Greater Bank Ultimate Fixed Rate Home Loan

Enjoy a discounted fixed rate and discounts on a range of products with Greater Bank’s Ultimate Home Loan.

The Ultimate Home Loan takes a range of competitive features and rolls them all into one package. This loan offers a choice of fixed interest rates alongside discounts on other Greater Bank products and fees.

There are no monthly fees, and customers can enjoy other perks such as insurance discounts, a fee-free transaction account and a credit card with waived annual fee.

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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

There are no ongoing monthly fees and no application fees with this loan, though a annual fee does apply. Borrowers can choose from principal and interest or interest-only repayment options, and they can also enjoy the flexibility of paying the loan off weekly, fortnightly or monthly. It’s important to note that this loan isn’t available to low doc borrowers.

About this loan

What are the features and benefits of the Fixed Ultimate Home Loan?

  • Minimum loan amount. The minimum amount you can borrow with a Fixed Ultimate Home Loan is $150,000.
  • Loan term. The maximum loan term available for this product is 30 years
  • Maximum loan-to-value ratio (LVR). This loan lets you borrow up to 90% of the value of the property being purchased. Any borrowing amount above 80% will require lenders mortgage insurance (LMI).
  • Flexible repayment options. Borrowers can choose from principal and interest or interest-only repayment options, while you can choose to pay off your loan weekly, fortnightly or monthly. You also have the ability to make extra repayments.
  • Free redraw. A free Internet redraw facility is available with this loan to give you access to the additional repayments you've made when you need them.
  • Insurance discounts. Customers who take out this loan package can enjoy discounts on the first-year premiums of a building, contents, landlords or motor vehicle insurance policy they take out through Greater Bank.
  • Other benefits. The Fixed Ultimate Home Loan package also includes a fee-free Ultimate Access account for everyday transactions, plus a linked Greater Bank Visa Card with no annual fee.

What fees and charges come with this loan?

  • Application fee: . You pay this fee when applying for the loan.
  • Annual fee. The Fixed Ultimate Home Loan attracts an annual fee of for ongoing account maintenance.
  • Settlement fee. This loan has a settlement fee of to cover the cost of Greater organising the settlement of your loan funds.
  • Title Insurance Fee. A $95 fee applies.

Who is Greater Bank?

Greater Bank is a customer-owned bank. This means the bank has no shareholders and, like a credit society, profits are reinvested back to the customers. Greater Bank started life in 1924 in Newcastle and gradually spread across NSW. In 2014 Greater Bank topped $5 billion in assets.


How to apply

If you've compared your borrowing options and decided this is the right loan for you, click 'Go to Site' to begin the application process. In order to be eligible for this loan you'll need to 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

The Fixed Ultimate 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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22 Comments

    Default Gravatar
    ajay
    February 12, 2019

    i would like to switch to your loan options however my current bank is wanting to charge me an exorbitant break fee from my existing fixed fee loan with them which has almost 2 years remaining for a loan amount of $1,050000

    is there any way I can verify through a calculation/formula that all banks must use to calculate break fees as I am sure my existing bank is ripping me off and providing an arbitrary figure so that I don’t break away from them.

    Can you please advise as your rates are far more competitive .

      Avatarfinder Customer Care
      John
      February 13, 2019

      Hi Ajay,

      Thank you for reaching out to finder.

      Depending on the contract you signed with your bank, the break fee clause should be available for you to check if it is within your contract for them to ask for that fee. If you feel that this is too much you may reach out to the Australian Securities and Investments Commission for assistance. If you wish to learn more on the rates provided by Greater Bank, you may click on the “Go to site” button or visit their website to learn more. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    Amrit
    August 8, 2017

    Hi,
    I want a re-finance but want split loan 60% fixed and 40 % variable.
    I got current loan of approx $800K.
    Also I got investment loan of $369K

    I need offset facility and credit card from same borrower as a package.

      Default Gravatar
      Jonathan
      August 8, 2017

      Hello Amrit,

      Thank you for your inquiry.

      You can check your options on split home loans, which can give you some flexibility on choosing how much fixed and variable home loan you can have in one product. You can also check more details about offset facility and find the right lenders who might offer this feature.

      Once you have chosen your lender, you can inquire with them directly if they can bundle it with a credit card.

      If you wish to get some information on how split home loans work, you can use our calculator.

      As always, please review your eligibility and the fine print of the lending products before availing them. To get more pieces of specific advice, you may also speak with a mortgage broker.

      A mortgage broker is a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.

      Hope this helps.

      Cheers,
      Jonathan

    Default Gravatar
    LEITH
    April 7, 2017

    I am a self funded retire and wish to refinance my investment property.
    Will I still qualify for greater Bank’s ultimate Home Loan rate of 3.99% fixed for 3yrs, with LVR of approx 605?

      Avatarfinder Customer Care
      Dee
      April 10, 2017

      Hi Leith,

      Thanks for your question.

      Greater Building Society may consider your home refinancing application. They will assess your personal and financial situation and will base their decision on their assessment.

      If you would like to speak to Greater Building Society regarding your eligibility and options, please get in touch with them directly and get more details.

      You may also compare other home refinancing options.

      Alternatively, you may want to get in touch with a mortgage broker. A mortgage broker is a professional who compares and helps 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

    Default Gravatar
    Michael
    November 13, 2016

    Hi

    I would like to enquire if I can loan and invest the money to buy a new home to the country where I came from. I’m a permanent resident in Australia.

    Thanks,
    Michael

      Avatarfinder Customer Care
      Dee
      November 14, 2016

      Hi Michael,

      Thanks for your question.

      If you meant using the proceeds of your loan to buy a home in another country, generally, you can’t use an ordinary home loan from an Australian bank to finance the international purchase. It would be best if you seek professional help and look for lenders that are located in the same country as the property.

      Cheers,
      Anndy

    Default Gravatar
    Jane
    March 16, 2016

    Who does the Greater Building Society use for Lenders Mortgage Insurance?

      Default Gravatar
      Belinda
      March 17, 2016

      Hi Jane,

      That’s a great question.

      I can confirm that Greater Building Society use QBE Insurance as their lender’s mortgage insurance (LMI) provider.

      Thanks,
      Belinda

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