Enjoy a competitive variable rate and no application fee when you apply for this package home loan
The Ultimate Home Loan is a package home loan from Greater Bank. While it’s also available with a fixed rate option, this review focuses on the variable rate version of the loan. For a limited time, customers are able to take advantage of a waived application fee when they apply for this loan. They can also enjoy free redraws, a 100% offset account and a host of other associated benefits.
Also keep in mind that this loan is only available to residents of NSW and QLD.
| Product Name | Greater Bank Ultimate Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Ongoing Fees | $395 p.a. |
| Settlement Fee | $180 |
| Discharge Fee | $300 |
Pros
- Low minimum loan amount of $150000
- 100% offset account
- Free redraw facilities
- Maximum LVR of 90%
Cons
- Annual fee of $395
- Settlement fee of $180
Things to consider about the Variable Ultimate Home Loan
The Variable Ultimate Home Loan allows customers to borrow up to 90% of the value of the property they are purchasing. Principal and interest or interest-only repayment options are available, while borrowers can choose to make their repayments weekly, fortnightly or monthly. A free internet redraw facility is also available.
Borrowers should also take into account this loan isn’t available for low-doc borrowers. You must be able to supply the full range of documents when applying for this loan.
Features of the Variable Ultimate Home Loan
- Minimum loan amount. You can borrow a minimum of $150,000 with this loan.
- Loan term. This loan can be taken out over a maximum of 30 years.
- Maximum LVR. The Variable Ultimate Home Loan allows customers to borrow up to 90% of the property's value, although keep in mind that Lender's Mortgage Insurance (LMI) will be charged for amounts over 80%.
- Offset account. This loan features a 100% offset account which lets you reduce the overall amount of interest charges you will have to pay.
- Flexible repayment options. Borrowers can choose from principal and interest or interest-only repayment options, while there’s also the flexibility of making weekly, fortnightly or monthly repayments. Extra repayments are allowed as well.
- Free redraw. You can withdraw any additional repayments you've made from this loan for free using the redraw facility.
- Discounts. Borrowers can take advantage of first-year premium discounts on a range of insurance policies they take out with Greater Building Society.
- Other perks. This loan allows you to take advantage of a fee-free transaction account and credit card with no annual fees, so you can centralise your banking with Greater Bank with minimal costs. You'll also receive a free financial planning consultation.
Fees
Fees you can avoid
- Application fee: $0. This also includes valuation fees.
- Monthly fees: $0
- Transaction account fees: $0
- Linked Greater Visa Credit Card annual fee: $0
Fees you can’t avoid
- Annual fee. This loan has an annual fee of $395 which covers the cost of maintaining your account and features.
- Settlement fee. This is a $180 charge for arranging the settlement of your funds.
- Title Insurance Fee. A fee applies.
Know how much you want to borrow? Use our calculator to find out what your repayments will be
How to apply for the Variable Ultimate Home Loan
You can find out more about this loan or speak to a representative from Greater Bank by clicking the 'Go to Site' button at the bottom of this page. A mortgage specialist from Greater Bank will then get into contact with you at a time which suits you to discuss your options.
Greater will want to know if you can pay a home loan off, so will require the following details from you during your application:
- Basic contact details and personal details, including your address.
- Details of your employment, including contact numbers.
- Information regarding the remainder of your financial situation, including your debts and assets.
The Variable Ultimate Home Loan from Greater Bank is a package loan full of features, so add it to your comparison today.
