Mortgage Express
Mortgage Express is an all-in-one home loan product. Your savings and your Home Loan are combined into the one convenient account. It's designed to get any spare savings you have working as hard as possible to save loan interest and reduce your loan term.
It's a transactional loan that operates in a similar way to a savings account. By having your whole wage credited directly to the loan on top of your savings, 100% of those funds are offset against your loan balance. Since interest is calculated on a daily basis, these funds maximise the amount of loan interest you can save.
You have the same 24 hours a day, 7 days a week access to your funds via the Greater branch network, ATM, and EFTPOS** that you get with a savings account, plus Internet Banking, Telephone Banking and Cheque drawing facilities.
With a Greater Visa card you can even have access to your funds overseas.
| Interest type & rate |
| Interest type |
Variable |
| Interest Rate |
From 6.75%p.a.
View interest rate schedule |
| Comparison Rate* |
From 6.81%p.a (for an amount of $150,000 over 25 years)*
View comparison rate schedule |
| Loan term |
| Loan Term |
Up to 30 years^ |
| Maximum amount |
95% of the value of the property being purchased or the security provided^ |
| Repayments |
| Repayment type |
Principal and interest |
| Repayment frequency |
Monthly
You may choose to satisfy your monthly repayments by making weekly, fortnightly or monthly payments.
|
| Extra repayment |
Yes |
| Early repayment |
Yes |
| Redraw |
Yes |
| Fees & Charges |
| Establishment fee |
$1,200 deferred fee (some or all of this may be deferred at our discretion)
|
| Annual Fee |
Nil |
| Monthly fee |
$5 per month |
| Other Features and benefits |
| Free Holiday |
Yes |
Account Free of
Greater Transaction Fees |
Mortgage Express Account is Free of Greater Transaction Fees |
| Split Loan |
Yes |
| Loan Offset |
No |
| Free Internet Banking |
Yes |
| Free Phone Banking |
Yes |
How Does Mortgage Express Work?
When your Mortgage Express Loan is approved, we can arrange for your wages to be deposited directly into your home loan account and any spare savings you have to be transferred into it.
When those funds are deposited, they immediately reduce the balance of your loan. Since interest is calculated on a daily basis, this will reduce the amount that interest is calculated on.
Rather than those funds sitting in a normal savings account earning you little or no interest, they're now working for you in saving interest and reducing your loan term.
As you make withdrawals and further deposits, your loan balance and your savings balance will fluctuate. You just need to ensure that your savings at least cover the amount of your minimum repayment each month. Anything left in the loan over and above that amount is maximising the amount of loan interest you can save.
Mortgage Express is essentially no different to any other loan in that you need to make extra payments to repay it quicker. However, what we do realise is that some people find it easier to leave excess money sitting in their loan account rather than in a savings account, that's why we have this type of home loan on offer.
* WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^ This may vary depending on the type and location of any security property.
** Cash withdrawal facility is not available in conjunction with a Visa Credit Card
