Greater Bank logo

Greater Bank Secured Personal Loan

Advertiser disclosure
Interest rate from
6.49% p.a.
Comparison rate from
6.88% p.a.based on $30,000
over 5 years
Upfront fee
$275

Mozo editorial review Greater Bank Secured Personal Loan

Last updated: 11 November 2020.

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What's hot
  • Fixed interest rates from 6.49% (6.88% comparison rate*)
  • Extra repayments and redraw facility
What's not
  • $275 application fee
Mozo snapshot

There’s a lot to love about the Greater Bank Secured Personal Loan from repayment flexibility to its fixed interest rates that start from 6.49% (6.88% comparison rate*). Plus there are no service fees, no exit fees and no early repayment fees! 

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Key features

Whether you’re thinking of upgrading your bathroom, are looking to get away on a trip you’ll never forget or you’re craving a new set of wheels, the Greater Bank Secured Personal Loan could help get you there. Fixed rates start from 6.49% (6.88% comparison rate*) and aside from the one-off $275 application fee, borrowers will enjoy no ongoing or exit fees over the life of the loan, though there is a $6 late payment fee. 

No matter your goals, the Greater Bank Secured Personal Loan does offer a some flexibility with its terms, as there’s a maximum loan amount of $100,000 (minimum $5,000) and a maximum loan term of seven years (minimum one year). 

Thinking of paying your loan off sooner than the set term? No worries! With the Greater Bank Secured Personal Loan, you’ll have the chance to make as many additional repayments as you like for free! And if you’re ever in a sticky situation and need that cash back, this loan also comes with a redraw facility. 

You’ll also have your choice of repayment frequency, which can be set as either weekly, fortnightly or monthly.  

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Who is it good for

The Greater Bank Secured Personal Loan could be a great choice for borrowers who are willing to use an asset as security in exchange for a lower rate. This loan may also be a good choice for borrowers looking to pay off their loan as fast as possible without being penalised for doing so. 

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Any catches

While this personal loan is on the lighter side when it comes to fees, there is a $275 application fee you’ll need to factor into your budget. It’s also worth mentioning that this loan is secured, so you will need to put up some sort of security, like your car, to be used as collateral against the loan.

Details

Rates and fees information correct as at 1 March 2021. 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
  • Fixed

  • 6.49% p.a. fixed

  • 6.88% p.a.based on $30,000
    over 5 years

Fees
  • $275.00

  • $0.00

  • $6.00

  • $0.00

  • $0.00

Other financial bits
  • $5,000.00

  • $100,000.00

  • 1 Year

  • 7 Years

  • Other, Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • Yes

  • Yes

  • Borrow up to 120% of the value of the security.

  • none

WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

Customer Reviews

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

Overall
7.7/10
Price
7.7/10
Features
7.4/10
Customer service
8.4/10
Convenience
7.7/10
Trust
7.3/10

Latest review of Greater Bank Secured Personal Loan

Thumbnail icon for 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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