The Greater Building Society today announced it was reducing its standard variable home loan interest rate by 0.25 percent to 9.05%.

The Greater is passing on the full decrease in official interest rates announced by the Reserve Bank yesterday (Tuesday, September 2).

The rate cut is effective from today for new customers and from September 15 for existing customers.

Chief executive Don Magin said now that the cost of finance had reduced it was passing that cost saving on to customers.

He said customers with a $200,000 mortgage over 25 years would see their repayments fall by $34 a month.

“The Greater’s standard home loan interest rate of 9.05% is highly competitive and remains below that of the major banks,” Mr Magin said.

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

“Our standard rate doesn’t come with honeymoon clauses where rates rise after a certain time frame,” he said.

“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.”

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.