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.
* 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.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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