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Greater Bank Ultimate 1 Year Fixed Home Loan - 2.99% (CR: 4.42%)

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Been shopping around for a home loan to refinance to and with the potential rate cut around the corner, I stumbled across Greater Bank's announcement to reduce their rates ahead of the RBA announcement. The reduced rate will start 3rd of June, I assume many other lenders will follow as well.

Greater Bank will offer the lowest one-year fixed rate home loan in the market, after announcing today that it will reduce the interest rate on it's Ultimate Home Loan and Great Rate Home Loan to 2.99%p.a.

The new rates will be effective from Monday, June 3rd and available to new home loan customers or existing home loan customers wishing to refinance to a fixed term product.

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  • +5 votes

    Wow … don’t jump on this peeps. Rates r coming down and I’m sure there will be much better offers or similar shortly ;)

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      I did mention the upcoming rate cut. Hopefully, more lenders would announce ahead of Tuesday :)

  • +15 votes

    Please put 4.42% Comparison rate in the title as that tells the real picture.

    • +3 votes

      Keep in mind that comparison rates are based on a loan amount of 150k. So it matters more when your loan size is smaller.. but if you're borrowing say 1m, it may not be as relevant.

  • +5 votes

    revert to variable rates after 12 months.
    Those rates are currently 4.35%

    • +1 vote

      Haha wow what a shit deal offer low rates house prices go down then your locked into that lender as you don't have LVR of 80% put rates up after 12 months then profit

  • +5 votes

    going to be interesting in 5 or so years down track, if rates get back to 6-7% how many can afford to repay the differance from the 3-4% they pay now

    • +6 votes

      hate to tell you this, the chance of rates going back to 7%, is like expecting money to fall from the sky

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        thats why I said 5 or so years down track, its just a cycle, economy is borderline recession, they are trying to increase spending by dropping rates but thats just a cheap money trap, eventually rates have to go back up hopefully its later than sooner, people feeling mortgage stress now will be a disaster down track if more lock themselves in loans they dont factor in higher rates one day

        Mortgage stress hot spots revealed — areas where Aussies struggle to cope with home loans

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          Those in stress already had, the banks had cracked down on easy lending criteria nearly 2 years ago well before the major housing downturn. Stories like what happened in the us in the GFC won't happen here any time soon.

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      Last time I heard that 7-8% was 4 years ago and nothing came close. RBA already got rate down too low they can't afford to bring it close to zero in last couple of years already.

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      Going to be interesting too see. Personally I am avoiding buying property for at least a few years. It's way too risky right now, disaster is a very high possibility

  •  

    Hyper inflation, incoming….. you can’t just print money and expect it to all be ok. It will byte back one day

  • +1 vote

    Loss leading rate to get you in but lookout if in a year's time, especially if refinancing out becomes a non-option for you.

  • +2 votes

    Beware of a 1 year fixed "special/introductory" rate on a 25-30 year loan. Definitely do some research!

  • +3 votes

    Definitely a good deal, you just obviously have to remember to refinance after 12 months.

  •  

    Suggest OP to add OO loans only.

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