The Greater Building Society has today announced it is cutting its variable home loan rates by 0.25%.
The Greater’s Ultimate Home Loan (packaged variable loan) rate will fall to 4.24 per cent down from 4.49 per cent. Its Great Rate (basic variable loan) rate will now be 4.44 per cent down from 4.69 per cent. Its standard variable rate will be 5 per cent, down from 5.25 per cent.
The 4.24 per cent rate for the Ultimate Home Loan is a special offer that includes a 0.20 per cent discount for new home loans over $300,000 with a loan to value (LVR) ratio of 80 per cent or below.
The 4.44 per cent rate for the Great-Rate Home Loan is a special offer that includes a 0.20 per cent discount for new home loans over $150,000 with a loan to value (LVR) ratio of 80 per cent or below.
CEO Scott Morgan said that, unlike some financial institutions, The Greater was passing on the Reserve Bank’s cut to official interest rates in full.
“Being customer owned means we can put our customers ahead of profits and shareholder returns,” Mr Morgan said.
“The Greater continues to offer local people a straightforward alternative to the big banks with great rates and outstanding, expert service,” he said.
“People who are unhappy with their bank’s rate should consider switching.”
“Switching your home loan is easier than people think.”
The Greater has won both of the first two monthly Roy Morgan Customer Satisfaction Monitor Award for credit unions and building societies in 2015 with customer satisfaction ratings as high as 95 per cent.
The Greater’s packaged (Ultimate) home loan has no establishment fee and includes a fee free transaction account, discounted insurance, a free initial financial planning consultation, and a linked credit card with waived annual fee. Unlike many other financial institutions, The Greater offers a free internet redraw facility on its fixed rate home loans and the ability to make extra repayments.
People wanting more information or to apply for a loan should visit a Greater branch, phone 1300 721 253 or make an enquiry online. The Greater offers home loans as well as other banking and financial services to around 250,000 customers in NSW and South East Queensland.
Media information: Craig Eardley on 0437 477 493.