The Greater Building Society has launched its latest assault on the major banks offering new home loan customers the opportunity to save 50 cents a litre on petrol.
Greater CEO Don Magin said that for every $100,000 people borrow, they will receive six months worth of weekly petrol vouchers. Each voucher entitles people to 50 cents a litre off up to 80 litres of fuel.
Mr Magin said the offer would mean that people taking out a new $300,000 Greater Getaways Home Loan could slash their petrol bills by up to $40 a week for 18 months, a total saving of $3,120.
“People taking out a $400,000 home loan will get 50 cents a litre off their petrol bill for two years, saving up to $4,160,” Mr Magin said.
Amount borrowed 50c discount fuel offer lasts for Save up to
$100,000 6 months $1,040
$200,000 1 year $2,080
$300,000 18 months $3,120
$400,000 2 years $4,160
He said that the petrol offer follows on from the Greater’s highly successful new marketing campaign starring global comedy legend Jerry Seinfeld designed to position it as a viable competitor to the increasingly dominant banks.
“The banks may have swallowed some competitors but the Greater will continue to ensure there is real competition for consumers in the market place,” he said.
He said that while the Greater’s offer blows the supermarket chain petrol discounts out of the water people would still be able to claim those discounts as well, making their weekly petrol savings even greater. Unlike the supermarket petrol offers, people have the convenience of filling up at any petrol station. They simply mail or bring their vouchers and petrol receipts into their local branch for reimbursement.
The Greater’s standard variable home loan rate is lower than those of the major banks. The Greater also offers a savings account free of Greater transaction fees, no upfront establishment fee, no monthly account keeping fees, a free internet redraw facility, free phone and internet banking plus the choice of petrol discounts or a free holiday.
“Why would you keep your loan with a major bank when there are better deals and better service on offer?”
The fuel discount offer is for a limited time. People not wishing to take up the petrol offer can take reward points for a free holiday instead.
According to mortgage broker AFG, the average mortgage in September was $335,000 in Queensland, $360,000 nationally, and $419,000 in NSW.
The Greater Building Society is a top 500 private company (BRW). With 66 branches across NSW and south east Queensland, the Greater has the largest branch network of any Australian building society.
Media information: Craig Eardley on 0437 477 493. Visit www.greater.com.au
