Refinancing your home loan? Here’s what a lower rate could do for you
We take a look at how much you could save by refinancing with Greater Bank, compared to the major lenders.
Sponsored by Greater Bank. With Greater Bank you can get a 5.84% p.a.# rate (5.85% p.a.^ comparison rate) variable home loan with up to $3,000 cashback* when you apply online Visit the Greater Bank website to learn more.
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If you haven’t shopped around for a better home loan rate in a while, now might be the right time.
With cost-of-living still squeezing household budgets, even a small drop in your interest rate can free up real cash each month – and could shave years off the life of your loan.
Greater Bank has just introduced a 5.84% p.a.# rate (5.85% p.a.^ comparison rate) home loan, with cashback available for new home loan customers.
So whether you're applying for your first home loan, or looking to refinance, we’ve crunched the numbers to help you see what you could save compared to a loan with one of the Big Four Banks.
How Greater Bank's 5.84% p.a.# rate (5.85% p.a.^ comparison rate) compares to the Big Four
Greater Bank is now offering a 5.84% p.a.# variable rate (5.85% p.a. comparison rate^) on its Discounted Great Rate Home Loan.
It's available to new or existing mortgage holders, owner-occupiers borrowing $150,000 or more, with a loan-to-value ratio (LVR) of 80% or less.
Here's how that compares against loans with similar eligibility criteria from the Big Four Banks.
| Lender | Home loan | Variable rate (p.a.) | Comparison rate (p.a.) |
|---|---|---|---|
| Greater Bank | Discounted Great Rate Home Loan | 5.84% | 5.85% |
| NAB | Base Variable Rate Home Loan | 6.44% | 6.44% |
| ANZ | ANZ Plus Home Loan | 6.25% | 6.26% |
| CommBank | Digi Home Loan | 6.14% | 6.27% |
| Westpac | Flexi First Option Home Loan | 6.09% | 6.10% |
Disclaimer: Rates current as at 3 August 2026 and subject to change. See full assumptions and comparison rate warning below.
What a 5.84% p.a. rate# (5.85% p.a.^ comparison rate) means for your monthly repayments
Choosing a lower rate can have a substantial impact on your monthly budget. To help you get a feel for how small differences in rates can lead to large differences in repayments, we've calculated the monthly repayments for each of the home loans in the table above.
To make it a more tangible example, we've used a $500,000 loan over 30 years starting at 80% LVR, including principal and interest, paid monthly.
| Lender | Home loan | Monthly repayment | Difference in repayments vs Greater Bank rate |
|---|---|---|---|
| Greater Bank | Discounted Great Rate Home Loan | $2,947 | – |
| NAB | Base Variable Rate Home Loan | $3,141 | $194 |
| ANZ | ANZ Plus Home Loan | $3,079 | $132 |
| CommBank | Digi Home Loan | $3,043 | $96 |
| Westpac | Flexi First Option Home Loan | $3,027 | $80 |
Disclaimer: Figures are estimates for illustrative purposes only. The actual fees, charges and repayments applicable to your loan will depend on your circumstances, which haven't been assessed here.
Going with Greater Bank instead of a Big Four Bank could save you between $80 and $194 a month.
Because Greater Bank's rate is lower, your monthly repayments are smaller. This frees up more cash you can use to save, invest or even make extra repayments on the loan.
And the faster you pay off your loan, the less interest you pay – helping you build equity faster.
How much interest you could save compared to the Big Four
Monthly savings are where you'll feel the impact of a lower rate day-to-day – but you shouldn't forget the bigger picture. When you calculate the amount of interest you repay over the life of the loan, the benefit of switching to a lower rate really starts to add up.
| Lender | Home loan | Total interest (30 years) | Difference in interest vs Greater Bank |
|---|---|---|---|
| Greater Bank | Discounted Great Rate Home Loan | $560,745 | – |
| NAB | Base Variable Rate Home Loan | $630,630 | $69,885 |
| ANZ | ANZ Plus Home Loan | $608,291 | $47,546 |
| CommBank | Digi Home Loan | $595,446 | $34,701 |
| Westpac | Flexi First Option Home Loan | $589,629 | $28,884 |
Disclaimer: Figures are estimates for illustrative purposes only. The actual fees, charges and repayments applicable to your loan will depend on your circumstances, which haven't been assessed here.
Using the same $500,000 example, choosing to refinance with Greater Bank could save you $69,885 in interest payments, when compared to NAB's Base Variable Rate Home Loan. Even when compared to Westpac's more competitive rate, the savings add up to nearly $29,000.
These savings could translate to paying off your mortgage faster, or redirecting the funds into repairs or renovations.
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More cash on hand
Whether you're saving $80 or $194 a month, the gap between Greater Bank and the comparison rates from the Big Four adds up.
You can put those savings towards achieving your goals faster. Maybe you're looking to increase your savings account, invest in your or your family's education, or simply use it to make everyday life a little more affordable.
How to make the switch to Greater Bank
Greater Bank offers you two ways to apply, each with its own cashback offer for first-time customers with an LVR of 80% or less:
- Apply online: Get up to $3,000 cashback* for eligible loans of $500k or more via Greater Bank's online application process (or up to $2,500 for loans $250k+). No paperwork or payslips required.
- Speak to an expert lender: If you'd rather speak with an expert that can support you through the process, then you can get up to $2,500+ cashback on eligible applications submitted through a Greater Bank lender.
Ready to see what switching to a 5.84% p.a. rate# (5.85% p.a.^ comparison rate) could do for you? Visit Greater Bank's website and get up to $3,000 cashback when you apply online.
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Sponsored by Greater Bank. With Greater Bank you can get a 5.84% p.a.# rate (5.85% p.a.^ comparison rate) variable home loan with up to $3,000 cashback* when you apply online Visit the Greater Bank website to learn more.
Learn more
Greater Bank – Great Rate Home Loan, terms & conditions
For both offers, only one cashback payment is available per eligible loan and for the first eligible loan only. Cashback offers cannot be combined with any other cashback or promotional payment (except any applicable interest rate discount for the Online Cashback offer). Offers may be varied or withdrawn at any time. Full terms and conditions apply
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992 AFSL/ Australian credit licence 238273.
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