Greater Bank Great Rate Fixed Rate Home Loan

Don’t pay for features you don’t want with the Great Rate Fixed Rate Home Loan

The Great Rate Home Loan is a basic home loan without monthly or annual fees and with the Fixed Rate loan there is a range of fixed rates so you can lock in a rate for a time period you feel comfortable with.

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Review by


Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

This home loan is a full documentation home loan, meaning it requires you to submit the full range of documents to verify your income, assets and debts. If you’re a self-employed borrower you might want to compare low doc home loans.

This loan is offered to owner occupiers purchasing or refinancing their homes, or to investors looking to buy an investment property or refinance an existing loan they have.

About this loan

What are the features and benefits of the Greater Bank Great Rate Fixed Rate Home Loan?

  • Low fees. The Great Rate Home Loan has no monthly or annual fees, so you don't have to worry about any savings you get from the competitive interest rates being eaten up by expensive charges.
  • High maximum LVR. You can borrow up to 90% of the property's value with this home loan, so you can purchase a property with as little as a 5% deposit. Keep in mind that borrowing over 80% will come with Lender's Mortgage Insurance (LMI) fees.
  • Flexible repayments. You can choose to make your loan repayments weekly, fortnightly or monthly. This means you can pay at a pace which suits your lifestyle and the payment cycle of your employer.
  • Interest only repayment options. You can choose to pay only the interest portion of your repayments with this loan, which can come with tax benefits if you're an investor. Note that making interest only payments rather than principal and interest repayments will not see your loan amount reduced. Interest only repayments can be made on this home loan for 5 years, and up to a maximum 10 years total.
  • Make extra repayments to pay your loan faster. You can make additional repayments of up to 5% of the loan balance on this loan without attracting fees.
  • Redraw facility. You can redraw any extra repayments for free through your online banking. This gives you the flexibility to make extra repayments on your home loan and access them later if you want to go on a holiday or pay for unexpected costs or bills for example.

What fees and charges come with this loan?

  • Monthly fee. $0. There are no monthly fees charged as part of this loan.
  • Annual fee. $0. There are no annual service fees charged by Greater Bank for this loan.

How to apply

If you decide to lodge an enquiry for this home loan, Greater Bank will want some basic contact information to help you, including your phone number, suburb, state and potential loan amount.

When applying for a home loan with Greater Bank you'll need to provide them with information about your income, assets and debts. This will help them decide whether or not you can afford and pay back this loan.

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10 Comments

    Default Gravatar
    Freddy
    November 8, 2021

    We have two investement residential properties with different lenders. We want to consolidate loans with a lower fixed rate. Proeprty 1 has $350k outstanding, and is worth about $ 2 mill – rented at $690 pw. Property 2 has about $100k remaining on the loan and is valuaed at about $350k – rented at $340pw. Can you assist, please? Thank you.

      Avatarfinder Customer Care
      Richard
      November 10, 2021

      Hi,

      If you would like to consolidate your debts, you may consider refinancing. You can contact your existing lender first to see if you can negotiate the interest rate offered with your current mortgage. They may be willing to negotiate a more competitive interest rate.

      If not, you can check out our page about refinance home loans for options. Once you’ve chosen a particular lender, click the Go to site icon.

      Unfortunately at Finder we cannot help you organise a loan ourselves. But you can talk to a lender or speak to a mortgage broker to discuss the type of debt consolidation loan that will complement your borrowing needs.

      Regards,
      Richard

    Default Gravatar
    Sam
    September 21, 2021

    I want to buy 100 acres of land that has power and water which is $300,000. I also what to include the purchase of a container home which I have budgeted for $90,000.
    I am a first time home owner / builder . What deposit and how much would I need to borrow after you including the $15,000 first home grant and not paying stamp duty?

      Avatarfinder Customer Care
      Sarah
      September 22, 2021

      Hi Sam,

      The answer depends on the location where you’re buying. Banks set their loan criteria, including how much deposit they require, based on risk. The biggest risk to a bank is that you’ll stop paying the mortgage and they’ll need to sell your property/asset to recover their money. If you buy acreage in a remote area, or buy a container home which is a little outside the norm, they might struggle to find another buyer if you default on your loan. This is a higher risk to the bank than if you buy a standard residential home in a popular area. This is why home loans on less ‘conventional’ purchases can require a larger deposit of up to 30%.

      That said, every lender has a different risk appetite, so you might find a lender who is willing to loan you the money with 20% deposit or even less. Your best bet is to use a mortgage broker: their services are completely free to you, and they can help you find a lender that suits your needs.

      Hope this helps!

      Cheers,
      Sarah

    Default Gravatar
    Sujeewa
    September 16, 2021

    First home buying owner planning to live in, I am targetting a property of 650k, have 5% and ~28k for rest of the cost (LMI etc) so I am seeking a loan of 617k.

    What is meant by 110% LVR?

    you say that you give loans upto 90% LVR but 5% deposit is ok. What does that mean?

    I need a loan of 617K for 30 years, which is a 95% LVR and hw much is my LMI and what are your rates weekly installments etc? I prefer a low interest fixed rate for first 3 years if possible

      Avatarfinder Customer Care
      Richard
      September 20, 2021

      Hi Sujeewa,

      Greater Bank offers a Family Pledge option that allows you to borrow up to 110% of the value of your property by applying with a guarantor. A guarantor is usually a family member who owns a home of their own. The guarantor uses their home as security to guarantee the loan. This way the lender may actually lend you more than the value of the property.

      Using a guarantor lets you borrow up to 110% and avoid lenders mortgage insurance. But there are risks involved: if you can’t repay the loan then the guarantor’s property may be at risk and the lender could force them to sell in order to cover the debt.

      Cheers,
      Richard

    Default Gravatar
    Alec
    August 8, 2021

    Hello,
    What happens after the 1 year fixed period expires. It will revert to variable yes, but what is that rate currently or what is that rate called so it can be looked up.
    Thank you.

      Avatarfinder Customer Care
      Sarah
      August 9, 2021

      Hi Alec,

      After the 1-year fixed period expires, it reverts to variable rate that is applicable at that time. It’s impossible to look 12 months into the future, so you can’t look up what the rate will be.

      The next best thing is to look at the rate as it is today – that gives you a bit of an indication of what variable interest rates with this lender are like today. If their variable rate is low and on par with other lenders today, then it’s likely to be competitive in the future. If it is much higher than other banks and lenders in the market, then it could be more expensive in a year’s time.

      The good news is, the loan is variable. This means if you take advantage of this fixed rate loan, then when the fixed period ends, you decide you can do better elsewhere, you can always refinance or even ask the bank directly for a better deal. You’d be surprised how often banks are willing to negotiate a lower rate to keep you from refinancing!

      Hope this helps.

      Cheers,
      Sarah

    Default Gravatar
    Mhairi
    July 13, 2021

    Hi there

    What would the interest % be if I was to refinance a loan for $224 357, principal and interest. Would I be able to get the 1.67% interest amount?

    Kind regards

    Mhairi Cochrane

      Avatarfinder Customer Care
      Sarah
      July 16, 2021

      Hi Mhairi,

      The interest rate you can qualify for depends on a number of things, including your loan size, loan to value ratio (LVR), deposit/equity, credit score and loan term.

      With Greater Bank, the lowest interest rate p.a. it offers for the following home loan programs is 1.69%.
      – Greater Bank Great Rate Home loan – 1 Year Fixed (Owner Occupier)
      – Greater Bank Great Rate Home loan – Discounted 1 Year Fixed Up to 110% LVR (Owner Occupier)

      In your situation, your loan amount is around $225,000. When you compare this against your property’s overall value, you can calculate the LVR. For instance, if your home is worth $350,000, your LVR is 64.3%. Generally, the lower your LVR, the lower the interest rate you will pay.

      To qualify for these specific loans, you’ll need to meet the lender’s loan criteria. It is worth making contact with them to discuss your unique situation to see if they can work with you.

      Hope this helps!

      Cheers,
      Sarah

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