If you're looking for a better deal, you've come to the right place. We've got a variety of loans to choose from, including our Great Rate home loan. With a great low rate and no ongoing fees, this simple and flexible loan is designed with value in mind.
Refinancing doesn't have to be a lengthy and complicated process. Here at Greater Bank we offer FASTRefi®, meaning your refinancing application could be processed in as little as 72 hours!
All Home Loans have a base rate. The applicable base rate will depend on whether you select a standard or discounted home loan and also the repayment type you select – Principal and Interest (P&I) or Interest Only (IO).
For P&I loans, margins may apply to the applicable base rates. For new IO loans, currently a 0.10% p.a. margin above the applicable base rates will apply. The base rates are set out below and the all up interest rate which includes any margins, will be set out in your credit contract.
| Great Rate Home Loan - Discount variable rate | Interest Rate | Comparison Rate |
|---|---|---|
| Variable | 5.94% p.a. | 5.95% p.a. |
| Great Rate Home Loan - Variable rate | Interest Rate | Comparison Rate |
|---|---|---|
| Variable | 7.86% p.a. | 7.87% p.a. |
| Great Rate Home Loan - Fixed rates | Interest Rate | Comparison Rate |
|---|---|---|
| 1 Year Fixed | 6.29% p.a. | 7.70% p.a. |
| 2 Years Fixed | 5.99% p.a. | 7.49% p.a. |
| 3 Years Fixed | 5.94% p.a. | 7.31% p.a. |
| 4 Years Fixed | 5.94% p.a. | 7.15% p.a. |
| 5 Years Fixed | 5.94% p.a. | 7.02% p.a. |
All Home Loans have a base rate. The applicable base rate will depend on whether you select a standard or discounted home loan and also the repayment type you select – Principal and Interest (P&I) or Interest Only (IO).
For P&I loans, margins may apply to the applicable base rates. For new IO loans, currently a 0.10% p.a. margin above the applicable base rates will apply. The base rates are set out below and the all up interest rate which includes any margins, will be set out in your credit contract.
| Ultimate Home Loan - Discount variable rate | Interest Rate | Comparison Rate |
|---|---|---|
| Variable | 6.13% p.a. | 6.50% p.a. |
| Ultimate Home Loan - Variable rate | Interest Rate | Comparison Rate |
|---|---|---|
| Variable | 7.66% p.a. | 8.01% p.a. |
| Ultimate Home Loan - Fixed rates | Interest Rate | Comparison Rate |
|---|---|---|
| 1 Year Fixed | 6.29% p.a. | 7.86% p.a. |
| 2 Years Fixed | 5.99% p.a. | 7.66% p.a. |
| 3 Years Fixed | 5.94% p.a. | 7.50% p.a. |
| 4 Years Fixed | 5.94% p.a. | 7.36% p.a. |
| 5 Years Fixed | 5.94% p.a. | 7.24% p.a. |
If you are considering a refinance (for example, to get a better interest rate or if you want to increase your loan), keep in mind that your eligibility can depend on the amount of equity you have in your home and your serviceability.
While there's no hard and fast answer to this question that will suit everybody, as a general rule, if you're looking to refinance to save money over the life of your loan, you should wait until the benefits outweigh the costs.
Not a fan of waiting? FASTRefi® allows our lenders to process your application in as little as 72 hours, getting you a better rate in a matter of days rather than weeks.
FASTRefi® is available across all our home loans, ensuring that you can quickly access a better deal no matter what loan or rate you are refinancing to.
You may not even have to talk to your current lender to access FASTRefi®, so talk to one of our home loan experts today to find out more.
While there's no hard and fast answer to this question that will suit everybody, as a general rule - if you're looking to refinance to save money over the life of your loan, you should wait until the benefits outweigh the costs.
For example, if you're currently on a fixed interest rate, and refinancing will incur break costs that you're just not willing to pay, it may be worthwhile waiting until you're able to switch.
Refinancing can impact your credit score, but don't panic! There are a couple of ways refinancing can affect your credit score, but there are a few things you can do to minimise the impact.
Firstly, when you start the refinancing process lenders will often make a 'hard enquiry' into the state of your credit, meaning they request access to your credit report. If you have too many hard enquiries in a certain period of time your score could dip as lenders may think you are struggling to get credit. To avoid this, make sure that you meet the lender's conditions before proceeding with a hard enquiry.
Another reason your credit score could dip when refinancing is that when you refinance you are essentially resetting your loan, and its history. If you continue to pay off your new loan regularly and on time, this dip should correct itself.
While refinancing shouldn't normally have a big impact on your credit score, if you do have concerns you may be able to chat to your lender or a financial advisor to see if refinancing is right for you.
Technically there are no limits to how often you can refinance your loan, and it's usually a good idea to keep an eye on your rate and see if you can get a better deal.
However, some lenders or loans may have 'cooldown periods', meaning you have to wait for a certain period before refinancing. Another thing to keep in mind is that there may be temporary impacts to your credit score, and fees and costs associated with refinancing.
A good rule of thumb to keep in mind is that as long as the costs of refinancing aren't outweighing the benefits, you can refinance as often as you need.
When you refinance is totally up to you, as it can depend on your lender, the type of loan you have, and your own personal finances.
In terms of your lender, some lenders allow you to refinance as soon as you take out a loan, while others may only allow refinancing after six months.
In order to keep costs down, it may be a good idea to wait until you've built some equity in your home before refinancing in order to avoid Lender's Mortgage Insurance (LMI).
Refinancing can have fees and risks, so it may be worth taking your personal circumstances into account before proceeding, such as any other credit obligations you may have or your job security.
Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.
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*Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992 Australian Financial Services Licence/Australian credit licence 238273
++ $2,000 cashback for loans ≥$250,000 with LVR of less than or equal to 80%, or $3,000 cashback for loans ≥$500,000 with LVR of less than or equal to 80%,. Applications must be submitted by 31/05/2024 and funded by 31/08/2024. Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions. Terms, conditions, fees, charges and credit criteria apply.
~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.
^Comparison rate is based on $150,000 over 25 years. 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.
#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 80% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.
+Additional costs may apply if your loan has a fixed rate.
All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.
FASTRefi® is a registered trademark of First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908.
Rate City Gold Award 2024, see http://ratecity.com.au/home-loans/awards for more information
