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Greater Bank home loans

Greater Bank has home loans for owner-occupiers and investors, with rates starting from 5.94%.

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Greater Bank is an Australian mutual bank based in Newcastle. Check out the full table of Greater Bank products below or read more about the lender and its loans.

  • Greater Bank Cashback Offer

    Eligible purchasers and refinancers can get a cashback when taking out a Greater Bank owner-occupier or investor home loan. You can get $3,000 if your loan is $500,000 or more and $2,000 if your loan is between $250,000 and $499,999. You need an LVR of 80% or lower.

    To qualify you need to apply by 31 May 2024 and have the loan funded by 31 August 2024. Other terms and conditions apply.

Compare Greater Bank home loans for April 2024

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1 - 5 of 12
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Interest Rate
5.94%
Comparison Rate
5.95%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$895
Go to site
$2–3,000 cashback
Eligible purchasers and refinancers can get $2,000 or $3,000 cashback when taking out a Greater Bank home loan. Other terms and conditions apply.
Principal & Interest20% min. depositOwner-occupierOffset account
Interest Rate
6.13%
Comparison Rate
6.50%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$913
$2–3,000 cashback
Eligible purchasers and refinancers can get $2,000 or $3,000 cashback when taking out a Greater Bank home loan. Other terms and conditions apply.
Principal & Interest 1Y Fixed10% min. depositInvestmentNSW, QLD & ACT only
Interest Rate
6.39%
Comparison Rate
8.05%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$939
$2–3,000 cashback
Eligible purchasers and refinancers can get $2,000 or $3,000 cashback when taking out a Greater Bank home loan. Other terms and conditions apply.
Finder AwardInterest only 3Y Fixed10% min. depositInvestment
Interest Rate
6.14%
Comparison Rate
7.70%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$914
Finder AwardInterest only 2Y Fixed10% min. depositInvestment
Interest Rate
6.19%
Comparison Rate
7.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$919
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Showing 5 of 12 results

Greater Bank key facts

  • Greater Bank's home loan rates are consistently among the lowest rates on the market.
  • Greater Bank is a mutual bank, meaning it is owned by its members and not run for the profit of shareholders. It has over 50 branches in various parts of the country, mainly in NSW.
  • Greater Bank has home loans available for borrowers with deposits under 20%. If you have a family member who owns a property, they can guarantee your loan and you can borrow even more.

Review by our senior home loans writer Richard Whitten

Congratulations, Greater Bank!

Greater Bank’s Great Rate Home Loan has won across 2 categories in the 2024 Finder Awards. It has been crowned as the Best Investor Fixed IO Home Loan - 2 year for it’s low fees and features. While also winning the Best Investor IO Fixed Home Loan - 3 year category thanks to its competitive interest rate and low fees. It's also available for borrowers with 5% deposits.

Full list of 2024 winners

Greater Bank home loan features

Here are the key features and details you need to know about Greater Bank's mortgage products.

FeatureDetails
Minimum depositSome Greater Bank loans have 80% maximum LVRs, meaning you need a 20% deposit. But Greater Bank has some loans that let borrowers use a parental guarantor to borrow above 100%. Other Greater Bank home loans are available with 10% deposits.
Offset accountSome Greater Bank home loans come with offset accounts.
FeesMost Greater Bank loans have minimal fees, though you may have to pay an annual fee if the loan has an offset account.
Repayment optionsBoth Greater Bank's fixed and variable rate loans allow you to make interest-only repayments for a limited period. The lender also offers the standard principal-and-interest repayments on its loans.
Split rateMost Greater Bank mortgages allow you to split your loan into fixed and variable portions.

How do I apply for a Greater Bank mortgage?

When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.

Eligibility

Each Greater Bank product has specific eligibility criteria but some will apply to all products. For example:

  • Age. You must be over 18 years of age.
  • Residency. You should be a resident of Australia.
  • Employment. You should have a regular source of income.

Documents required

When you apply for a mortgage with Greater Bank you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:

📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.

📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.

📄 Proof of income documents. Recent payslips can establish your income.

📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).

How to apply for a home loan

Lenders like Greater Bank

If you want to compare loans from similar lenders to Greater Bank then you can start with these customer-owned banks and credit unions.

More home loan questions

More guides on Finder

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4 Responses

    Default Gravatar
    VenkatJanuary 3, 2024

    I am looking for refinancing my properties (that are currently with another financier) as the Greater Bank seems to offer lower interest rates than the current financier. My wife and I are currently working full time (200k Gross income per annum). We possess 3 investment properties (A$1.85M worth) and one owner occupied home (A$0.55M worth) in NSW. The current loan amount about A$1.4M. Currently the properties are with fixed rate of interest expiring in next three months to one year. We have no other debts. Can we get the refinance facility from Greater Bank? We will talk about more when you say yes. Thank you.

      AvatarFinder
      SarahJanuary 5, 2024Finder

      Hi Venkat,

      Finder is a comparison site. If you contact Greater Bank directly on 13 13 86 you should be able to get some more information about your eligibility for a home loan. Based on the information you’ve provided, your loan to value ratio is $1.4m debt versus $1.85m value, which is 78%. This is less than 80%, which is the threshold at which gaining loan approval can be harder.

      Note that if you refinance all of your loans together, they will be cross-collateralised, which has some risks – you can learn more here: https://www.finder.com.au/equity-to-buy-a-second-home

      There are also tax implications related to your investment properties, so it’s a good idea to get tax advice to make sure you’ve structured your finance as cleanly as possible to maximise your tax deductions.

      I hope this helps!

    Default Gravatar
    trevorMay 28, 2015

    Hi, my wife on a disability pension, I am on cares pension daughter on a single mothers pension have a guarantor and 20 thousand in the bank. Is there any way to borrow 200000 for a home loan kind?
    regards Trevor

      Default Gravatar
      BelindaJune 1, 2015

      Hi Trevor,

      Thanks for your enquiry.

      You may be eligible to apply for a home loan while on Centrelink benefits. I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.

      Thanks,
      Belinda

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