Greater Bank cuts variable home loans twice in two weeks as competition heats up

By Jasmine Gearie · · 1 min read
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A young couple standing outside of a small house, hugging and smiling at each other.

Greater Bank has reduced its variable home loan rates for the second time in just over two weeks, exceeding the 25 basis point cut that was passed on by the majority of providers in our database following the Reserve Bank’s rate cut decision in August.

The customer-owned bank trimmed a further 0.05% off its variable rates, adding to the 0.25% cut that it already passed on in late August. It means Greater Bank is now one of the top cheap home loans in the Mozo database.

The Greater’s lowest variable is now 5.19% p.a. (5.20% p.a. comparison rate*) for those with a 20% deposit – that’s a loan-to-value ratio (LVR) of 80%.

Greater also made adjustments to its fixed rate home loans, cutting rates by up to 25 basis points. Its lowest fixed offer is now the two-year fixed rate of 4.79% p.a. (6.84% p.a. comparison rate*) which is now the third lowest in its category according to our database.

Mozo’s banking expert, Peter Marshall, says there have been a number of new financial incentives coming into the market over the last month or so.

“This latest move by Greater Bank demonstrates that competition for customers remains strong,” says Marshall. “Lenders are looking to stand out with low rate incentives and cashback offers, which is great news for borrowers as they’re in a good position to pressure lenders for better deals,” he said.

Greater Bank’s variable home loan

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Important disclosures and comparison rate warning*
Greater Bank Discount Great Rate Home Loan
  • Rate cut now live
  • Variable rate from 5.19% p.a. (5.20% p.a. comparison rate*)
  • Get up to $3,000 cashback when you apply online (T&Cs apply)
  • Mozo Experts Choice Awards winner for Low Cost Home Loan in 2025^

  • No offset account

Greater Bank has one of the most competitive variable rates in our database at 5.19% p.a. (5.20% p.a. comparison rate*), and it also won a Mozo Experts Choice Award for Low Cost Home Loan.

Sweetening the deal is Greater’s cashback offer, which can land you up to $3,000 back in your pocket when you apply for this loan online (T&Cs apply).

There’s no offset account with this loan, but you’re able to make extra repayments and can redraw those funds at any time. There are no ongoing fees, but you will need to pay a $180 application fee.

Compare more home loans

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Lite Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.21 % p.a.
    No Partner link

  • Economy Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20-30% deposit
    • Redraw available
    • Cashback
    Interest rate
    5.38 % p.a.
    Variable
    Comparison rate
    5.51 % p.a.
    No Partner link

* 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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