The Greater Building Society today reported that it has experienced a massive increase in calls from unhappy bank customers looking to swap their home loans and other accounts.

CEO Don Magin said today that in the past two days the Greater has broken its record of the highest number of home loan appointments booked through its home loan centre. On Wednesday it experienced a 200% jump in appointments made and maintained that level of appointments the following day.

Mr Magin said branch staff have also reported an increase in disgruntled bank customers coming in to look for a better deal.

He said that people are realising non-banks can offer them security and a better deal, and are now prepared to vote with their feet.

The Greater Building Society’s standard variable rate of 7.30%p.a.(comparison rate 7.30%p.a.^) is now more than half of one percent lower than the Commonwealth Bank’s rate 7.81%p.a. (comparison rate 7.94%p.a.^) and comes with a free holiday. Its award winning Great Rate Home Loan (basic home loan) is 6.94%p.a (comparison rate 6.94%p.a.^) The major bank’s rates are even higher when comparison rates are used.

“We are owned by our members, not shareholders, so we put people before profits.”
 
“There are real alternatives to the major banks in the marketplace offering consistently better rates, low fees and superior service.”

Mr Magin urged people comparing home loan products, particularly those with honeymoon or packaged rates, to check the comparison rate or true rate to avoid paying thousands of dollars more on their home loan.

 “We have more of our friendly staff ready to help people to make the switch or simply to get some friendly, expert advice on both loan and investment products.”

The Greater’s Home Loan hotline is 13 13 86.

The Greater is the 2010 AFR Smart Investor and Mozo People’s Choice Building Society of the Year. It has 66 branches across NSW and on the Queensland Gold Coast and mobile lenders in Townsville.

Terms, fees and charges apply to all loans
^ Based on an amount of $150,000 over a term of 25 years. Comparison rate is true for examples given and may not include all fees and charges. Different terms, fees and charges may result in a different comparison rate.

Media information: Craig Eardley on 0437477493.