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Getaways Home Loan
What is Greater Getaways?
Greater Getaways is a "Reward Points" style promotion similar to Airline Frequent Flyers, whereby the more money you borrow from the Greater Building Society, the more "Triangle Reward Points" you will accumulate.
These "Triangle Reward Points" can be traded for FREE ACCOMMODATION at over 200 Australian and International Destinations listed in our 2008 - 2009 Accommodation Directory.
Perhaps you like the bright city lights, or on the other hand you may enjoy the peace and tranquillity of a country retreat.
Either way, Greater Getaways has a holiday to suit everyone's needs! From Adelaide to tropical North Queensland, to the South Pacific, Greater Getaways offers you a vast selection of hotel properties and resorts with up to five star quality!
Variable Rate and Fixed Rate
The Getaways home loan has the option to choose from a variable or fixed interest rate.
Variable Rate
Historically, our Standard Variable Rate has been below the Standard Variable interest rate offered by the 4 major banks in Australia (CBA, Westpac, NAB, ANZ). * Source: Cannex July '05.
When shopping around, you may see home loan products with lower interest rates, but they usually have fees and conditions attached to them that Greater home loans do not.
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.
Benefits of a Getaways Home Loan
No Ongoing Monthly Account Keeping Fees
Our Getaways 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 Getaways Home Loan but you may be charged a prepayment fee if comparative interest rates drop. Similarly, break costs may apply if you repay your loan in full during the term and comparative interest rates have dropped.
Redraw Facility
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 Getaways 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.
Who is Eligible for the free holiday?
To be eligible for Greater Getaways Reward Points, you must have taken a new loan or refinanced an existing loan (with a Lender other than Greater Building Society) for a:
- Residential Home Loan
- Investment Loan
- Construction Loan
- Vacant Land Loan
- "Add On" Loan over $20,000
- 100% Finance Loan
- Consolidation Loan
- Mortgage Express Loan
Your Triangle Rewards Points are redeemable from the date that your loan is advanced.
- The free holiday (Greater Getaways) does not apply to Business, Commercial, Line of Credit, Basic Home Loans, pre-existing and converted Greater loans, or an add-on loan under $20,000. Terms, fees and conditions apply to all loans.
- Reward Points apply to Add-on Loans for a minimum amount of $20,000 and are calculated on the additional money advanced, not the full loan amount.
- For Construction Loans, the Reward Points are calculated on the Progress Payments advanced, not on the full loan amount.
- Refinances only apply to loans with a lender other than the Greater Building Society Ltd.
How do you earn Triangle Reward points?
When your qualifying loan is advanced, you will automatically be allocated a number of "Triangle Reward Points".
Like any reward system, the level of support you give the Greater determines the number of "Triangle Reward Points" you receive. "
Triangle Reward Points" are allocated on the basis of one triangle for every $250 you borrow.
- A $100,000 Home Loan would give you 400 "Triangle Reward Points".
- A $150,000 Home Loan would give you 600 "Triangle Reward Points".
- A $200,000 Home Loan would give you 800 "Triangle Reward Points".
- A $250,000 Home Loan would give you 1,000 "Triangle Reward Points".
You have the option of saving these "Triangle Reward Points" and exchanging them for one night, or consecutive nights accommodation at any of the properties listed in our Greater Getaways Accommodation Directory.
How long are the "Triangle Reward Points" Valid?
"Triangle Reward Points" are valid for a period of two years from the date your loan is advanced. You can elect to use some of these "Triangle Reward Points" periodically, or all at once. You are able to exchange them for one night or consecutive nights accommodation.
"Triangle Reward Points" Statements
The balance of your triangle reward points will be displayed on your loan statement.
Choosing your Greater Getaways destination
Your Australian Destinations
The number of "Triangle Reward Points" you require for accommodation within Australia is quoted as a twin share room for one nights stay. In some instances, the Directory will state a lower number of "Triangle Reward Points" for people wishing to book more than five consecutive nights stay.
Your International Destinations*
"Triangle Reward Points" for our International Packages are quoted on a per person (twin share).
Our Greater Getaways International Packages include:
- Accommodation
- Return economy airfares
- Hotel transfers
- Some meals (as specified)
* Flights will normally originate from the customer's nearest capital city - so regional customers will be responsible for their own transport to and from the Capital City airport. International package key ratings are subject to hotel / airfare seasonality surcharges, availability, price increases and airline schedules. Travel insurance is not included with any International Package
Go to www.greater.com.au/getaways for more information.
Some Frequently Asked Questions about Greater Getaways
Is Greater Getaways a contest and what's the catch?
Greater Getaways is not a contest and there is no catch. Every person who takes out one of our qualifying loans is entitled to Greater Getaways "Triangle Reward Points" which can be redeemed for accommodation at any of the hotel and resorts listed in the Greater Getaways Directory.
How does it work?
The Greater will allocate one "Triangle Reward Point" for every $250 you borrow. These "Triangle Reward Points" can be redeemed for accommodation at over 200 locations featured in our full colour Greater Getaways Directory. Greater Getaways applies to all our loan products except Line of Credit, Basic Home Loans, Commercial Loans, Business Loans and Personal Loans. Greater Getaways do not apply to qualifying loans which refinance an existing Greater loan or on the first $20,000 of Add-on Loans.
Is the interest rate inflated in order to pay for this promotion?
No. The interest rate is the Greater's standard rate for the type of loan. As well as competitive interest rates, the Greater also offers a deposit account free of any excess transaction fees with each qualifying loan. Do the comparison for yourself, and you will see how much better off you will be.
Can the holidays be taken in peak season? What about school holidays, Christmas and Easter?
You can use your "Triangle Reward Points" for accommodation at any time of the year. The rooms (and flights for international holiday packages) are of course, subject to availability. Any period that the rooms are not available are clearly stated on the property description.
What is the standard of the hotels?
We have included a wide range of accommodation to suit the anticipated needs of our customers. The quality of the accommodation is regularly monitored to make sure that our high standards are maintained.
Do I have to take my holidays all at once? Do I have to use them all at the same hotel?
No. You can use your allocation of "Triangle Rewards Points" anyway you choose. You may wish to use them all at once at the same location, or you may choose to have a number of shorter breaks at different locations. Because your Greater "Triangle Rewards Points" do not expire for two years, you have the flexibility to use them to suit your own circumstances. "Triangle Reward Points" can also be used to book holidays for friends or other members of the family.
What about the kids?
Most of the accommodation in the Greater Getaways Directory will allow kids to stay. The places where kids are "not suitable" will be stated on the location description. There may be a surcharge at some properties for children. This is clearly stated on the property’s description in the Greater Holiday Directory.
If you have any questions about our Greater Getaways promotion, please call our Customer Service Centre on 1300 651 400