A home loan, or as it's often called; a mortgage is an amount of money provided by a lender (typically a bank) to an individual or couple for the purpose of buying a property. 

A home loan can be used to purchase a house or apartment that is already built, buy a property before it's built ('off the plan') or purchase a vacant block of land to build on.

When you borrow money in the form of a home loan from a lender or bank in order to buy property, the total amount you borrow is called the principal. This entire amount will need to be repaid to the lender over a fixed period of time (called a term).

A home loan interest rate is the percentage rate the lender charges to loan the principal to you. Over the life of the loan, you repay the full principal amount you owe to the lender, plus the rate of interest that your home loan product specifies. Home Loan interest rates can be fixed, variable, or a combination of both.

Greater Bank offers a number of ways for customers to kick-start what will surely be one of life’s most exciting experiences – buying a home.

You can start a conversation with Greater Bank today by

• Making a Home Loan enquiry online.
• Dropping into your nearest branch.
• Calling us on 13 13 86 and speaking with a friendly member of staff.

No one loan is perfect for everyone.

At Greater Bank, we understand that every one of our valued customers have different needs and are at different stages in their lives.

The right loan for you depends on these needs.

A variable rate loan means that the interest rate on the loan may go up and down over the loan period. This allows you to make additional or early repayments to take advantage of interest rate fluctuations.

A fixed rate loan means that the interest on the loan remains constant over a fixed period, so your repayments will stay the same. You will be able to budget for your repayments and are protected from rises in interest rates.

Still have questions? Contact a friendly Greater Bank staff member on 13 13 86 or visit your nearest branch.

It is the amount of money you intend to borrow, compared to the value of the property (which is not necessarily the same as the purchase price) you're looking to buy.

We use the LVR when assessing your home loan application. It also helps determine if you need to pay Lenders Mortgage Insurance (LMI).

For example:

Yes.

At Greater Bank, we know sometimes it's hard for you to visit us when applying for a home loan, so we will come to you. Our experienced Lenders can visit you at home or work, at a time that suits you. Whether you’re considering a new home loan or swapping your current home loan to Greater Bank, our Lenders are here to help make your life greater.

Get in touch with a Mobile Lender near you - Find a lender

There are several options for setting up your home loan repayments, depending on your financial goals and circumstances. You can also choose to repay your loan weekly, fortnightly or monthly to suit your budget.

Monthly repayment only: You can easily set up an Easypay repayment for all Greater Bank home loans via online banking. The 'monthly repayment only'  option will automatically increase or decrease in line with interest rate movements. You can also opt to make your monthly repayment weekly or fortnightly. You can also choose to add an additional amount your monthly repayment if you would like to pay more each month.

Fixed amount: This option is available if you opt to nominate a fixed amount. Changes to the amount will need to be managed by you via online banking in line with interest rate movements as the repayment amount will not change automatically.  

If you have automatic transfers set up from another financial institution, you’ll need to contact them to update your repayment amount or check your current transfer amount.

You can set up an automatic home loan repayments in online banking or our mobile app.

1. Log in and go to 'Transfer' > select the account you’d like to pay your loan from > then select your loan

2. In the ‘Type’ field you can select from the drop down menu the transfer type.

   • Fixed Amount – this is a fixed amount you wish to pay. This amount can be edited and changed at any time if you wish.

   • Monthly Repayment Only – this is the monthly repayment on your loan calculated at the time of payment

   • Monthly Repayment Plus Extra – Pay a fixed amount off your loan, in addition to the monthly repayment on your loan, calculated at the time of payment.

3. If you’re wanting to set up a recurring payment, select ‘Recurring’

4. Then select the frequency – Weekly, Fortnightly, Monthly

5. Select a start date by taping into the date field and a calendar will appear.

6. Select when you would like this to end – either ‘Never’ or ‘On a specific date’

7. Click ‘Next’

8. The click ‘Confirm and transfer’

If you have a scheduled Fixed Home Loan or Personal Loan repayment that you’d like to change, you can edit this by going to ‘Scheduled’ located in the side menu if accessing Online Banking on a desktop, or going to ‘Manage' > 'Scheduled’ if using the app.

1. Select the scheduled payment for your loan

2. Select ‘Edit’ and make your changes

3. If you wish to delete the payment select ‘Delete’

If you have a Monthly Repayment Only or Monthly Repayment Plus Extra and wish to change this, you will need to delete these, as these payment types can’t be edited.