Newcastle's Greater Bank was founded in 1924 as the Newcastle & Hunter River Public Service Starr-Bowkett Building Cooperative Society Ltd.
Thankfully, the name has shortened but the bank has grown, merging with Newcastle Permanent in 2023.
The two brands continue to operate under the Newcastle Greater Mutual Group which, as at January 2026, is the second-largest customer-owned bank in Australia.
Both brands continue to offer distinct home loan products with Greater Bank maintaining a direct-to-bank lending model while Newcastle Permanent loans are also available via mortgage brokers.
What home loans does Greater Bank offer?
Greater Bank home loans are notable in the market for their competitive interest rates, no doubt aided by not having to pay broker commissions. At the time of writing, rates on some Greater loans are among the lowest available on the market.
The bank offers principal and interest (P&I) and interest-only (IO) home loans for both owner-occupiers and investors. These home loans are available in variable and fixed interest rates.
Greater Bank interest rates
Below are Greater's current rates for owner occupier home loans:
Lender Home Loan Interest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Extra Repayments Split Loan Option Tags Features Link Compare Promoted Product Disclosure
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Greater Bank home loans in detail
Greater Bank offers four home loan products:
- Great Rate Home Loan
- Great Rate Investment Home Loan
- Ultimate Home Loan
- Ultimate Investment Home Loan
Great Rate home loans are Greater's no-frills products that come without offset accounts.
Ultimate home loans are Greater's package loans that provide extra features (including offset accounts) and perks for an annual package fee of $395.
Features of all Greater Bank home loans
- Free online redraw (fees apply to redraw applications made in branch)
- Additional payments permitted (note: prepayment fee applies for more than 5% in extra payments while loan is on a fixed rate)
- Parental guarantee available
- Split loan option
- Can be used for land purchase and construction (variable rates only)
- Available if self-employed
- Repayment holiday available if needed
- Can be used for refinancing
- accessible via FASTRefi (Greater Bank's streamlined home loan refinance process that fast tracks refinancing applications in as little as 72 hours)
- 30-year maximum loan term
- Pre-approval available
Perks of Ultimate package home loans
- Ability to link multiple 100% offset accounts (when loan is on a variable rate)
- Option to apply for annual fee-free Visa credit card
- No upfront loan establishment fee
Other Greater Bank notables
- Well known in the market for offering relatively longstanding cashback deals to refinancers (cash amounts generally differ according to whether borrowers apply online or not)
- Offers home loan pre-approvals
- Loans are not available via mortgage brokers but the bank has a team of mobile lenders to help borrowers through the loan process
- Not a participant in the federal government's 5% Deposit Scheme (although its stablemate Newcastle Permanent is)
Greater Bank on how it differs from the big four
“As a mutual bank, our customers are our owners, not shareholders, meaning we don’t need to maximise profits to pay dividends to shareholders.
“Our profits are reinvested into the business to provide better value products and services, develop our technological platforms to ensure we continue to service our customers well into the future, and to foster and support the communities in which we operate.
“This has long been our competitive advantage.”
Pros and Cons of Greater Bank home loans
Pros
- Competitive interest rates across a range of home loan options
- 100% offset accounts on Ultimate home loan products
- Longstanding cashback offers for eligible refinancers
- Bank profits go to community initiatives and causes, not shareholders
- Accepts parental guarantees across home loan products
- Interest-only repayments available on selected loans
Cons
- Limited branches (in NSW, south-east Queensland and ACT only) and ATM access may deter some borrowers who prefer a physical presence
- Comparison rates on some home loans are notably higher than the interest rate, indicating substantial fees
- No access via brokers for those who wish to borrow through a mortgage broker
- Newcastle Permanent customers are excluded from refinance cashback offers
- Online banking system may be less sophisticated than big bank digital offerings
"There are plenty of reasons a borrower might consider Greater Bank for their mortgage. The customer-owned lender typically offers competitive interest rates across its small range of home loan options and has frequently advertised cashback incentives to attract new homebuyers and refinancers. It’s also leaned into digital lending, launching a home loan application process it claims takes as little as 15 minutes. That said, borrowers seeking more than a basic, no-frills loan may face higher costs. While Greater Bank’s Ultimate product offers multiple offset accounts, a fee-free credit card, and certain fee waivers, it comes with an annual fee of close to $400. As a result, the value of the premium product will largely depend on whether a borrower uses those features and if resulting savings outweigh the ongoing cost."
Expert comment
Am I eligible for a Greater Bank home loan?
If you’re looking into applying for a Greater Bank home loan, applicants:
must have at least a 5% deposit or equity (maximum LVR is 95% with lenders mortgage insurance (LMI), 80% without)
must be an Australian citizen or permanent resident
must be over the age of 18
must have a regular source of income