Lori is a numbers woman, through and through. So, when she began the hunt for best value banking, she could trust in the old adage: Numbers don’t lie.
Like most Australians, Lori just wants the best value for her family. She knew there had to be better value than the major banks. Lori’s determination to shop around paid off when she found Greater Bank. She got the home loan she’d been looking for and great value banking for the family.
For Lori, getting a great deal on her home loan was just the beginning. Lori found that we offer the full suite of products that cater to the ever-changing financial needs of her growing family.
Lori’s family enjoy exceptional value on their car loans as well as their everyday banking. And the Greater Bank app means Lori can manage all her finances anytime, anywhere.
Our Ultimate Home Loan Package gives you a great value home loan, plus benefits in your everyday banking and so much more.
The FREE online redraws are perfect for renovations or unexpected expenses for growing families.
A Greater Bank car loan can be secured in just 24 hours, it’s the perfect way to get the keys to your new set of wheels sooner.
Lori and Michael are boosting their kids savings with our Life Saver Account.
It’s the perfect way to teach kids the importance of saving by rewarding them with higher interest each month their balance grows.
The main types of mortgage offered in Australia can be divided into a number of categories.
Firstly, there are owner occupied loans, for people who intend to live in their home, and investor home loans, for those buying property to place tenants in as an investment.
In terms of loan structure, the main two types are principal and interest, and interest only. With a principal and interest loan, your repayments reduce the overall loan balance while repaying interest owed. An interest only loan means your repayments only cover the interest you owe your lender.
While there's no one best type of mortgage to suit the needs of every borrower, an owner occupied, principal and interest loan is most common for people who intend to live in the property they're purchasing.
This way, you're able to make sure that you're reducing the overall balance of your loan over time instead of just making interest repayments. In time, the home will be yours, and after all - it's the home you want, not the home loan, right?
As banks consistently update their mortgage rates, the best way to ensure you're getting the best rate is to shop around. Using comparison websites can help, but don't forget - rates are just one way to ensure you're getting the best deal. You should also look for a lender who charges low or no fees, and one who won't penalise you for making additional repayments on your loan.
