Meet Greater Bank’s new 2.99% one-year fixed home loan
03 Jun 2019
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.
Greater Bank Discount Great Rate Home Loan
2.99% 1 year fixed rate (4.42% comparison rate*)
No upfront or ongoing fees
2019 Mozo Experts Choice Award Home Lender Bank of the Year
Want to take out a home loan with the 2019 Mozo Experts Choice Award Home Lender Bank of the Year? Then check out the Greater Bank Great Rate Home Loan, which now features a super low 1 year fixed rate of 2.99% (4.42% comparison rate*). Not only is this loan easy on the wallet, thanks to the $0 application and ongoing fees, there’s also great flexibility. You’ll be able to make extra repayments (fees apply), split your account between fixed and variable rates and access the redraw facility if you ever need your cash back. And if you’re struggling to come up with a 20% deposit, the Greater Bank Great Rate Home Loan accepts deposits of as little as 10% (LMI applies).
^See information about the Mozo Experts Choice Home loans Awards
But despite the new jaw dropping rates, Mozo’s Product Data Manager, Peter Marshall believes that for borrowers, it could still be worth playing hard to get.
“While it might be tempting to grab one of the very low fixed rates around right now, if the RBA cuts the cash rate by 50bp over coming months we could be seeing variable rates that start with a '2', so it might be worth sticking with a variable rate for now until we see what happens,” he said.
One option for borrowers wanting the best of both worlds is to lock-in at a super low fixed rate, and then split their loan between fixed and variable rates, a feature the Great Bank loan offers. That way, any future rate cuts will apply to the variable rate portion of the loan.
But if you’d like to find out how the new Greater Bank Great Rate Home Loan compares to other fixed rates on the market, head on over to our home loan comparison tool.
