Greater Building Society cuts one-year fixed-rate home loan to 4.74%

The Greater Building Society has cut its one-year fixed-home loan rates by 25 basis points to 4.74%.

The new rate is available under its one year fixed ultimate home loan package offering.

It was the first lender to offer a fixed-rate home loan under 5% when in October last year, it cut its one year fixed-rate packaged home loan by 30 basis points to 4.99%

The Newcastle-based mutual lender cut its standard variable  by 30 basis points last week following the Reserve Bank’s 25 basis point cut to the cash rate.

Credit card rates will also be reduced by 1% from June 1, with card rates starting from 9.25%. 

CEO Don Magin said The Greater Building Society continued to take on the major banks to provide a more competitive financial sector for Australian consumers. 

“As a mutual financial institution we’re focused on customers rather than shareholders, which means we can put people before profits,” Magin said.