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.
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $2,408 | Principal & Interest | Variable | $0 | $530 | 70% | Featured Online ExclusiveUp To $4K Cashback |
| |||||||||
5.99% p.a. | 5.90% p.a. | $2,396 | Principal & Interest | Variable | $0 | $0 | 80% | Featured Apply In Minutes |
| |||||||||
5.99% p.a. | 6.51% p.a. | $2,589 | Principal & Interest | Variable | $0 | $530 | 90% |
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