Savings and Investments

Government Deposit Guarantee

Invest with confidence

Australia has one of the strongest banking systems in the world. The Greater Building Society is subject to the same regulatory standards and rules as the major banks that are set by the Australian Prudential Regulation Authority (APRA) to protect you.

The Financial Claims Scheme (Government Deposit Guarantee), managed by APRA, provides additional protection for your deposits. It means that the combined value of deposits of $250,000 or less invested with The Greater are guaranteed by the Australian Government. (A joint account in two names with a value of $250,000 is split equally into $125,000 entitlements between the account holders for the purposes of determining a depositor's total value of deposits.)

The Greater is one of the largest Building Societies in Australia with substantial assets worth almost $5 billion. Like all other Australian financial institutions, we are required by APRA to hold a certain amount of capital and minimum liquid assets. At the end of last financial year, The Greater's capital levels were nearly double the minimum required by APRA and our liquid assets were well in excess of the minimum required by APRA.

The Greater has strict lending criteria and has never engaged in "low doc", "no doc" or "sub prime" lending and continues to have very low loan default rates compared to other Australian financial institutions.

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