Greater Bank Personal Loan Repayments
Greater Bank is a customer-owned bank that offers similar services to the big banks, but doesn’t pass on profits to shareholders.
Founded in 1945, the bank was previously known as the Greater Bank Building Society.
Greater Bank’s headquarters is in Hamilton, New South Wales. It has almost 100 branches plus mobile lenders across NSW and south-east Queensland.
Customers get free access to Westpac Group ATMs.
Greater Bank has more than 250,000 customers and assets worth over $6 billion.
Greater Bank personal loan repayment calculator
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Greater Bank personal loans rates
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Secured Personal Loan (NSW, ACT & QLD only)
monthly over undefined years
Fully drawn advance
Unsecured Personal Loan (NSW, ACT & QLD only)
monthly over undefined years
Fully drawn advance
- Moderately low interest rates available
- No monthly fees
- No charge for additional repayments
- Application fee charged
- Minimum $5000 loan amount
- No variable-rate option
Features of Greater Bank personal loans
Personal loan amount
- Secured personal loans of $5,000 - $100,000
- Unsecured personal loans of $5,000 - $50,000
Greater Bank offers only fixed-rate loans. Secured personal loans have lower interest rates than unsecured personal loans.
Personal loan terms
- Secured personal loans for one to seven years
- Unsecured personal loans for one to five years
- Weekly, fortnightly, monthly
- Additional payments can be made without penalty
- The loan can be paid off early without penalty
- Free redraw facility available
- Establishment fee charged
- Extra administration fee charged if using a property as collateral
- No monthly fees
As long as your documents are in order, you can be approved within 24 hours of applying for a Greater Bank personal loan.
Greater Bank personal loans – customer service
Greater Bank has almost 100 branches across New South Wales and south-east Queensland, which is the largest branch network of any Australian building society. Customers can also get face-to-face assistance from a team of mobile lenders. Contact can be made the following ways:
- Branch - 9am-5pm AEST Monday to Friday, 9am-12pm Saturday
- Phone - 8am-5:30pm AEST Monday to Friday, 8am-1pm Saturday
- Live chat - 8am-7pm AEST Monday-Friday
Who is eligible for a Greater Bank personal loan?
To be eligible for a Greater Bank personal loan you must:
- Be at least 18 years old
- Be an Australian resident or permanent resident
- Have a satisfactory credit history
How to apply for a Greater Bank personal loan
You can either submit an online application or apply for a personal loan in a branch.
To fill in a Greater Bank personal loan application, you’ll need to have the following information and documents on hand:
- Personal information (name, date of birth, address, email, phone number)
- ID (driver’s license or passport)
- Employment details (including your employer’s name, address and contact number)
- Proof of income (two payslips)
- Three months of bank statements
- Proof of current loan repayments and any other payments you make
- Credit and store card limits
- Proof of the total value of your assets
If you receive child support, rental income or a family tax benefit, you will be required to submit additional documentation.
Greater Bank personal loans review
Greater Bank has several features on its personal loans that might suit many customers.
These include a free redraw facility, no monthly fees and the ability to make extra repayments or pay the entire personal loan off early without penalty.
Greater Bank has both secured and unsecured personal loans. A secured personal loan lets you use an asset as security, and Greater Bank allows customers to borrow 120 per cent of the value of the security. The interest rates on secured personal loans are moderately low compared to other lenders.
Unsecured loans have no collateral. Greater Bank won’t let you borrow as much and will also charge a higher interest rate than for a secured loan. Compared to other lenders, the unsecured interest rate is moderate.
Personal loans with Greater Bank would not suit customers looking to borrow just a small amount, as the minimum amount is $5,000.
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Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Credit ratings/scores are calculated by credit reporting bodies such as Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. These are separate organisations, so they use different systems.
Equifax gives scores between 0 and 1,200:
- 833 to 1,200 = Excellent
- 726 to 823 = Very good
- 622 to 725 = Good
- 510 to 621 = Average
- 509 or less = Below average
Dun & Bradstreet (through the Credit Simple service) gives scores between 0 and 1,000:
- 800 to 1,000 = High end
- 700 to 799 = Great
- 500 to 699 = Average
- 300 to 499 = Room to improve
- 299 or less = Low
Experian gives scores between 0 and 999:
- 961 to 999 = Excellent
- 881 to 960 = Good
- 721 to 880 = Fair
- 561 to 720 = Poor
- 0 to 560 = Very poor
The Tasmanian Collection Service doesn’t give scores. Instead, it prepares credit reports for credit providers and then lets those providers make their own assessment.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. There are nine steps you can take to improve your credit score, most of which are simple to follow.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.