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Greater Bank Great Rate Fixed Rate Home Loan
Don’t pay for features you don’t want with the Great Rate Fixed Rate Home Loan
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Review by
Richard Whitten
richard.whitten@finder.comRichard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
Expert review
About this loan
What are the features and benefits of the Greater Bank Great Rate Fixed Rate Home Loan?
- Low fees. The Great Rate Home Loan has no monthly or annual fees, so you don't have to worry about any savings you get from the competitive interest rates being eaten up by expensive charges.
- High maximum LVR. You can borrow up to 90% of the property's value with this home loan, so you can purchase a property with as little as a 5% deposit. Keep in mind that borrowing over 80% will come with Lender's Mortgage Insurance (LMI) fees.
- Flexible repayments. You can choose to make your loan repayments weekly, fortnightly or monthly. This means you can pay at a pace which suits your lifestyle and the payment cycle of your employer.
- Interest only repayment options. You can choose to pay only the interest portion of your repayments with this loan, which can come with tax benefits if you're an investor. Note that making interest only payments rather than principal and interest repayments will not see your loan amount reduced. Interest only repayments can be made on this home loan for 5 years, and up to a maximum 10 years total.
- Make extra repayments to pay your loan faster. You can make additional repayments of up to 5% of the loan balance on this loan without attracting fees.
- Redraw facility. You can redraw any extra repayments for free through your online banking. This gives you the flexibility to make extra repayments on your home loan and access them later if you want to go on a holiday or pay for unexpected costs or bills for example.
What fees and charges come with this loan?
- Monthly fee. $0. There are no monthly fees charged as part of this loan.
- Annual fee. $0. There are no annual service fees charged by Greater Bank for this loan.
How to apply
If you decide to lodge an enquiry for this home loan, Greater Bank will want some basic contact information to help you, including your phone number, suburb, state and potential loan amount.
When applying for a home loan with Greater Bank you'll need to provide them with information about your income, assets and debts. This will help them decide whether or not you can afford and pay back this loan.
May 2, 2022
I am 60 yrs of age- what time frame can I get a home loan over?
May 4, 2022
Hi Natalie,
The average home loan term is 30 years, but lenders will take into consideration how much longer you’re expected to be in the workforce. For instance, if you plan to work for another 10 years until you’re around 70, then banks are more likely to give you a loan over 10 years.
In some cases, they might give you a longer timeframe loan if you can put forward a case for how you will repay the loan down the track. For instance, if you plan to sell an asset (such as shares or an investment property) when you retire, the bank might take that into consideration when assessing your capacity to pay the loan once you stop working.
Every bank and lender has a different policy, so it’s worth asking a few different banks what your options are.
Hope this helps!
Many thanks,
Sarah
February 16, 2022
Hi,i want to check my eligibility for joint home loan application.Im a parnter provisional visa holder 309/100 and my missus is australian citizen,we got deposit and everything else but i just want to check if we met the eligibility criteria please,thank you!
February 26, 2022
Hi Aleks,
It is advisable to get in touch with the lender just to make sure you are eligible before applying. If your partner is an Australian citizen, this should not be a big issue but it’s good to check first.
I hope this helps.
Kind regards,
Richard
December 7, 2021
Hi, my niece has put in for loan on house $330,000
The bank has turned them down, if they cancel can I put in bid for that house as I can afford more on deposit and repayments
December 9, 2021
Hi Kevin,
If you wish to purchase the property yourself you will need to talk to the seller or their agent first. And then you will need to organise the loan.
I hope this helps.
Cheers,
Richard
November 8, 2021
We have two investement residential properties with different lenders. We want to consolidate loans with a lower fixed rate. Proeprty 1 has $350k outstanding, and is worth about $ 2 mill – rented at $690 pw. Property 2 has about $100k remaining on the loan and is valuaed at about $350k – rented at $340pw. Can you assist, please? Thank you.
November 10, 2021
Hi,
If you would like to consolidate your debts, you may consider refinancing. You can contact your existing lender first to see if you can negotiate the interest rate offered with your current mortgage. They may be willing to negotiate a more competitive interest rate.
If not, you can check out our page about refinance home loans for options. Once you’ve chosen a particular lender, click the Go to site icon.
Unfortunately at Finder we cannot help you organise a loan ourselves. But you can talk to a lender or speak to a mortgage broker to discuss the type of debt consolidation loan that will complement your borrowing needs.
Regards,
Richard
September 21, 2021
I want to buy 100 acres of land that has power and water which is $300,000. I also what to include the purchase of a container home which I have budgeted for $90,000.
I am a first time home owner / builder . What deposit and how much would I need to borrow after you including the $15,000 first home grant and not paying stamp duty?
September 22, 2021
Hi Sam,
The answer depends on the location where you’re buying. Banks set their loan criteria, including how much deposit they require, based on risk. The biggest risk to a bank is that you’ll stop paying the mortgage and they’ll need to sell your property/asset to recover their money. If you buy acreage in a remote area, or buy a container home which is a little outside the norm, they might struggle to find another buyer if you default on your loan. This is a higher risk to the bank than if you buy a standard residential home in a popular area. This is why home loans on less ‘conventional’ purchases can require a larger deposit of up to 30%.
That said, every lender has a different risk appetite, so you might find a lender who is willing to loan you the money with 20% deposit or even less. Your best bet is to use a mortgage broker: their services are completely free to you, and they can help you find a lender that suits your needs.
Hope this helps!
Cheers,
Sarah