Greater Bank cuts fixed rates on 2, 3, 4, and 5-year home loans
Customer owned Greater Bank made cuts to its Great Rate Fixed Home Loan product, its lowest rate starting at 5.79% p.a. (7.26% p.a. comparison rate*) for 3 years (OO, P&I, $400k, <80% LVR).
The rates on its Great Rate Fixed Home Loan were cut by 0.10% for 2, 4, and 5-year terms, while its 3-year term fell by 0.15%.
Greater Bank’s loan now comes in well below the average fixed rate home loan in the Mozo database for owner occupied properties with a principal and interest loan of $400,000, at <80% LVR in June 2024.
| Term | Mozo average rate | Greater Bank’s interest rate |
| 1 year | 6.48% p.a. | 5.99% p.a. (7.67% p.a. comparison rate*) |
| 2 years | 6.36% p.a. | 5.89% p.a. (7.47% p.a. comparison rate*) |
| 3 years | 6.28% p.a. | 5.79% p.a. (7.26% p.a. comparison rate*) |
| 4 years | 6.51% p.a. | 5.84% p.a. (7.12% p.a. comparison rate*) |
| 5 years | 6.54% p.a. | 5.84% p.a. (6.97% p.a. comparison rate*) |
So, how does it compare?
While it doesn’t come with an offset account (not a lot of fixed rates under 6% do), its up front fees start at around $180, which is relatively good compared to similar loans we track.
There are a few other lenders which don’t charge up front fees, however you might wind up paying an annual or monthly fee, or in some cases a higher interest rate.
At the moment, Greater Bank is offering a cashback deal for borrowers with <80% LVR. If you apply from 1 June 2024, and draw down your loan within 90 days from approval, you could score up to $2,500 cashback.
Those borrowing at least $500,000 may be eligible for $2,500 cashback, while those borrowing at least $250,000 may be eligible for $2,000 cashback (T&Cs apply).
Just note, that Greater Bank’s home loans are only available to NSW, QLD, and ACT borrowers.
In short, Greater Bank’s Great Rate Fixed Home Loan is definitely one to shortlist when you compare home loans.