Greater Bank personal loans

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.

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Property & Personal Finance Writer

Content updated

17 Oct, 2022

Product data updated

25 Apr, 2024

Why choose Greater Bank

Benefits

Moderately low interest rates available
No monthly fees
No charge for additional repayments

Drawbacks

Application fee charged
Minimum $5000 loan amount
No variable-rate option

Personal Loans calculator

Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.

Your estimated repayments

Total interest

Total repayments

Compare personal loans

This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
The calculation rounds of the personal loan repayment to the closest dollar value without decimals.

All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
Calculator does not include the cost of fees or other extra charges.
Calculator does not account for changes to interest rates over time.
This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.

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

Interest rates

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

Repayment options

Weekly, fortnightly, monthly
Additional payments can be made without penalty
The loan can be paid off early without penalty
Free redraw facility available

Fees

Establishment fee charged
Extra administration fee charged if using a property as collateral
No monthly or other ongoing fees

Approval process

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:

Branch
Phone - 8am-5:30pm AEST Monday to Friday, 8am-1pm Saturday
Live chat
Email
Post

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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About our expert

Nick Bendel

Property & Personal Finance Writer

A property and personal finance writer, Nick Bendel covered property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Greater Bank personal loans

Why choose Greater Bank

Benefits

Drawbacks

Greater Bank Personal Loans

Personal Loans calculator