The Greater Bank Great Rate - Discount Variable with Family Pledge Home Loan offers a discounted rate and the opportunity to avoid paying lenders mortgage insurance.
The Family Pledge Home Loan takes a range of competitive features from Greater Bank’s Great Rate Home Loan and adds the opportunity to have a family member opt to go guarantor for your loan, potentially eliminating the need for a deposit.
There are no upfront or ongoing fees and you will not be forced to pay lenders mortgage insurance (LMI), plus you can borrow up to 110% of the property purchase price, subject to the bank's approval.
Note that this loan can only residents of NSW, ACT or QLD are eligible for this loan.
|Product Name||Greater Bank Great Rate Discount Variable with Family Pledge Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Maximum Insured LVR||110%|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$0 p.a.|
- $0 application fee or ongoing service fee.
- LVR of up to 110% with guarantor.
- Maximum LVR of 110% without guarantor.
Details to consider about the Family Pledge Home Loan
There are no ongoing monthly fees and no application fees with this loan. You will not be asked to pay lenders mortgage insurance (LMI) nor a deposit as it is structured for borrowers who will be using a guarantor. By using a guarantor to help you minimise your upfront costs and the bank's risk, you can also borrow up to 110% loan-to-value ratio (LVR), subject to the bank's approval of your family member as guarantor.
Features of the Family Pledge Home Loan
- Minimum loan amount. The minimum amount you can borrow with this loan is $150,000.
- Loan term. The maximum loan term available for this product is 30 years.
- Maximum LVR. As this loan is for borrowers who are using a guarantor or family pledge you are able to borrow up to 110% LVR subject to Greater Banks approval.
There are no application or ongoing fees with this loan and you will also be able to avoid lenders mortgage insurance when using the Family Pledge Home Loan.
How to apply for the Family Pledge Home Loan
If you’ve compared your borrowing options and decided this is the right loan for you and have a family member who can go guarantor for you click "Go to Site" to begin the application process. To be eligible for this loan you must be 18 years or older and have a good credit rating. It’s also a requirement that you are an Australian citizen or a permanent Australian resident.
The amount you will be eligible to borrow will be based on your financial situation. In order for Greater to assess your application, you’ll need to provide the following information:
- Personal details including your name, address and contact details
- The name and contact details of your employer
- Financial information including details of your income, assets and liabilities
- Details of the guarantor and their property that will be held as guarantee
The Great Rate Discount Variable Family Pledge Home Loan from Greater offers a competitive lending option for potential borrowers. However, make sure to compare a range of home loans before deciding which one is the best for your situation.