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Get the rate right

Whether you’re just getting started on your journey to home-ownership, you’re a couple of years in and have started to reconsider your options, or you’re a mortgage veteran who’s frustrated with their lack of progress, the message applies equally.

Getting the choice between a fixed or variable rate can save you thousands in interest in the long run, and when it comes to your home loans, money equals time.

Fixed vs variable

If you’ve taken a fixed rate, there may be a limit to how much extra you can pay off your loan without incurring a penalty. If you’re still in the fixed-rate period of your loan, make sure you contact your bank before making any extra repayments.

With a variable loan, it’s a different story. Greater Bank variable home loans allow you to repay as much as you like off your loan without penalty. (This may not be the case with all banks)

Pack a repayment punch

Often, making repayments on your Home Loan becomes just another bill you tick off each month. It’s important not to think about your repayments like this, however.

Each repayment moves you one step closer on the journey from owe to own, so the power is literally in your hands.

A simple way to reduce the size of your mortgage is to just increase the amount you chip away each month. We’re not talking anything excessive – be sure not to break your budget. The important thing to remember is that every extra dollar you pay off is one less dollar you’re being charged interest on.

Getting into the habit of upping your repayments is easiest done earlier on in the loan term.

Change your schedule

Another simple thing you can do to help pay off your loan sooner is to change the frequency of your repayments. It’s easily done – just set and forget, and could save you serious money long term.

Making repayments fortnightly instead of monthly means you’ll end up making an extra monthly repayment every calendar year. Think about it – there are 26 fortnights in a year, whereas paying by the month will only end up being 24 fortnightly repayments (12 months).

You can make this change simply in one of three ways:

1. Online

Update your repayment frequency in Online Banking

Log in to Online Banking

2. Over the phone

Ask us to make the change for you on 13 13 86, or

3. In branch

Pop into your nearest branch to speak to your lender.

Utilise lump-sums

Every once in a while, life smiles on us in the form of a one-off lump sum payment. Doesn’t matter where it comes from – bonus at work, tax return, inheritance – cash is cash!

As hard as it may be to part with, making a one-off lump sum repayment to your home loan can significantly advance your position on the path from owe to own.

If you can resist the temptation to withdraw the cash and dive into it like Scrooge McDuck, a lump sum repayment will reduce your mortgage balance, meaning you’re only being charged interest on a smaller amount.

Power of offset

If your loan features a 100% offset account, you’re in luck. What you have there is a no-brainer way to reduce the amount of interest you’re paying on your Home Loan, helping you pay it off sooner.

Every dollar you’re able to save in the offset account is effectively removed from the loan total you’re charged interest on.

For example:

You owe: $250,000

You have $10,000 saved in your Loan Offset Account

The bank will only charge you interest on $240,000 ($250,000 - $10,000)

Compare Home Loans

Compare 5 products
Featured rate
Great Rate Home Loan
Our simple, low rate loan that’s perfect if you’re after great value and no ongoing fees. Our Great Rate loan lives up to its name and offers flexible repayment and loan term options.
Ultimate Home Loan
Our ultimate in loans. Our Ultimate Home Loan offers the flexibility of fixed or variable rate, or a mixture of both. What's more, it features a linked offset account and free redraw available around the clock via online banking.
Line of Credit
Our Line of Credit helps you make the most of the equity in your home. Great if you’re thinking about renovating, investing, or just want more flexibility.
Ultimate Investment Home Loan
Our Ultimate Investment loan combines great value with a range of extra products designed to make investing easier.
Great Rate Investment Home Loan
With low-interest rates and no monthly or annual fees, we've made investment simple.
Interest rate 1.59 %# p.a.
Comparison rate 2.10 %^ p.a.
~2 year fixed discounted revert rate, owner occupied, principal and interest
Interest Rate 1.59 %# p.a.
Comparison rate 2.99 %^ p.a.
~2 year fixed discounted revert rate, owner occupied, principal and interest
Interest rate 3.90 % p.a.
Ultimate Line of Credit home loan base rate
Interest rate 1.89 %# p.a.
Comparison rate 3.14 %^ p.a.
~1 year fixed discounted revert rate, principal and interest
Interest rate 1.99 %# p.a.
Comparison rate 2.25 %^ p.a.
~2 year fixed discounted revert rate, principal and interest
Key Features
Great if you want a low-rate no-frills home loan.
Key Features
Great if you want a packaged home loan with a low rate and added benefits.
Key Features
Great if you want a continuous credit facility to access the equity in your home.
Key Features
Great if you want a great value packaged loan to invest in property.
Key Features
Great if you want a simple, no-nonsense investment loan with competitive rates.
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20%-25% dependent on security taken
Maximum loan term
N/A
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$10 per month
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Enquire now Enquire now Great Rate Home Loan Enquire now Enquire now Ultimate Home Loan Enquire now Enquire now Line of Credit Enquire now Enquire now Ultimate Investment Loan Enquire now Enquire now Great Rate Investment Loan

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Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria. Greater Bank Limited ABN 88 087 651 956. AFSL/Australian credit licence No. 237476.

~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.

^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 90% 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.