Greater cuts interest rates, fees from some home loans

Greater cuts interest rates, fees from some home loans
Greater cuts interest rates, fees from some home loans

The Greater Building Society has cut 0.55% from their new owner occupier variable basic home loan and has announced it will waive establishment, settlement and title insurance fees on all of its basic and packaged home loans.   

The Greater has cut 0.55% off the rate for new owner occupier variable basic home loans worth $150,000 or more that have a loan to valuation ratio (LVR) of less than 80 per cent. This takes the rate for that loan to 4.09% (comparison rate 4.09%), the lowest it has ever been.

It is also offering 0.2% off fixed Great Rate home loans and fixed and variable Ultimate (packaged) home loans of more than $150,000 with an LVR of less than 80% for both owner occupiers and investors. 

Chief executive officer Scott Morgan said when you consider the all important comparison rate (which takes into account interest rates plus key fees and charges) the discounted variable Great Rate Home Loan is the leading rate of The Greater’s main competitors and 0.83% lower than NAB’s equivalent rate.  

Lowest Owner Occupied Variable Loan with LVR <80%

Interest Rate (%)

Comparison Rate* (%)

Greater

4.09

4.09

NAB

4.53

4.92

ANZ

4.48

4.89

Westpac

4.48

4.86

Commonwealth Bank

4.19

4.79

Newcastle Permanent

4.09

4.45

IMB

4.09

4.45

CUA

4.13

4.19

Heritage

4.14

4.19

* Comparison rate is based on $150,000 over 25 years. 

 

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Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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