What happens when I’m ready to pay out the remainder of my loan?
Congratulations! We’re so pleased for you that you’re about to pay off your loan!
Paying off the loan before the end of the fixed rate period
We understand your circumstances may change which might require you to payout your loan completely or change your fixed rate loan by changing the loan type.
However to do so, you need to ‘break’ the terms of your loan contract and a break fee may be payable.
A break cost fee is intended to recover any loss that Greater Bank will incur when a customer breaks their fixed rate contract; which can happen as a result of changes in interest rates.
WARNING
Break Costs can be quite high. We suggest you ask us for an estimate of the Break Cost and seek independent financial advice before you do any of these things while you are under the fixed rate option.
A fixed rate option may not be suitable for you if you plan on breaking the fixed rate period