Greater Bank personal loans

Greater Bank
Greater Bank's overall rating for personal loans

(as rated by the Mozo community)

6.0 / 10

based on 4 reviews

Greater Bank personal loans offer a range of packages for different needs. Check out our range of personal loans for an overview of interest rates, fees and more. Or you can compare the whole market with our personal loan comparison tools.

Greater Bank offers the following personal loans

Rates and fees verified as correct at 10 December, 2016. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee
New Car Loan (Fixed)
Greater Bank

5.99% p.a.

6.34% p.a.based on $30,000
over 5 years

$250

7.49% p.a.

7.84% p.a.based on $30,000
over 5 years

$250

11.95% p.a.

12.32% p.a.based on $30,000
over 5 years

$250

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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About Greater Bank personal loans

Are you looking for a personal loan with a rate that undercuts the big banks? Then a loan from a customer owned institution like Greater Bank might be for you, as profits are passed back to members, not shareholders in the form of lower interest rates.

Greater offers three different types of loans with a fixed interest rate attached: a new car loan, a secured personal loan, or an unsecured personal loan. So whether you need a new 4WD, are looking to revamp your home or jetset overseas, Greater Bank will have you covered. Read on and you might just find your personal loan match below.

What personal loans do Greater Bank offer?

New car loan (fixed): 

Are you looking to buy a new ride, with a price tag between $5,000 and $100,000? Then take a look at this fixed rate personal loan offered by Greater Bank. Terms are available for one to seven years and while there’s an upfront fee, you’ll be charged no ongoing monthly fees over the life of the loan. You can set up your repayment schedule either weekly, fortnightly or monthly. Plus Greater also lets you redraw funds from the extra repayments you’ve made online and at your leisure. If you want to pay off your loan early, you can do that too without penalty, as Greater Bank doesn’t charge break cost fees.

Secured personal loan (fixed): 

This loan will help you out with a cheaper interest rate if you have collateral like a portion of your property or an expensive personal item to secure your personal loan with. Greater Bank can give the green light for personal loans up to 120% of the value of the asset. This means for example, if you have collateral valued at $10,000 you can take out a Greater secured loan to the value of $12,000. Other benefits of this loan include a choice between weekly, fortnightly or monthly repayments, and no monthly fees. You’re also welcome to make extra repayments, plus redraw funds from those extra repayments using the online portal free of charge. Another reason you might like to apply for a secured personal loan with Greater is that it can last up to seven years, unlike the unsecured personal loan which only offers terms up to five years.

Unsecured personal loan (fixed): 

If you don’t want to secure your loan with an asset and need to borrow from $5,000 to $50,000, then Greater’s fixed unsecured personal loan might be the right pick for you. Greater Bank’s unsecured loan has no monthly fees and you can pay your loan off early without footing an extra fee. This loan also comes with an online redraw facility, so you can draw upon extra repayments you’ve made. An unsecured personal loan with Greater Bank can have a life-span of anywhere from one to five years. But if you’re looking for a loan with a time-frame of six or seven years, you might want to choose the secured version instead. Keep in mind the unsecured personal loan has a higher interest rate than the secured alternative.

Greater Bank personal loan features at a glance

Flexible repayment frequency:

A convenient feature of the three loans from Greater is the freedom for you to choose between weekly, fortnightly or monthly repayments.

Fee-free extra repayments: 

If you have the extra dough and want to pump it into your loan, go for it, as all of Greater’s personal loans come with a fee free extra repayments facility.

Free online redraw facility: 

Instead of having to drag yourself into a branch, Greater Bank lets you redraw funds online free of charge. Keep in mind if you do decide to go into a branch, you will get charged a fee for withdrawing those extra repayments.

No break cost fee: 

If you decide to pay your personal loan off early, you won’t get charged for it. This is a great feature as many fixed rate loans come with high break cost fees.

No monthly fee: 

Some major banks charge monthly administration or account keeping fees, but with a Greater personal loan you can pay off your loan free of this ongoing bite.

How are Greater Bank personal loan products rated?

To find out how customers rate personal loans from Greater Bank, all you need to do is visit Mozo’s customer review section. Here customers transparently rate Greater’s personal loan products from one to five on aspects of price, trust, customer service, convenience and features.

How do you apply for a Greater Bank personal loan?

Applying for a personal loan with Greater Bank only takes a few simple steps. You can either hop over to a branch, apply online or give Greater a call. Whichever method you choose to apply, your personal loan could get granted within 24 hours. Of course, you’ll need to be 18 years of age or older and your credit history should be sound. Greater Bank also requires you to be an Australian citizen or Australian Permanent Resident.

Things you need to include in your application are:

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