Greater Bank Standard Home Loan - Refinance - Fixed

Ratings

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About this rate option

Greater Bank's Standard Home Loan offers a 1-year fixed rate of 5.89% (comparison rate 7.94%) for borrowers refinancing an existing home loan with principal-and-interest repayments. You can borrow up to 90% of the property value, though a deposit under 20% usually means Lenders Mortgage Insurance applies. After the fixed term, the rate typically reverts to the lender's variable rate, which should be confirmed with Greater Bank. Extra repayments of up to 5% of the original loan amount are permitted during the fixed period before a prepayment fee applies.

This summary was generated from Greater Bank’s published product data for this specific rate option. Always confirm current rates with the lender.

About Standard Home Loan

Key Features

Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.
While it does not have the convenient that comes with an offset account, but $Standard Home Loan comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. Greater Bank Standard Home Loan offers fixed loan terms between 1 - 5 years.

Fees & Costs

Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
Greater Bank charge a discharge fee of $300, which covers the cost for removing the mortgage that has been registered on the title of your property.
Greater Bank may also charge you a fixed-rate break cost if you refinance out of Standard Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.
Selling the property or refinance during the fixed rate term can trigger hefty fees for breaking a fixed rate contract, and fixed rate loans tend to have restrictions on making extra repayments. Before you lock your rate in, you need to be sure that a fixed rate home loan is suitable for your situation.
There is upfront costs of $180 to apply for Standard Home Loan, with no ongoing account keeping fees.

Borrowing Limits

Greater Bank Standard Home Loan does not offer tier pricing for lower LVR. With Standard Home Loan, you can borrow upto $90% LVR.

Eligibility

Interest only repayment option is not available with Greater Bank Standard Home Loan for buying next home.
Interest only repayment option is not available with Greater Bank Standard Home Loan for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Greater Bank or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Standard Home Loan

Refinance Fixed · Principal & Interest 1 Year · 90% LVR

5.89%

Refinance Fixed · Principal & Interest 2 Years · 90% LVR

5.89%

Refinance Fixed · Principal & Interest 3 Years · 90% LVR

5.69%

Refinance Fixed · Principal & Interest 4 Years · 90% LVR

5.84%

Refinance Fixed · Principal & Interest 5 Years · 90% LVR

5.84%

Refinance Variable · Principal & Interest 0 Years · 90% LVR

8.13%

Investment Fixed · Interest Only 1 Year · Any LVR

6.49%

Investment Fixed · Interest Only 2 Years · Any LVR

6.49%

Investment Fixed · Interest Only 3 Years · Any LVR

6.59%

Investment Fixed · Interest Only 4 Years · Any LVR

6.74%

Investment Fixed · Interest Only 5 Years · Any LVR

6.74%

Investment Fixed · Principal & Interest 1 Year · Any LVR

6.39%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

Greater Bank charge a discharge fee of $300, which covers the cost for removing the mortgage that has been registered on the title of your property. Greater Bank may also charge you a fixed-rate break cost if you refinance out of Standard Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.

Are there costs when I exit or refinance to another lender?

Greater Bank charge a discharge fee of $300, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does Greater Bank Standard Home Loan comes with an offset account?

No, Standard Home Loan does not come with an offset account. Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.

Does Greater Bank Standard Home Loan comes with an offset account?

No, Standard Home Loan does not come with an offset account. Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.

Does Greater Bank Standard Home Loan comes with an offset account?

No, Standard Home Loan does not come with an offset account. While it does not have the convenient that comes with an offset account, but $Standard Home Loan comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

What are the costs to apply for Greater Bank Standard Home Loan?

There is upfront costs of $180 to apply for Standard Home Loan, with no ongoing account keeping fees. Settlement fee: $180

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Greater Bank or a mortgage broker just to be sure. This information should be used as a guide only.