Greater Bank Great Rate Home Loan

3.74% p.a.

3.74% p.a.

$0.00

4.54% p.a.

4.55% p.a.

$0.00

4.94% p.a.

4.95% p.a.

$0.00

4.36% p.a.

4.37% p.a.

$0.00

4.64% p.a.

4.65% p.a.

$0.00

5.04% p.a.

5.05% p.a.

$0.00

Greater Bank Great Rate Home Loan Review

Review published: 22 March 2018

What's hot:

  • Variable rates from 3.74% (3.74% comparison rate)

  • Dual 2018 Mozo Experts Choice Award winner

  • No upfront or ongoing fees

  • Free redraw facility

What's not:

  • $300 discharge fee

  • No offset account available

Mozo snapshot:

Greater Bank’s Great Rate Home Loan delivers oodles of value for homeowners looking for a low-maintenance mortgage thanks to no application or ongoing fees throughout the life of the loan. You will also have the peace of mind of knowing you’re dealing with one of the market’s best variable rate home loans given it was judged a 2018 Mozo Experts Choice Award winner in both the Split Home Loan and First Home Buyer Loan categories.

Key features:

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.

Any catches?

Just bear in mind that once you’re done paying off the loan you’ll have a $300 discharge fee to pay.

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

Product Type Overall Rating Price Features Service Convenience Trust
8.6

Based on 62
Greater Bank home loans reviews

8.5 7.8 9.2 9.1 8.8

Read Greater Bank home loan reviews by the Mozo community

Latest reviews of Greater Bank Great Rate Home Loan

Greater Bank

Greater Bank Discount Great Rate Home Loan (Owner Occupier, LVR<90%, over $150k) home loan review

Overall rating   8 / 10

Fantastic customer service

My favourite feature of Greater Building Society is its staff. They greet me by name and treat me with respect and I get good old fashion service. I do a lot of my business by Internet and really like their website.

Full review

My favourite feature of Greater Building Society is its staff. They greet me by name and treat me with respect and I get good old fashion service. I do a lot of my business by Internet and really like their website.

    Price   5 / 10

    Features   5 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Cherry (NSW), reviewed about 2 years ago

Greater Bank

Greater Bank Discount Great Rate Home Loan (Owner Occupier, LVR<90%, over $150k) home loan review

Overall rating   8 / 10

Excellent customer service.

Greater offers a good interest rate. There are limited numbers of branches compared to the big 4 banks, however staff are extremely helpful and remember me each time I come in. They seem genuinely interested in helping me select good products and...

Full review

Greater offers a good interest rate. There are limited numbers of branches compared to the big 4 banks, however staff are extremely helpful and remember me each time I come in. They seem genuinely interested in helping me select good products and provide all the information I require to make suitable choices.

    Price   8 / 10

    Features   6 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Rebecca (QLD), reviewed about 2 years ago

Greater Bank

Greater Bank Discount Great Rate Home Loan (Owner Occupier, LVR<90%, over $150k) home loan review

Overall rating   9 / 10

Fantastic service, always there for their people.

Pros - Flexible with my home loan payments in my times of need. Very understanding and friendly. Workers present well and are very courteous. Cons- Like all banks they are closed on Sunday.

Full review

Pros - Flexible with my home loan payments in my times of need. Very understanding and friendly. Workers present well and are very courteous. Cons- Like all banks they are closed on Sunday.

    Price   8 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

David (NSW), reviewed about 2 years ago

Greater Bank

Greater Bank Discount Great Rate Home Loan (Owner Occupier, LVR<90%, over $150k) home loan review

Overall rating   9 / 10

No problems in 17 years

Great friendly bank

Full review

Great friendly bank

    Price   7 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   9 / 10

    Trust   8 / 10

Less

Michael (NSW), reviewed over 2 years ago

Greater Bank

Greater Bank Discount Great Rate Home Loan (Owner Occupier, LVR<90%, over $150k) home loan review

Overall rating   9 / 10

Brilliant service and low interest rates

The Greater offers a tailored home loan just for you. I love our redraw facility and the low interest rates. Customer service is gold!!!

Full review

The Greater offers a tailored home loan just for you. I love our redraw facility and the low interest rates. Customer service is gold!!!

    Price   9 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Linda (NSW), reviewed almost 3 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Currently showing

Rates

  • 3.74% p.a.

  • n/a

  • 0 Months

  • none

  • 3.74% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • none

  • 90.00%

Features

  • Owner Occupier

  • Principal & Interest, Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $0.00

  • yes

  • no

  • none

  • none

Rates

  • 4.54% p.a.

  • n/a

  • 0 Months

  • none

  • 4.55% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • none

  • 90.00%

Features

  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $0.00

  • yes

  • no

  • none

  • none

Rates

  • 4.94% p.a.

  • n/a

  • 0 Months

  • none

  • 4.95% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits

  • $150,000

  • none

  • none

  • 90.00%

Features

  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $0.00

  • yes

  • no

  • none

  • none

Rates

  • 4.36% p.a.

  • n/a

  • 0 Months

  • none

  • 4.37% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits

  • $40,000

  • none

  • none

  • 95.00%

Features

  • Owner Occupier

  • Principal & Interest, Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $0.00

  • yes

  • no

  • none

  • none

Rates

  • 4.64% p.a.

  • n/a

  • 0 Months

  • none

  • 4.65% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits

  • $40,000

  • none

  • none

  • 95.00%

Features

  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $0.00

  • yes

  • no

  • none

  • none

Rates

  • 5.04% p.a.

  • n/a

  • 0 Months

  • none

  • 5.05% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $300.00

Other financial bits

  • $40,000

  • none

  • none

  • 70.00%

Features

  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes

  • $0.00

  • yes

  • no

  • none

  • none

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.

*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.

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