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Loan Types
Variable Rate
We refer to it as our "Standard Variable Rate Loan" but if you compare it to the loans offered by other institutions you will find that it is anything but standard!
Competitive Interest 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.
No Ongoing Monthly Account Keeping Fees
Our Standard Variable 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.
Choice of Repayment Type
You can choose to make Principal and Interest payments to ensure your loan balance will reduce or Interest Only payments (5 year maximum) if you prefer to minimise the amount you are required to pay.
Extra Payments/ Early Repayment
You can make weekly, fortnightly or monthly payments and there are no fees or charges for making additional payments to your Standard Variable Rate Home Loan.
We understand that most people want to repay their loan as soon as possible, so there are no fees for repaying your loan early other than a discharge fee which will apply whenever you payout the entire balance of the loan.
Redraw Facility
You may be able to redraw the excess payments you have made to your 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 the Greater Building Society's Standard Variable 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 Variable Rate Home loan call us on 131386.