Compare loans from Greater Bank who have the largest branch network in the country.
Greater Bank has branches across NSW and southeast Queensland. Opening its doors in 1945, Greater Bank has grown to be a top 500 Australian Private Company with more than $6 billion in assets.
Today they offer competitive home loans to borrowers buying property in NSW, southeast Queensland and the ACT, as well as a range of other financial products.
Greater Bank has an independent customer satisfaction rate of 95%, and was voted Bank of the Year 2016 in Roy Morgan's Customer Satisfaction Awards. and provides much more than just home loans to its customers. Other services include savings and investment accounts, loans and business banking, as well as financial planning and insurance through their partners.
Greater Bank Home Loan
The Ultimate 1 Year Fixed Discounted Rate Home Loan offers a low interest rate, the ability to make extra payments, and a redraw facility. Borrow up to 85% of your home loan value.
- Interest rate of 3.59% p.a.
- Comparison rate of 4.48% p.a.
- Application fee of $0
- Maximum LVR: 85%
- Minimum borrowing: $150,000
Compare Greater Bank Home Loans
What does Greater Bank do?
Greater Bank is a customer-owned bank that offers home loans at competitive interest rates. Loans from Greater are structured to appeal to different types of borrowers and offer different features. Four of their loan products come with fee-free transaction accounts, and customers can pick loans with variable or fixed interest rates.
Extra repayments and redraw facilities are available, and Greater Bank also provides useful online calculators and the ability for customers to generate home loan key facts sheets on any of the loans offered. There are also free mobile and online banking tools available for any customer who takes out a loan.
Greater Bank is a member of the Customer Owned Banking Association and complies with the Mutual Banking Code of Practice when dispensing any form of loan to a customer.
Greater Bank Home Loans
Great Rate Home Loan
The Great Rate Home Loan is very useful for first-time buyers. Interest rates can be split between variable and fixed rates, which is good for customers as the option allows you to get the best rates when you need to. This type of loan has no application, monthly or annual fees. You can choose between two repayment types: principal and interest (P+I) or interest-only. This loan also has a redraw facility, portability, extra repayments and partial loan offset availability.
This loan is a bundle of features from Greater Bank’s other loans rolled into one package. Both variable and fixed rates are available. The Ultimate Package has no application fee, but charges an annual fee. It comes with the added bonus of a fee-free transaction account, a waived annual credit card fee, both P+I and interest-only repayment options, redraw facility, extra repayments, portability, as well as a discount on the first year premium on an insurance policy taken out with Greater Bank.
Line of Credit
The Line of Credit loan allows you to get the equity in your home or residential property to work for you. Funds are easily available and this loan is useful for investment opportunities and renovations. You don’t need to make repayments on this loan until you have reached your credit limit. There is a monthly fee, a variable interest rate which can be split, an all-in-one redraw facility and loan offset. Loans are portable and you have access to a fee-free transaction account with this loan. Repayments are for interest-only on this type of loan and extra repayments are allowed.
Construction and Land Loans
Greater Bank also offers loans for borrowers to utilise when building a home or investment property. These loans come with no application fees, free redraw facilities, flexible repayment options and an offset account.
Pros and cons of Greater Bank home loans
- Large selection of loans. Greater Bank offers loans to suit a wide array of financial situations. You can choose fixed or variable interest, plus a repayment structure and fee structure that suits you.
- Free internet redraw facilities. All loans provided by Greater Bank have redraw facilities you can access from your mobile device or computer. If you find yourself in need of funds down the line, you can redraw excess payments on any of the five loans offered.
- Fee-free transaction accounts and loan offset accounts available. All of the loans offered by Greater Bank have clauses that permit at least a partial loan offset. If you take advantage of a loan offset account, you can lower your interest payments. Also, all of the loans except the Great Rate Home Loan come with a fee-free savings and transaction account.
- Line of credit available. The Line of Credit loan is great for investments or renovations on properties you own. Continue to make payments and you will be able to redraw funds up to your credit limit. You do not need to make repayments on the loan until you have reached your credit limit. Regular payments increase the amount available to redraw.
- No low doc loan options Greater Bank doesn't offer any loan options for those who can't provide the full range of documentation necessary, such as the self-employed.
How to apply for a Greater Bank home loan
Once you’ve decided on a home loan that suits your needs, you will need to begin the application process. Greater Bank makes this process quite convenient.
- Make an online loan enquiry. Here you will be asked to fill out a quick online form. You will need to provide some details about your request, such as your personal contact information, address, loan amount, any account numbers you may have with Greater Bank, and a few sentences of detail about your enquiry. This should not take more than a few minutes.
- A Greater Bank mortgage expert will contact you. This should take around one business day, but can sometimes take a few days longer, depending on how busy they are. They will get in touch with you based on your preferred method of contact: phone, email, or even a home visit.
- Make sure that you purchase building insurance. Like many other lenders, Greater Bank will insist that you have building insurance before offering you a home loan. Before the loan is approved, building insurance must be in place.
Information needed to apply for a Greater Bank home loan
When applying for a home loan with Greater Bank you'll need to provide personal, financial and property information. This includes:
- Personal information. You'll be required to give contact details and identification.
- Property information. Greater Bank will want to know about the property you're buying, the amount you're buying it for, as well as certificates or title and certificates of land.
- Financial information. As is normally the case with home loan applications, Greater Bank will want to know about your income, assets and debts.
Greater Bank is a versatile home loan provider offering many loan options. Before applying for any loan, do your research, compare products and get expert advice to ensure you find the best loan for your needs.