Greater cuts variable home loan rate

The Greater Building Society announced today that it will be reducing its variable home loan rate by 0.90%.

This rate comes into effect from 15 December for existing borrowers and for new home loans from tomorrow, 5 December.

The standard variable rate will now be just 6.65% and remains below that of all the major banks.

Chief executive Don Magin says that although the cost of funds remains high, the Greater wants to assist its members reduce their home loan expenses.

“We will continue to pass on as much as we are able to our borrowers as the RBA reduces the cash rate”, says Mr Magin.

“Our policy of not charging any application fees or on-going fees on our standard variable rate home loans continues our commitment of offering very competitive rates and low fees to our members.”

He said customers with a $250,000 mortgage over 30 years would see their repayments fall by $152 a month.

The Greater Building Society is one of Australia's top 500 companies. It has 65 branches in NSW and the Queensland Gold Coast, the largest branch network of any building society in Australia.