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Get your Greater Advantage bundle!

$3,000 - it's our housewarming gift to you!

We want to help you buy your first home, so we're offering a $3,000* housewarming gift, a serious discount on lenders mortgage insurance, PLUS discounts on our already low interest rates.

Find your Greater Advantage and get the keys to your first place sooner with one of these limited-time offers.

Offer 1

  • $3,000* housewarming gift as a cash payment
  • 50% LMI premium rebate
  • Discounted interest rate (shhh - ask your lender!)

Available to first-home buyers for applications above $250,000, with a loan-to-value ratio between 80% - 95% (inclusive of fees).

Enquire now

Offer 2

  • $3,000* housewarming gift as a cash payment

Available to first-home buyers for applications above $250,000, with a loan-to-value ratio under 80% (inclusive of fees).

Enquire now

Low deposit options

For many first-time home buyers, saving up for a deposit is the biggest barrier to owning a home. Here at Greater Bank, we offer some loans with low deposit options that can help you take that first step.
Great Rate Home Loan - Greater Bank

Great Rate Home Loan

Interest rate 5.99 %# p.a.
Comparison rate 6.00 %^ p.a.
~Discount variable rate, owner occupied, principal and interest
Perfect if you’re after great value and no ongoing fees.

Your first home buyer questions answered

It is the amount of money you intend to borrow, compared to the value of the property (not the selling price) you're looking to buy.

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

For example:


Amount you intend to borrow:

Value of purchase property:

Therefore what the LVR is:





LMI is designed to protect the lender should you not continue to meet your repayments.

It protects the lender against a short-fall in the event your security property needs to be sold to clear the loan balance.

LMI is only typically required where your deposit is less than 20% of the purchase price (Varies with some property types such as Rural) and is paid for by the borrower as a one-off premium payment to an insurer normally from loan proceeds.

It all boils down to:

  • How quickly you can save, and your desire to be in your first home sooner: So, what is the minimum deposit for a home loan? The figure of 20% being required for a deposit is a common one, but lenders across the country will usually accept a deposit somewhere in the vicinity of 5% to 25%. Of course, if you’re comfortable to wait until you have 20% of your purchase price saved, by all means go for it – you’ll be a more attractive prospect for many lenders. However, if you’re desperate to have your own place sooner, there are options available to you.
  • What your lender will do in terms of a deposit percentage: Different lenders will accept varying deposit amounts when applying for a home loan. For example, at Greater Bank, we’re able to accept deposits as low as 5%, however in situations like this, you may be required to purchase what’s known as Lender’s Mortgage Insurance (LMI). For more on LMI, see below. We also get asked a lot – “Can I get a home loan without a deposit?” and another option that may be open to would-be buyers looking to get into the market sooner is our Family Pledge Loan. In situations where a potential buyer isn’t able to save the full 20% deposit amount, they may be able to use equity in a parent or guarantor’s property to secure their own home loan. For more on our Family Pledge Loan, click here.
  • Whether you’re prepared to accept LMI: LMI is basically a one-off payment you make when you’re unable to save the full 20% deposit amount for your home. It protects the lender in the event you become unable to meet your loan repayments and default on the loan at any point. The amount you pay in LMI is linked to your saved deposit amount – the smaller your deposit percentage, the larger the amount you pay in LMI. The good thing is, however, that at Greater Bank, you are able to include your LMI payment in the total cost of your loan, meaning you can repay it over time in addition to your loan repayments, and get into your new place sooner.

There are two main ways to avoid paying Lenders' Mortgage Insurance (LMI):

  • Save your 20% deposit - by saving a deposit amount that represents the full 20% of your purchase price, you won't have to pay LMI.
  • Consider a guarantor - If you're unable to save the full 20% deposit, applying for a guarantor loan, like our Family Pledge loan is another way to avoid LMI. This loan lets you use the equity in your guarantor's property to help you secure your loan, or a portion of it. This means that as you make repayments on your loan, you gradually pay out your guarantor, and the loan becomes fully yours.

In NSW, eligible first home buyers no longer have to pay transfer duty on homes valued up to $800,000. For homes valued between $800,000 and $1,000,000 a concessional rate is applied.

As a first home owner, you also won’t pay any transfer duty on vacant land worth up to $350,000, while land valued between $350,000 to $450,000 attracts a concessional rate.

For more information, visit the NSW Government website.


In Queensland, first home owners receive a concessional rate of transfer duty on homes worth up to $550,000. This concession is applied by deducting a set amount from the usual rate of transfer duty that would apply to owner/occupiers.

This means that you will effectively pay no transfer duty if you’re buying a first home worth less than $500,000, with a concessional rate applying to home valued between $500,000 and $550,000.

If you’re buying vacant land, you’ll also receive similar benefits, which mean that you’ll pay no transfer duty on land valued up to $250,000. A concessional rate applies to land valued between $250,000 and $400,000.

For more information, visit the QLD Government website.


To qualify as a first home buyer, you must be purchasing the first home you or your spouse have owned or co-owned in Australia, although there are some exceptions.

You must also move into the property within 12 months, and live there for at least six continuous months.

You must be:

  • an Australian citizen or a permanent resident of Australia
  • at least 18 years old.

To find out more, visit the NSW Government website.


  • You need to be a natural person (not a company or trust) aged 18 years or older.
  • You must be an Australian citizen or permanent resident (or applying with someone who is).
  • You need to be a permanent resident or Australia citizen.
  • You or your spouse must not have previously received a First Home Owner Grant in Australia.
  • You must not have previously owned property in Australia that you lived in.
  • You may still be eligible for the First Home Owner Grant in Queensland if you have owned an investment property as long as you haven’t lived in it.

In addition, you’ll need to live in your first home for at least six months within a year of becoming the owner.

To find out more, visit the QLD Government website.

An initial notification from the bank of how much they could lend you, subject to certain criteria, such as the value of the house you’re looking to buy.

We calculate the amount you could afford to borrow based on your income and known expenses and the interest rate that you would be borrowing at.

It may be useful to frame your expectations of what properties you can afford.

First home loan interest rates

All Home Loans have a base rate. The applicable base rate will depend on whether you select a standard or discounted home loan and also the repayment type you select – Principal and Interest (P&I) or Interest Only (IO).

For P&I loans, margins may apply to the applicable base rates. For new IO loans, currently a 0.10% p.a. margin above the applicable base rates will apply. The base rates are set out below and the all up interest rate which includes any margins, will be set out in your credit contract.

Rates are effective as at 9am Friday 08/12/2023

Great Rate discount variable

Great Rate Home Loan - Discount variable rate Interest Rate Comparison Rate
Variable 5.99% p.a. 6.00% p.a.
Rates are effective as at 9am Friday 08/12/2023

Great Rate Home Loan

Great Rate Home Loan - Variable rate Interest Rate Comparison Rate
Variable 7.86% p.a. 7.87% p.a.
Rates are effective as at 9am Friday 08/12/2023

Great Rate Home Loan

Great Rate Home Loan - Fixed rates Interest Rate Comparison Rate
1 Year Fixed 6.29% p.a. 7.70% p.a.
2 Years Fixed 5.99% p.a. 7.49% p.a.
3 Years Fixed 5.99% p.a. 7.32% p.a.
4 Years Fixed 6.09% p.a. 7.21% p.a.
5 Years Fixed 6.09% p.a. 7.08% p.a.

What is the lending process?

You’ve probably got a million things on your mind when buying a home, but the lending process shouldn’t be one of them.

Here at Greater Bank, we’ve made our lending process simple and fast, leaving you with more time and energy to focus on other things.

We’ve narrowed our process down into four easy steps:

Make a home loan enquiry by applying online, coming into your local branch, or through a mobile lender.
Consider getting pre-approved. Receiving a pre-approval can allow you to start negotiating with vendors and agents.
Once your application has been submitted, you can rest easy! We’ll do all the legwork behind the scenes and consider your application, allowing you to start budgeting and planning.
Once you’re approved, you can shop to your heart’s content. Go forth and win that auction!

Choose the right home loan with our handy calculators

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Monday to Friday 8:00am – 6:00pm AEST.
Saturday 8:00am to 1:00pm AEST

Call 13 13 86


Terms and conditions, fees, charges and credit criteria apply. Subject to meeting Greater Bank's lending criteria. 

* First Home Buyer Housewarming Gift offer available to first home buyer(s) on a new owner-occupied Greater Bank home loan. Applications must be submitted and approved by 31/03/2024 and funded by 30/06/2024. After loan settlement, payment will be deposited to an eligible Greater Bank deposit account, whilst LMI rebate will be credited to home loan. Only one payment and if applicable, LMI rebate per eligible loan and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time.  See the full offer Terms and Conditions here.

^ Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 80% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.

+Additional costs may apply if your loan has a fixed rate.

All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.

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