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What happens when I’m ready to pay out the remainder of my loan?

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.