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

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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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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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
loans.com.au	loans.com.au Bare Home Loan (Basic OO P&I <90%)	5.94% p.a.	5.98% p.a.	$2,978	Principal & Interest	Variable			$0	$530	90%				Owner Occupier Variable Principal & Interest 10% Min Deposit Redraw Extra Repayments More details	Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application.	Go to site	Compare	Promoted	Disclosure
Unloan	Unloan Variable Rate Home Loan LVR < 80%	5.89% p.a.	5.80% p.a.	$2,962	Principal & Interest	Variable			$0	$0	80%				Built and funded by CommBank Owner Occupier Variable Principal & Interest 20% Min Deposit Redraw More details	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.	Go to site	Compare	Promoted	Disclosure
Regional Australia Bank	Regional Australia Bank Home Loan Fixed (Owner Occupier, Principal and Interest, max lvr 60%) (3 years)	5.99% p.a.	5.95% p.a.	$2,995	Principal & Interest	Fixed			$0	$0	60%				Owner Occupier Fixed 3 Years Principal & Interest 40% Min Deposit Redraw More details	Competitive rates to help you save A Dedicated Relationship Manager Certainty of repayments with a fixed rate term	Go to site	Compare	Promoted	Disclosure
Homestar	Homestar Star Nova LVR <70% (Owner Occupied, Principal and Interest)	5.93% p.a.	5.93% p.a.	$2,975	Principal & Interest	Variable			$0	$395	70%				Owner Occupier Variable Principal & Interest 30% Min Deposit Redraw More details		Go to site	Compare		Disclosure
Reduce Home Loans	Reduce Home Loans EconoME Home Loan (Owner Occupier, Principal & Interest, LVR 60%)	5.99% p.a.	6.01% p.a.	$2,995	Principal & Interest	Variable			$0	$150	60%				$3000 Cashback T&Cs apply Owner Occupier Variable Principal & Interest 40% Min Deposit Redraw More details		Go to site	Compare		Disclosure

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