The Greater Building Society has today announced that it is increasing its home loan interest rates by 0.1%. The Greater’s standard variable home loan rate will rise to 6.90% and its basic variable home loan will be 6.54%.

The increase is effective from tomorrow for new loans and for existing customers from February 22.

The Greater’s standard variable home loan rate is still more than one half of one per cent (0.56%) lower than Westpac’s rate (7.46%) and the gap is wider when comparison rates are used.

CEO Don Magin said that, on current rates, a customer with a 30 year, $300,000 standard variable home loan is still $1,464 a year better off than a Westpac standard variable home loan customer. The Greater customer will save $43,920 over the life of the loan.

Mr Magin said the Greater continues to offer lower home loan interest rates than all of the major banks despite having higher funding costs.

Mr Magin also reaffirmed that the Greater has no intention of cutting jobs. He said with continued strong lending and deposit growth the Greater’s 800 strong work-force has continued to grow in recent years in both front line service staff and administration.

“We realise that the main reason we have such outstanding customer satisfaction levels is because of our well trained and helpful staff,” Mr Magin said.

“As a mutual organisation focussed on the needs of members rather than shareholders we are able to sacrifice profits to ensure we continue to provide competitive rates to our customers, without having to shed valued and committed staff,” he said

“People who are fed up with the major banks should switch and put some money back in their own pocket”.

“Switching lenders is much easier than many people think and we can help them do it.”


Media information: Craig Eardley on 0437 477 493.