Greater Bank cuts a home loan interest rate to 1.59% p.a.

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on September 21, 2021
Greater Bank cuts a home loan interest rate to 1.59% p.a.

On Tuesday Greater Bank cut its owner occupied 'Great Rate' loan fixed for two years to 1.59% p.a. (2.10% p.a. comparison rate*).

The home loan is 20 basis points lower than previously, and is for borrowers from NSW, ACT, or Queensland.

It has a maximum loan-to-value ratio of 80%, however those using a guarantor can borrow up to 110% of the property's value.

This means on a $500,000 home, borrowers could feasibly borrow up to $550,000. 

This advertised rate represents the lowest in Savings.com.au's market research, with around 50 other lenders having home loan products below the 2.00% threshold.

Greater Bank also cut a number of other loans by between 10 and 30 basis points, for both owner occupiers and investors, including interest-only loans featuring similar advertised rates.

Some notable cuts to variable rates were:

  • Great Rate Variable 90%: 20 basis point cut to 2.19% p.a. (2.20% p.a. comparison rate*)
  • Great Rate Investor Variable 80%: 30 basis point cut to 2.29% p.a. (2.30% p.a. comparison rate*)

The new fixed rates are available for new lending, or existing customers who want to refinance to a fixed-term product.

Greater Bank CEO Scott Morgan said these rates are some of the most competitive on offer.

"Where customers can really benefit is in the comparison rates, which outlines what the customer ends up paying," Mr Morgan said.

"There are plenty of gimmicks on offer across the lending market, but we firmly believe that this new rate offering provides quality and sustained benefit for new and existing customers."


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Lender

Variable
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

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  • Extra repayments + redraw services
Variable
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QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS
QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS

Variable Home Loan (Principal and Interest)

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Variable
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REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
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Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
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NO ONGOING FEESFREE REDRAW FACILITY
  • Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.
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Live-in Variable Loan (Principal and Interest) (LVR < 90%)

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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. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. 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 July 3, 2022. View disclaimer.


Photo by Sandid on Pixabay

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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