If you’re after a competitively priced variable home loan, stacked with options and close to no fees, you may have found a winner in the Greater Bank Great Rate Home Loan - after all, the Mozo Experts did. Owner occupiers can take advantage of competitive variable rates from 3.74% on loan amounts of $150,000 or more.
An award-winner in the First Home Buyer Loan category, the 90% LVR means you don’t have to have a huge stack of cash saved up for a house deposit, but keep in mind that if you don’t have 20% stashed away, you’ll have to stump up for lenders mortgage insurance.
The Great Rate Home Loan also ditches upfront and ongoing annual fees so that you can put all of your precious pennies towards making repayments. Speaking of which, you’ll have the flexibility to choose whether you’re paying your loan on a weekly, fortnightly or monthly basis as well as if you want to make principal and interest or interest only repayments.
While you won’t have the option of opening an offset account aside the Great Rate Home Loan, you will be able to make fee-free additional repayments and be able to redraw against them at any time using Greater Bank’s online service and the great news is there is no minimum amount. Finally, Aussies looking to hedge their bets against a rate rise can choose to split their home loan between the variable rates on offer from the Great Rate Home Loan and another of Greater Bank’s fixed rate products.
Who it's good for:
Aussies homeowners who want a no-frills home loan with a competitive variable interest rate could benefit from the Greater Bank Great Rate Home Loan. After being awarded a coveted Mozo Experts Choice Award in 2018 as a market-leading First Home Buyer Loan, it is certainly one to look out for if you’re trying to get your foot in the door of your first home.
Just bear in mind that once you’re done paying off the loan you’ll have a $300 discharge fee to pay.