|
1 Year |
3 Year |
| Headline (p.a) |
Comparison (p.a) |
Headline (p.a) |
Comparison (p.a) |
| Greater |
5.94% |
6.87% |
6.35% |
6.81% |
| CUA |
6.59% |
7.21% |
6.39% |
7.04% |
| CBA |
6.38% |
7.21% |
6.43% |
7.05% |
| Newcastle Permanent BS |
6.39% |
7.30% |
6.39% |
7.12% |
| ANZ |
6.39% |
7.57% |
6.44% |
7.37% |
| IMB |
6.39% |
7.44% |
6.74% |
7.35% |
| NAB |
6.59% |
7.58% |
6.64% |
7.49% |
| Westpac |
6.89% |
7.88% |
6.79% |
7.67% |
The Greater Building Society has today announced Australia’s lowest home loan rate, taking its one year fixed home loan below 6% p.a. The Greater has also reduced its three year fixed home loan rate to 6.35% p.a.
The Greater’s one year fixed home loan is almost one percent (0.95%) lower than Westpac’s rate. It is half of one percent (0.45%) lower than ANZ, which is offering the best one year rate of the Big Four banks.
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.
Mr Bryde said the other difference with the Greater’s fixed loans is that its customers revert to the Greater’s lowest (basic) standard variable rate (currently 6.94% p.a. with a comparison rate of 6.98%). He said the Greater is the only Australian bank or building society with a comparison rate below 7% for one year and three year fixed home loans. The practice of taking consumers from a fixed rate to a high standard variable rate is one Mr Bryde terms “the revert rort”. He warned consumers about the practice in his blog last month.
“Having a fair revert rate as well as low fees and charges is why our comparison rate is so much lower than our competitors even when our headline rates are similar,” Mr Bryde said.
“Fixing isn’t for everyone but for people who want certainty there are great rates on offer,” he said.
“Our fixed rates are super-low and they stay low.”
“These rates are effective today and are available to new and current customers.”
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 Building Society of the Year in the 2011 Australian Banking and Finance Awards and is the current Building Society of the Year and Top 5 Home Lender nationally according to the 2010 Mozo People’s Choice Awards.
Media information: Craig Eardley on 0437 477 493 Visit www.greater.com.au and blog.greater.com.au
