Greater Bank Great Rate Home Loan – Discount Variable with Family Pledge

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.

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By

Richard Whitten

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.

Expert review

This loan has a competitive interest rate and minimal fees. But the real advantage is the required deposit. If you can get a guarantor to support your application you may not need to save a large deposit and also avoid paying LMI.

About this loan

What are the features and benefits of the Greater Bank Great Rate 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.

How to apply

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.

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10 Comments

    Default Gravatar
    Carlos
    January 9, 2019

    What if the guarantor’s property is in Victoria?

    Reply
      AvatarFinder
      Charisse
      January 12, 2019

      Hi Carlos,

      Thanks for reaching out to finder.

      Unfortunately, Greater Bank will not be able to assist you with any inquiry about their home loan if your security property is not in NSW, QLD or ACT.

      I hope this helps.

      Cheers,
      Charisse

      Reply
    Default Gravatar
    Michael
    October 29, 2017

    My wife and I wish to buy a house with my daughter and son in law for them to live in. We own a house already fully paid for but need to help them purchase Their own with us putting around 50% of the cost. The son in law with his work had to move around to differ the areas of Queensland . And missed paying a electric bill. But this has been paid now as Guarantor could yo see a problem getting a mortgage

    Reply
      AvatarFinder
      Joanne
      October 30, 2017

      Hi Michael,

      Thanks for reaching out to Finder.

      There is a chance to get a home loan if you have a guarantor. According to our review on Guarantor Home Loans, every lender has different requirements, but the following criteria usually apply:

    • Finances and credit. A guarantor needs equity in their property, a stable income, and a good credit rating to satisfy lenders.
    • Residency. Lenders generally want a guarantor to be an Australian citizen or permanent resident.
    • Age. A guarantor must be over 18 and typically under 65.

      • Since you have equity in your property, you can guarantee their deposit. Your daughter and son-in-law still need to borrow money from a lender and repay it, but you as guarantor provides security.

      You can click the link above to compare your options. On the page, is a comparison table you can use to see which lender suits you. You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Joanne

      Reply
    Default Gravatar
    Keshia
    October 4, 2017

    how does it work if the guarantor has a mortgage still?

    Reply
      Default Gravatar
      Arnold
      October 4, 2017

      Hi Kesha,

      Thanks for your inquiry

      The guarantor needs to either own their property outright or owe less than 80% of the property value on their mortgage. So if your guarantor owes less than 80% then there should be no problem.

      Hope this information helps

      Cheers,
      Arnold

      Reply
    Default Gravatar
    Chrissy
    September 22, 2017

    Say this loan is approved, and after a few years you have enough equity in the property, would it be possible to remove the family as guarantor?

    Reply
      AvatarFinder
      Jhezelyn
      September 23, 2017

      Hi Chrissy,

      Thank you for your comment.

      Some institutions will allow a release once enough equity has been built up in the home. Sometimes this release will incur a fee so it is important to find out how much that will be.

      Learn more on how a guarantor can be released from a loan.

      Regards,
      Jhezelyn

      Reply
    Default Gravatar
    Rose
    July 27, 2017

    Hi I am wondering if you can use family pledge
    Home loan to refinance somehow?

    Reply
      AvatarFinder
      Dee
      August 3, 2017

      Hi Rose,

      Thanks for your question.

      Yes, you can use Greater Bank Great Rate Home Loan for refinancing purposes.

      You may also compare other home refinancing loans to lear more about your options. Finally, consider speaking to mortgage brokers. They are professionals who compare and help you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.

      Cheers,
      Anndy

      Reply
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