The Greater Building Society will today reduce its one year fixed home loan by 0.25% to 5.69%, making it the lowest home loan rate of any lender in Australia.

Product manager David Bryde said that the Greater continues to take on the major banks offering Australian consumers a real banking alternative with lower home loan interest rates, low fees and outstanding service.

“A customer on a standard variable rate with a major bank would have to wait for at least seven Reserve Bank rate reductions of 0.25% to get a rate this low,” Mr Bryde said.

Mr Bryde said that, unlike some other lenders, the Greater’s fixed loan customers revert to the Greater’s lowest (basic) standard variable rate (currently 6.69% p.a. with a comparison rate of 6.73%). The practice of taking consumers from a fixed rate to a high standard variable rate is one Mr Bryde terms “the revert rort”. He has previously warned consumers about the practice in his Greater blog (www.blog.greater.com.au)

“Having a fair revert rate as well as low fees and charges is why our comparison rate for our one year fixed rate loan is just 6.63%, much lower than our competitors, even if the headline rates were similar,” Mr Bryde said.

“Fixing isn’t for everyone but for people who want certainty there are great rates on offer,” he said.

The Greater Building Society offers a complete range of financial services to 250,000 members across NSW, South east Queensland and in Townsville. It was named Australia’s Best Home Lender, Best Savings Account Provider and Best Building Society in the 2011 Mozo People’s Choice Awards as well as Building Society of the Year in the 2011 Australian Banking and Finance Awards.

Media information: Craig Eardley on 0437 477 493 Visit www.greater.com.au and blog.greater.com.au