There are two slightly different fixed rate home loan packages on offer from Greater Bank, depending on how much you want to borrow and your LVR.
The fixed rate Discount Ultimate Home Loan is available to owner occupiers borrowing $150,000 or more, up to 85% of the property’s value. Rates range from 3.59% for 1 year, 3.79% for 2 years, 3.84% for 3 years and 4.19% for 4 and 5 years.
The Ultimate Home Loan, on the other hand, is for borrowers after amounts starting from $40,000, with an LVR of up to 95%. Customers can expect fixed rates of 3.79% for 1 year, 3.99% for 2 years, 4.04% for 3 years and 4.39% for 4 and 5 years.
You can set up your Greater Bank Ultimate Home Loan so that you make weekly, fortnightly or monthly repayments, plus, you can also choose to split your loan between fixed and variable rates.
As far as features go, you’ll have a free online redraw facility to work with, but remember, to use this, you have to make extra repayments on your home loan, which will incur a fee.
And don’t forget about all the perks that come with a fixed rate Greater Bank home loan package. Link your credit card or everyday bank account to your home loan and forget about paying the annual credit card or account fee. Plus, cash in on discounts on a range of Greater Bank insurance products and a free financial planning consultation when you take out an Ultimate Home Loan Package.
Who it's good for:
With one of the best rates for a 5 year term, this fixed rate loan is perfect for those looking for long term security against rate rises, as well as some great package perks.
If you want to make extra repayments in order to pay your loan off quicker, you’ll pay a fee to do so. And remember, because this is a fixed rate loan, paying the entire balance off before the fixed term is up may incur heavy early break fees.