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Author: Greater Building Society

Greater cuts interest rates and fees ahead of RBA meeting

While most experts are predicting no change to official interest rates by the Reserve Bank tomorrow, the Greater Building Society has cut new home loan rates from today (August 31).

The Greater has cut 0.55 per cent off the rate for new owner occupier variable basic home loans worth $150,000 or more that have a loan to valuation ratio (LVR) of less than 80 per cent. This takes the rate for that loan to 4.09 percent (comparison rate 4.09 per cent), the lowest it has ever been. It is also offering 0.2 per cent off fixed Great Rate home loans and fixed and variable Ultimate (packaged) home loans of more than $150,000 with an LVR of less than 80 per cent for both owner occupiers and investors.

The Greater is also waiving establishment, settlement and title insurance fees on all of its basic and packaged home loans.

CEO Scott Morgan said The Greater continued to take on the big banks to offer customers great value home loans.

Mr Morgan said when you consider the all important comparison rate (which takes into account interest rates plus key fees and charges) the discounted variable Great Rate Home Loan is the leading rate of The Greater’s main competitors and 0.83 percent lower than NAB’s equivalent rate.

Lowest Owner Occupied Variable Loan with LVR ≤ 80% Interest Rate (%) Comparison Rate* (%)
Greater 4.09 4.09
NAB 4.53 4.92
ANZ 4.48 4.89
Westpac 4.48 4.86
Commonwealth Bank 4.19 4.79
Newcastle Permanent 4.09 4.45
IMB 4.09 4.45
CUA 4.13 4.19
Heritage 4.14 4.19
*Comparison rate is based on $150,000 over 25 years

“The Great Rate Home Loan is always popular and we are making it even better value,” Mr Morgan said.

“We want to remind big bank customers that we are a better alternative for all their banking needs and that switching is easier than they think,” Mr Morgan said.

Unlike many other financial institutions, The Greater offers a free redraw facility via our internet banking on its fixed rate and variable rate home loans and the ability to make extra repayments.

To view The Greater's latest low rate, and to make an enquiry today, click here.