We're dropping the interest rate on our variable home loan and three-year fixed rate products for new loans.
In a market that has seen interest rates steadily increase over the last 12 months, we've become one of few financial institutions to announce a reduction in variable home loan products since May 2022.
From 26 April, new Greater Bank customers can receive
- 5.09% p.a. (5.10% p.a. comparison rate*) on the discounted variable Great Rate Home Loan, and
- 5.49% p.a. (6.66% p.a. comparison rate*) on the three-year fixed rate Great Rate Home Loan, which is down 0.20% from 5.69%.
Emma Brokate, our Chief Distribution Officer, said with many Australians still coming off record low fixed rate home loan products, now is the time to reassess banking options.
“There is no doubt that households across Australia continue to feel the pinch from cost-of-living pressures and are looking to take advantage of any saving they can make to improve their financial situation,” Ms Brokate said.
“While the big four banks dominate the market share, customers can find real and quality alternatives in the customer-owned banking space with organisations like Greater Bank.
Emma Brokate, Chief Distribution Officer, Greater Bank.
“As a customer-owned bank that has long lived by the principle of supporting the people and communities that support us, our customers will continue to be at the heart of all decision making.”
Part of the recently formed Newcastle Greater Mutual Group, Greater Bank currently services more than 270,000 customers across NSW and South-East Queensland.
Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria. *Comparison Rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Interest rates effective as of 26/04/2023 and are subject to change without prior notice.