Greater Bank's 'Great Rate' home loan, fixed for one year, now has an advertised rate of 1.69% p.a. (3.49% p.a. comparison rate*). 

This is for owner occupier borrowers paying principal and interest (P&I), borrowing a minimum $150,000 with at least an 80% LVR (i.e. a 20% deposit).

Out of 35-plus lenders with a home loan under 2% that Savings.com.au has analysed, Greater Bank's advertised rate is now the lowest in the market.

The advertised rate compares favourably to other fixed and variable home loan products for owner occupiers as seen below, but make sure to check the comparison rate.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

The 1.69% per annum rate represents a 20 basis point reduction over Greater Bank's previously-lowest 'Great Rate' home loan.

Fees and extra charges notwithstanding, refinancing to a 1.69% interest rate from the industry-average 2.48% on a $400,000 home loan could save upwards of $57,000 over a 30-year term.

More broadly, Greater Bank cut quite a few other products' interest rates, with the 'Ultimate' home loan also reduced to 1.69% p.a (3.72% p.a. comparison rate*).

It too is a one year fixed loan for owner occupiers, but where it differs is that it includes an offset account.

Greater Bank also cut a variety of other 'Standard', 'Ultimate', and 'Great Rate' home loans for both investors and owner occupiers by between 10 and 20 basis points.

The Newcastle-based bank continues on the 'price war' from last month where UBank cut its three-year fixed 'UHomeLoan' down to 1.75% p.a (2.22% p.a. comparison rate*).

Photo by Chelsea Pridham on Unsplash





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