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Loan Types
Fixed Rate
A Fixed Rate Home Loan is ideal for those people who want security against any rise in interest rates. You can fix your interest rate for a term of 1 to 5 years and feel safe in the knowledge that if market rates rise during the fixed period, your interest rate and repayment amount won't.
Repayments can be made on a principal and interest basis or interest only. When the fixed term expires your rate automatically reverts to the current standard variable interest rate with principal and interest repayments at no charge. If you wish to re-fix your interest rate for another 1 to 5 year term a $200 conversion fee applies.
No Ongoing Monthly Account Keeping Fees
Our Fixed Rate Home Loan does not have any of the monthly account keeping fees that other institutions often charge.
No Application Fee
If you borrow a minimum of $40,000 we won't charge you an application fee, valuation fee or any of the Greater's legal costs, unless you repay more than 80% of your loan within the first 4 years.
Extra Payments/ Early Repayment
You can make your repayments on a weekly, fortnightly or monthly basis and you can make extra repayments to a Fixed Rate Home Loan but you may be charged a prepayment fee if comparative fixed interest rates drop. Similarly, break costs may apply if you repay your loan in full during the fixed term and comparative fixed interest rates have dropped.
Redraw Facility
Unlike the fixed rate loans of most other lenders, you may be able to redraw the excess payments you have made to your Greater Fixed Rate Home Loan.
Redraws made via the Greater's Internet Banking service are free of charge, have no restrictions on the number or amount of redraws you make and are available immediately if transferred to a Greater account.
A $20 fee and $2,000 minimum applies to redraws processed manually. These funds are usually credited to your Greater savings account within 24 hours.
Savings Account Free of Transaction Fees
Unlike many other financial institutions, the Greater does not charge monthly account keeping fees on our Savings Accounts.
As a reward for choosing a Greater Building Society Fixed Rate Home Loan, you are entitled to a savings account with us that is completely free of any transaction fees.
This means that you have unlimited free access to our Branch network, the ATM/EFTPOS network Australia wide, our Internet Banking service and cheque drawing facility.
If you are paying these fees at another institution now you will understand how much you may save by becoming a Greater borrower.
To make an application for a Fixed Interest Rate loan call us on 131386.