In an event that needs to be seen to be believed, Greater Bank have today cut their fixed home loan rates across 1 - 5 year terms for owner occupiers and 1 - 3 year terms for investors to what might be an unprecedented low for the lender.
While home loan providers slashing rates is hardly out of the ordinary, Greater Bank have made the move to drop their 1 year fixed rate on their Great Rate Home Loan by a whopping 50 basis points, from 3.49% to a rock bottom 2.99% (4.42% comparison rate*) - the lowest 1 year fixed rate on the market.
The mutual bank has also cut two and three year fixed rates, now 3.39% (4.36% comparison rate*) and 3.49% (4.29% comparison rate*), respectively.
“As a customer-owned bank, we don’t have shareholders which allows us to redirect funds to directly benefit our customers. This is why we are in a position to offer the most affordable one-year fixed rate home loan in the market,” said Greater Bank Chief Executive Officer, Scott Morgan.
“These are the lowest fixed term rates I have seen in my time in the banking sector and the perfect opportunity for new and existing customers to look at their current financial position and consider fixing their home loan.”
So without further adieu, meet Greater Bank’s new 2.99% one-year fixed home loan.