Guide

Greater Bank Home Loans Review

Greater Bank Home Loans Review
Written by Publishing Team

Major Bank Real Estate Loan Guide

Founded in 1924 as Starr-Bowkett Building Co-operative Society Limited in Newcastle and Hunter River, it rolls a little better.

The community, as it was called at the time, was formed in response to the economic depression, in which home ownership was out of reach for many. Association members buy shares and make weekly contributions, and the lottery will determine which member gets interest-free home loans.

In 1945, the bank became a building society, and opened its first office in Newcastle. Recently, in May 2016, Major Building Society changed its name to Grand Bank after receiving approval from the prudential regulator APRA.

Through a number of name changes in the past 77 years, the large bank has kept the same ownership structure, remaining a joint venture bank owned by customers, rather than shareholders. With more than 270,000 clients and more than $8 billion in assets under management, Greater Bank is the sixth largest client-owned institution in Australia. With branches in New South Wales and southeast Queensland, the large bank says it is driven by its passion to ensure customers continue to feel like people rather than numbers, for many generations to come.

What are the mortgage loans offered by the big bank?

The large bank offers principal, interest (P&I) and interest only (IO) home purchase loans to both resident owners and investors.

These mortgages are available at variable and fixed interest rates under the following options:

  • big rate

  • climax

  • line of credit

  • final investment

  • Great rate investment


Check out some of the major bank home loans for resident landlords in the table below.

the lender

Modified type replace repaint Ongoing Fee Fees offered LVR lump sum payment Additional Payments informed consent

Factor More details

Large variable rate investment loan (new clients) (principal and interest)

installed More details

Large Fixed Rate Loan (Primary and Interest) 3 years (NSW, ACT and QLD only)

installed More details

Fixed rate home loan (NSW, ACT and QLD only) 4 years

installed More details

Great Rate Fixed Investment Loan (Interest only) (NSW, ACT & QLD only) 3 years

installed More details

Fixed rate home loan (NSW, ACT and QLD only) 5 years

Factor More details

Large variable rate investment loan (interest only) (new clients)

installed More details

Large Fixed Rate Loan (Primary and Interest) 4 years (NSW, ACT and QLD only)

installed More details

Large Fixed Rate Loan (Primary and Interest) 5 years (NSW, ACT and QLD only)

The basic criteria are: $400,000 loan amount, variable and fixed, principal and interest (P&I) home loans with an LVR (loan to value) ratio of at least 80%. However, the Home Loan Comparison table allows calculations to be made on the variables that were selected and entered by the user. All LVR products will be listed with the product and price clearly posted on the product provider’s website. The monthly installments, once the basic parameters are changed by the user, will depend on the advertised prices of the selected products and is determined by loan amount, repayment type, loan term and LVR as input by the user/you. * Comparison rate is based on a $150,000 loan over 25 years. Warning: This comparison rate is only true in this example and may not include all fees and costs. Terms, fees, or other loan amounts may result in a different comparison rate. Prices are correct as of January 21, 2022. Disclaimer displayed.


How does a big bank measure up to the competition? Check out home loans for other lenders to landlord occupants in the table below.

the lender

Modified type replace repaint Ongoing Fee Fees offered LVR lump sum payment Additional Payments informed consent

Factor More details
Limited time offer

Smart Home Loan Smart Booster Variable Discount – 2 Years (LVR

  • Fast delivery times, can meet 30 days settlement
  • For purchase and refinancing, minimum 20% deposit
  • No running or monthly fees, add 0.10% offset

Factor More details
There is no application feeFree Fee Show

Accelerate Occupied Owner – Celebration (LVR

  • We lower your rate based on the amount you paid for your loan
  • Automatic price matching
  • There are no upfront or running fees

installed More details
Use a market leading app to help you pay off your loan soon

Fixed Home Loan 1 Year (Primary and Interest) (LVR

  • Make additional payments of up to $20,000 per specified period
  • Availability of Redraw – Allows you to access any additional loan payments you have made
  • Choose a 90-day rate lock (fees apply)

Factor More details
Refining in minutes, not weeks

Nano Home Loans for Variable Occupied Owner, Owner and Interest (Refinance Only)

  • There are no application or running fees.
  • 100% free sub-account compensation.
  • Fast online application, approval in minutes, not weeks.
  • Mobile application and debit card Visa, Apple and Google Pay
  • Refinancing loans and variable rates only.


Features of major bank mortgage loans

Without fees

Selected home loan products across the bank’s major portfolio such as “Big Rate”, are free of incorporation and monthly and annual fees.

Online Repaints

Greater Bank offers free re-withdrawal facility available around the clock through online banking.

Quick Refinance

Big Bank Refinancing allows customers to refinance their home loan within 72 hours.

repayment holiday

The big bank offers payment holidays to customers whose financial circumstances may have changed. This means that those who are cash-strapped may be eligible to take a break from making their home loan payments.

Additional Payments

A large bank allows customers to make additional payments to pay off their mortgage loans faster. This feature is available free of charge via our variable rate loan options. Those with a fixed rate loan can make additional payments within a specified period on P&I and IO loans of up to 5% of the original loan amount before there is any chance for the prepayment fee to apply.

Low LVR

A large bank will loan up to 95% of the property value with lenders mortgage insurance, or 80% without insurance.

How is the Big Bank different from the Big Four?

Speaking to Savings.com.au, Greater Bank said the most notable and important difference between the big bank and the “Big Four”, as well as the emerging new banks, is their underlying structure.

“As a syndicate bank, our clients are our owners, not shareholders, which means we don’t need profit maximization to pay dividends to shareholders,” Greater Bank said.

“Our profits are reinvested into the business to deliver better value products and services, develop our technology platforms to ensure we continue to serve our customers well into the future, and strengthen and support the communities in which we operate.

“This has always been our competitive advantage.”

Apply to the largest bank

The great Australian dream has always been to own your own home. For Greater Bank, this dream lies at the heart of the financial institution and is something she says he wants people to achieve sooner rather than later.

“Providing customers with a quick turnaround on their home loan application is not only very important, especially given the current housing market, but is a real point of difference for the larger bank,” Greater Bank said.

“Although every situation can be different, once we have all the documentation, including the appraisal, the average approval time for a great bank is roughly two business days — that compares to more than a week for some financial institutions.”

The big bank does not use intermediaries – which means that customers can navigate the housing loan options when dealing with the big bank directly.

Pre-approval with the major bank

Are you ready to start searching for your new home? By applying online or contacting a local large bank branch, the lender will contact you. From there, the big bank’s lender will be able to tell you how much you can borrow after assessing your income and liabilities before providing conditional loan approval – subject to assessment.

Do I qualify for a home loan from a major bank?

If you are looking to apply for a home loan from a major bank, the eligibility requirements that must be met include:

  • Applicants must have at least 5% deposit or equity (maximum LVR is 95% with LMI, 80% without).

  • Applicants must be an Australian citizen or permanent resident.

  • Applicants must be over 18 years old.

  • Applicants must have a regular source of income.

  • Applicants are looking to purchase eligible property in NSW, Queensland or the ACT.

How can I refinance with the big bank?

Greater Bank says customers can make significant savings by switching from a large bank to a home loan from a larger bank.

“Today, more than 75% of major bank customers are more than a month ahead of repayment,” Greater Bank said.

To start refinancing or applying for a new home loan, you can head straight to the Greater Bank website or download the app through the App Store on iOS or Google Play on Android. You can also speak to a major bank loan expert at 13 13 86 or visit your nearest major bank branch.


Image by Linda Hinton via Unsplash.

The entire market was not taken into account when choosing the above products. Instead, a reductive segment of the market was considered. Some providers’ products may not be available in all states. To be considered, the product and price must be clearly posted on the product provider’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media Group. For full disclosure, Savings Media Group is associated with Firstmac Group. To read about how the Savings Media Group manages potential conflicts of interest, along with how to get paid, please visit the website links at the bottom of this page.

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