Get a faster, simpler refinance with this digital home loan – no paperwork required
Shopping for a home loan shouldn’t feel like stepping back in time. Yet, for many Australians, refinancing still means printing stacks of paperwork, booking in-person appointments, and bouncing between phone calls. It’s no wonder the Big Four banks continue to dominate – even with typically higher interest rates – when switching can feel like such a hassle.
That’s exactly what Greater Bank is trying to change.
Its new Digital Home Loan channel offers a 100% online application process that promises to simplify refinancing from start to finish – with no paperwork required and applications completed in as little as 15 minutes. For time-poor homeowners juggling work, family, and rising costs of living, this could be a smarter, more convenient way to save money and take back control.
No forms. No fuss.
Backed by digital ID verification and an online financial snapshot powered by data and analytics company illion, Greater Bank’s process means you can apply without printing a single form. There’s no need to dig up payslips or manually upload bank statements, your financial data is securely collected and submitted in just a few clicks.
This is particularly handy for homeowners who may be refinancing for the first time in years and don’t have the time (or patience) to chase paperwork. Whether you’re managing a mortgage and school fees, or looking to cut expenses, it’s designed to make switching lenders faster and easier.
Up to $3,000 cashback*
In addition to streamlining the application, Greater Bank is also offering generous cashback incentives. Eligible borrowers can receive:
- $3,000 cashback for loans of $500,000 or more, or
- $2,500 cashback for loans of $250,000-$499,999
To qualify, applications must be submitted online via Greater Bank’s Digital Home Loan channel, and cashback is limited to one payment per eligible loan. The offer is available for borrowers with loan-to-value ratios (LVRs) of 80% or less. You can see all the terms and conditions *here.
How much could you save by switching?
To show how much a lower interest rate can impact your finances, we compared Greater Bank’s Discounted Great Rate Home Loan, available through the new Digital Home Loan channel, with Commonwealth Bank’s Digi Home Loan using Mozo’s mortgage calculator.
For a $500,000 home loan over 25 years (owner occupier, principal & interest, ≤80% LVR), here’s what the numbers look like:
|
Home loan provider |
Interest rate |
Comparison rate | Initial monthly repayments | Interest over 25 years | Potential savings |
|---|---|---|---|---|---|
|
Commonwealth Bank Digi Home Loan |
5.59% p.a. |
5.72% p.a.^ |
$3,136 |
$440,942 |
- |
|
Discounted Great Rate Home Loan variable loan |
5.49% p.a.# |
5.50%p.a.^ |
$3,067 |
$420,236 |
$20,706 |
Source: Mozo mortgage calculator, based on data as at 1 August 2025.
By switching to Greater Bank through the Digital Home Loan channel, an eligible homeowner could save over $20,000 in interest over the life of their loan. And with up to $3,000 cashback* on offer for eligible refinancers, that’s even more money back in your pocket.
Standout rate and award recognition
With an incredibly competitive 5.49% p.a.# (5.50% p.a. comparison rate^) variable rate, Greater Bank’s Great Rate Home Loan is one of the lowest home loan rates in Mozo’s database.
Greater Bank was a top performer in the 2025 Mozo Experts Choice Awards for Home Loans, earning wins across four major categories: Low Cost Home Loan, Packaged Home Loan, Investor Home Loan and Investor Fixed Home Loan.
Refinance without the runaround
While many lenders now offer “digital” home loans, most are still just online forms that get passed to a human behind the scenes. Greater Bank’s approach is more evolved – offering a seamless end-to-end digital journey that prioritises speed, convenience, and customer control.
With a reputation for community values and competitive rates, Greater Bank may be the alternative Australians have been looking for. For homeowners ready to ditch the clunky legacy processes of some other banks, this 100% digital option could be the next big thing.
Discounted Great Rate Home Loan – Refinance with speed and simplicity
- 5.49% p.a.# variable rate (5.50% p.a. comparison rate^)
- Up to $3,000 cashback* for eligible refinancers
- 100% paperless application – completed in as little as 15 minutes
- Backed by a customer-owned bank that puts people before profits
* 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
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
*Online Cashback Offer available for eligible loan applications submitted via our online application channel. Interest rates effective 30/05/2025. Subject to change without notice. LVR≦80%, $2,500 cashback for loans ≧$250,000, or $3,000 for loans ≧$500,000. Only one (1) Cashback Payment per eligible loan. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions at greater.com.au/cashback.
#Discounted variable rate, LVR≤80%, owner occupied, P&I loans, minimum balance $150,000.
^Comparison rate based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Terms, conditions, fees, charges and credit criteria apply. Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992 AFSL/ Australian credit licence 238273.