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Greater Bank announces low fixed-term home loan rate under 2%

Greater Bank has announced today that it will offer one of the lowest one-year fixed-rate home loans in the market, reducing the interest rate on its Fixed Great Rate and Ultimate Home Loan to 1.99%p.a.

The new rates will be effective immediately and available to new home loan customers or existing home loan customers wishing to refinance to a fixed-term product.

Greater Bank CEO, Scott Morgan, said that a sustained, record low cash rate set by the RBA, as well as the opportunity to access low-cost funding from the Central Bank has allowed them to offer customers such a rate.

“As a nation and an economy, there is no doubt we are experiencing tough times on the back of enduring a global pandemic. It’s important that as we negotiate the path through it that banks play a key role in supporting economic stimulus,” Mr Morgan said.

“As a customer-owned bank, we don’t have shareholders meaning our financial interests are firmly aligned with the needs of our customers. It is this alignment of interests that allows us to offer one of the most affordable one-year fixed-rate home loans in the market.

“This move will ensure that Greater Bank remains very competitive against the industry’s major players in this fixed loan market.

“It’s hard to believe that the market now offers a fixed-term rate with a ‘1’ at the start, such is the time in which we are living. What this does is provide an opportunity for new and existing customers to look at their current financial position and considering fixing their home loan.”

Greater Bank has also announced qualifying new Great Rate loans will attract the rate of just 2.68%p.a. for Owner Occupied loans and 2.98%p.a. for Investment loans. These rates are also effective from today.

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