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.
Greater Bank has more than 260,000 customers and assets worth over $7 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)
based on $30,000 loan amount for 5 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 generally 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 or other ongoing fees
As long as your documents are in order and you meet Greater Bank's lending criteria, you can be approved within 24 hours of applying for a 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:
- Phone - 8am-5:30pm AEST Monday to Friday, 8am-1pm Saturday
- Live chat
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
- Three months of bank statements
- Details 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 may 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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If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
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 documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.
Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.
It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.
Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.
Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.