We're increasing our variable home loan rate for existing customers of 0.25% p.a. following the Reserve Bank of Australia’s (RBA) decision this week to increase the official cash rate to 3.85% p.a.
The increase will apply to existing Housing and Investor loans, Business loans and all line of credits and will come into effect on Thursday, 11 May 2023.
This comes after we announced in April a reduction for new customers to:
- 5.09% per annum (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 was down 0.20% from 5.69%.
Greater Bank continues to review its position on interest rates across deposit products.
Chief Customer and Digital Innovation Officer, James Cudmore, said Greater Bank remains a real alternative to the big banks.
“Our rates on lending products continue to be competitive when comparing across the industry, particularly for new customers who will continue to enjoy the discounted rate we announced in April.
“This presents an opportunity for those people those coming off record low fixed rate home loan products to find real value when they reassess their borrowing options.
James Cudmore, Chief Customer and Digital Innovation Officer, NGM Group.
“While we are confident that most of our existing customers remain well positioned to meet their financial obligations, it’s important for those who are experiencing financial hardship or are struggling to meet their home loan commitments to know there are options available. Please contact Greater Bank on 13 13 86 so we can work through this matter with you.”
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 05/05/2023 and are subject to change without prior notice.
