The Greater Building Society has announced today that it will decrease its standard variable home loan interest rate by 80 basis points (0.8%) to 8.25 per cent.

The rate cut is effective from today for new borrowers and from October 15, 2008 for existing borrowers.

Chief Executive Don Magin says this new rate maintains the Greater's extremely competitive position when compared to the major banks. The Greater's standard variable home loan interest rate is more than 30 basis points (0.3%) better than the average of the standard variable rate of the five largest banks.

He said the Greater's standard variable rate was even more competitive when you took into account the other benefits being offered.

"With a home loan from the Greater you get very competitive rates, outstanding service, holiday rewards, a fee-free savings account and there are no other hidden fees and charges."

He said customers with a $250,000 mortgage over 25 years would see their repayments fall by $135 a month.

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