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February 2025 interest rate changes

Following the RBA’s decision on Tuesday to decrease the Official Cash Rate by 0.25% from 4.35% to 4.10% Greater Bank will pass on the full rate cut, effective 7 March 2025.

We know that many of our borrowing customers have been eagerly awaiting news out of the RBA today, and hope this change brings local households some relief.

We will directly contact variable home loan customers with their new minimum repayment details by letter and this change will be reflected in their banking app once it takes effect. Customers wishing to reduce their repayments can easily do so via our banking apps, by calling us or by visiting one of our branches.

We encourage any customers with questions to visit a branch or reach out to our contact centre on 13 13 86.

*Rates are subject to change without prior notice.

Refer to greater.com.au/help/interest-rates for all current interest rates and Introductory Bonus Rate terms and conditions.

 

Home loan FAQs

There are several options for setting up your home loan repayments, depending on your financial goals and circumstances. You can also choose to repay your loan weekly, fortnightly or monthly to suit your budget.

Monthly repayment only: You can easily set up an Easypay repayment for all Greater Bank home loans via online banking. The 'monthly repayment only'  option will automatically increase or decrease in line with interest rate movements. You can also opt to make your monthly repayment weekly or fortnightly. You can also choose to add an additional amount your monthly repayment if you would like to pay more each month.

Fixed amount: This option is available if you opt to nominate a fixed amount. Changes to the amount will need to be managed by you via online banking in line with interest rate movements as the repayment amount will not change automatically.  

If you have automatic transfers set up from another financial institution, you’ll need to contact them to update your repayment amount or check your current transfer amount.

You can set up an automatic home loan repayments in online banking or our mobile app.

  1. Log in and go to 'Transfer' > select the account you’d like to pay your loan from > then select your loan

  2. In the ‘Type’ field you can select from the drop down menu the transfer type.

    • Fixed Amount – this is a fixed amount you wish to pay. This amount can be edited and changed at any time if you wish.

    • Monthly Repayment Only – this is the monthly repayment on your loan calculated at the time of payment

    • Monthly Repayment Plus Extra – Pay a fixed amount off your loan, in addition to the monthly repayment on your loan, calculated at the time of payment.

  3. If you’re wanting to set up a recurring payment, select ‘Recurring’

  4. Then select the frequency – Weekly, Fortnightly, Monthly

  5. Select a start date by taping into the date field and a calendar will appear.

  6. Select when you would like this to end – either ‘Never’ or ‘On a specific date’

  7. Click ‘Next’

  8. The click ‘Confirm and transfer’

If you have a scheduled Fixed Home Loan or Personal Loan repayment that you’d like to change, you can edit this by going to ‘Scheduled’ located in the side menu if accessing Online Banking on a desktop, or going to ‘Manage' > 'Scheduled’ if using the app.

  1. Select the scheduled payment for your loan

  2. Select ‘Edit’ and make your changes

  3. If you wish to delete the payment select ‘Delete’

If you have a Monthly Repayment Only or Monthly Repayment Plus Extra and wish to change this, you will need to delete these, as these payment types can’t be edited.

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