison Rate*

2.59%

Variable

2.59%

No upfront or ongoing fees
Extra repayments + redraw services
Free redraw facility
Repayments may decrease if RBA cuts rates

View Now

Smart Home Loan

Real Time Rating™

2.62 / 5

Advertised Rate

Comparison Rate*

2.63%

Variable

2.65%

special

Get one of the lowest variable interest rates on the market and pay no application or ongoing fees

View Now

Home Value Home Loan (Principal and Interest)

Real Time Rating™

2.67 / 5

Advertised Rate

Comparison Rate*

2.65%

Variable

2.66%

special

Get a low variable interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.

View Now

Fixed Rate Classic Home Loan (Principal and Interest) 2 Years

Real Time Rating™

1.64 / 5

Advertised Rate

Comparison Rate*

2.29%

Fixed - 2 years

2.74%

Cashback

$2000 Refinance cashback

View Now

FAQs

Tip: You can use RateCity how much can I borrow calculator to get a quick answer.

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income (and your partner’s income if you are taking out a joint loan), the size of your deposit, your living expenses and any other debt you might hold, including credit cards.

A good place to start is to work out how much you can afford to make in monthly repayments, factoring in a buffer of at least 2 – 3 per cent to allow for interest rate rises along the way. You’ll also need to factor in additional costs that come with purchasing a property such as stamp duty, legal fees, building inspections, strata or council fees.

If you are planning on renting the property, you can factor in the expected rental income to help offset the mortgage, but again it’s prudent to add a significant buffer to allow for rental management fees, maintenance costs and short periods of no rental income when tenants move out. It’s also wise to factor in changes in personal circumstances – the typical home loan lasts for around 30 years and a lot can happen between now and then.

Greater Bank goes below 3%

Related news

CBA takes the axe to fixed rates

Banks slash fixed rates, pricing in Melbourne Cup cut

CASH RATE ON HOLD: But fixed rates keep tumbling

CBA cuts fixed rates by up to 0.50%

New lowest home loan rates

Today's top home loans products

Discount Offer Variable Home Loan OO P&I ($200k+)

Smart Home Loan

Home Value Home Loan (Principal and Interest)

Fixed Rate Classic Home Loan (Principal and Interest) 2 Years

Popular home loans searches

FAQs