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

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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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Expert review

Jodie Humphries

Review by


Jodie Humphries was a social media manager, producer and writer at Finder.

Expert review

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.

About this loan

What are the features and benefits 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.

What fees and charges come with this loan?

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

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?

      Avatarfinder Customer Care
      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

    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

      Avatarfinder Customer Care
      Joanne
      October 30, 2017

      Hi Michael,

      Thanks for reaching out.

      Credit history is one of the eligibility requirements that lenders look into when approving mortgage applications.
      By checking on this page you may be able to use the home eligibility calculator and read through a guide on how mortgage providers classify borrowers and how factors can influence the decision or the approval of a loan.
      Alternatively, you may speak with an expert or a mortgage broker to discuss this type of situation.

      Cheers,
      Joanne

    Default Gravatar
    Keshia
    October 4, 2017

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

      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

    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?

      Avatarfinder Customer Care
      Jhez
      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.

      Kindly refer to this page to find out more on how a guarantor can be released from a loan.

      Regards,
      Jhezelyn

    Default Gravatar
    Rose
    July 27, 2017

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

      Avatarfinder Customer Care
      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 here.

      Cheers,
      Anndy

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