Greater Bank's two home loans have an advertised rate of 1.99% p.a. and are fixed for one year.

However, the 'Great Rate' home loan has a comparison rate of 3.52% p.a., while the Ultimate Home Loan has a comparison rate of 3.74% p.a.

The 'Ultimate Home Loan' is a packaged product and includes flexible repayments, an offset account, and a waived annual credit card fee.

The new rates are for new and existing borrowers with a maximum LVR of 80%, borrowing a minimum of $150,000.

In Savings.com.au's market research, Greater Bank is the tenth lender to introduce a home loan beginning with a '1'.

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

Rates
Features
Fees
Other
Lender
VariableMore details
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase
  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase

loans.com.au – Variable Home Loan (LVR < 90%)

  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset
More details
VariableMore details
Refinance OnlyApply 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.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Home Loan – Refinance Only

  • 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.
More details
VariableMore details
  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)

Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)

  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)
More details
  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset

More details
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 December 1, 2023. View disclaimer.

Greater Bank CEO Scott Morgan credits the record low Reserve Bank cash rate and the term funding facility for allowing the lender to introduce the home loans.

“It’s hard to believe that the market now offers a fixed-term rate with a ‘1’ at the start, such is the time we are living," he said.

"What this does is provide an opportunity for new and existing customers to look at their current financial position and consider fixing their home loan.

“This move will ensure that Greater Bank remains very competitive against the industry’s major players in this fixed loan market."

The majority of the home loans beginning with a '1' tend to either be variable or fixed for one year.

While variable rates can change at any time at the discretion of the lender or due to market forces, fixed home loans provide certainty for a set period.

However, fixed loans can also attract break fees if a borrower decides to refinance before their fixed term is over.



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 click through onto the web site links.

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