Greater Building Society cuts one year fixed-rate loan to 3.99%

The Greater Building Society has cut its one year fixed home loan rate by 40 basis points to 3.99% ahead of Tuesday’s Reserve Bank meeting where the cash rate is expected to be cut to 2.5%.

The Greater home loan rate will be available from Monday, August 5, as part of a packaged home loan rate offering.

The current rate stands at 4.39%.

A search across mortgage comparison websites revealed that no other lender is currently offering a home loan rate below 4%. It continues a trend of lenders cutting their fixed-rate loans.

The comparison rate will be 5.44%.

The Greater will also be cutting two other one year fixed home loan rates on Monday by 40 basis points.

The Great Rate Home Loan will have a 4.19% interest rate and a comparison rate at 5.33%, while the Standard Home Loan will have a 4.55% interest rate and a comparison rate at 5.69%.

The Newcastle Permanent Building Society currently offers the next lowest one year fixed home loan rate at 4.39%, with the comparison rate at 5.56%