Thumbnail icon for Greater Bank

Greater Bank Great Rate Discount with parental guarantee

Rate
3.33% p.a.
Comparison Rate*
3.35% p.a.
Service fee
$0.00
Upfront fee
$180

Mozo editorial review Greater Bank Great Rate Discount with parental guarantee

Last updated: 15 October 2019.

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What's hot
  • 2019 Mozo Experts Choice Awards Home Lender Bank of the Year
  • Borrow up to 110% of the property value
  • No application or ongoing service fees
What's not
  • No offset account
Mozo snapshot

Offering a competitive 3.43% variable rate (3.45% comparison rate*) and minimal fees, the Greater Bank Great Rate Discount with parental guarantee home loan aims to make it easier for young Aussies to get their hands on their first home. Customers can borrow up to 110% of the property value by using their parents property as security on their mortgage, instead of putting down a deposit.

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Key features

The Greater Bank Great Rate Discount with parental guarantee home loan offers a solid 3.43% variable rate (3.45% comparison rate*) for owner occupiers making principal and interest repayments and allows home buyers to borrow up to 110% of the property value. 

For first home buyers who may not have enough to put down a deposit, the Great Rate Discount with parental guarantee may be exactly what they need. Been nice to your folks lately? Because with this home loan, instead of making a deposit of 10% or 20%, borrowers can get mum and dad to guarantee the loan by using their own property as security on the mortgage. Not only that, Greater Bank will waive Lenders Mortgage Insurance, it may be worth considering washing dad’s car, and soon! 

And the benefits of the Greater Bank Great Rate Discount with parental guarantee home loan don’t stop there. Borrowers can make extra repayments on this loan at no extra cost and have access to a redraw facility with no minimum redraw amount, so they can access their funds if they need to. 

And with minimal fees, like no application or ongoing service fees, and flexible repayment options and features, it’s no wonder why Greater Bank came out on top as the 2019 Mozo Experts Choice Awards Home Lender of the Year. 

Just bear in mind though, you will be hit with a $180 settlement fee at the beginning of your loan and a $300 discharge fee once you’ve paid it off.

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Who is it good for

Greater Bank’s Great Rate Discount with parental guarantee could be the perfect home loan for a first home buyer who doesn’t have enough to put down a deposit and could instead use their parents’ house as security.

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Any catches

Remember that the more you borrow the more interest you accumulate, so weigh up the costs of putting down a deposit versus paying extra in interest. Also keep in mind that there is a $180 settlement fee and a $300 discharge fee.

Details

Rates and fees information correct as at 11 August 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.33% p.a.

  • n/a

  • n/a

  • n/a

  • 3.35% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • $0.00

  • $180.00

  • n/a

  • $0.00

  • $300.00

Other financial bits
  • $150,000

  • none

  • none

  • 110.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $0.00

  • yes

  • no

  • Legal fees charged at cost.

  • none

  • none

*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.

Customer Reviews

How are Greater Bank home loans rated by the Mozo community?

Overall customer rating
8.7/10
Price
8.3/10
Features
7.9/10
Customer service
8.8/10
Convenience
8.8/10
Trust
8.7/10
Greater Bank

About Greater Bank

Greater Bank offers a range of personal and business banking products around a quarter of a million customers in NSW and Queensland. Its products include savings and investment accounts, home loans, personal loans, credit cards, business banking, financial planning, travel money and insurance. Greater Bank is owned by its customers, not shareholders, and has a focus on providing great rates, low fees and superior service.

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