Australia's lowest 1 year fixed rate home loan.

The Greater Building Society has reduced its one year Fixed Rate Home Loan to the lowest fixed rate home loan in Australia.

The Greater Building Society made headlines in May 2013 with a 0.30 percent rate cut, more than any other lender and over and above the RBA's 0.25 percent interest rate cut. 

Now the Greater Building Society are again grabbing the markets attention, this time with the announcement to reduce their one year Fixed Rate Home Loan by 0.20 percent down to 4.54 percent (5.49 percent comparison rate*) making it Australia's lowest one year fixed rate home loan and the lowest one year fixed rate that the Greater Building Society has ever offered.

According to Greater Building Society product manger, David Bryde, "it is very important to use the comparison rate when comparing fixed rate loans as some lenders lock you into their most expensive variable rate once your fixed term expires."

"Unlike some other financial institutions our fixed rate loans revert to a competitive ongoing rate," he said.

Australians looking for the best rates for their home loan can compare the Greater Building Society and many more on Mozo.

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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.