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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Pros and cons
- Moderately low interest rates available
- No monthly fees
- No charge for additional repayments
- Application fee charged
- Minimum $5000 loan amount
- No variable-rate option
Greater Bank personal loans rates
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based on $30,000 loan amount for 5 years
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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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Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Where can I get a personal loan?
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.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
How much can you borrow with a bad credit personal loan?
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 and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Should I get a fixed or variable personal loan?
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.
What is the average interest rate on personal loans for single parents?
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.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
What do single mothers need to apply for a personal loan?
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).
What is a personal loan?
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 typically 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.
How long does it take to get a student personal loan?
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, in some cases, the same day.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
Can unemployed single parents get personal loans?
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.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.