Quick Summary
Founded
1924
Owned by:
Customer Owned Banking Association (COBA)
Funded by:
Retail deposits and wholesale capital markets
LMI Provider:
QBE LMI
Lender type:
Banks, Customer Owned
Greater Bank is a customer-owned bank founded in 1924 as the Newcastle and Hunter River Public Service Starr-Bowkett Building Cooperative Society Ltd. It has branches across NSW, ACT and south-east Queensland and over $6 billion in assets.
Greater Bank offers a variety of services, including home loans, personal loans, home insurance, credit cards, and more. For borrowers purchasing property in NSW and south-east Queensland, it offers competitive home loans.
Greater Bank and Newcastle Permanent are set to merge as their corporate deals have been approved by the Federal Treasurer as of September, 2022.
Greater Bank is not an available lender on our panel. This is a review only.
How do Greater Bank’s home loans compare?
Pros
- Borrow up to 110% on guarantor loans
- 110% offset account, redraw and unlimited repayments
- Option to split variable and fixed loan
- Interest-only repayments available on selected loans
- Flexible Repayments
- Online banking system
- Line of credit
Cons
- Branches are limited to NSW, south-east Queensland and ACT
- Poor customer service
- Not getting approved with bad credit
What types of home loans does Greater Bank offer?
Greater Bank provides five types of loans related to homes. The Great Rate Home Loan is most popular with customers.
- The Ultimate Home Loan competes with the major banks by offering fixed or variable rates. It provides an interest-only rate for investors, a 100% linked offset account and unlimited free online redraws.
- The Great Rate Home Loan tries to live up to its name by providing value for money with no ongoing fees, no annual fees and no establishment fee. It allows you to pay off loans quicker by making additional payments. On top of that, it allows you to borrow up to 110% of the value of your property as a guarantor loan.
- The Line of Credit allows you to take full advantage of the equity in your home by borrowing against it. Greater Bank offers flexible repayment options and partners with Allianz to provide access to discounted Insurance.
- The Ultimate Investment Home Loan allows you to get a fixed rate for 1 year. It also has flexible repayment options and loan terms.
- Finally, the Great Rate Investment Home Loan allows you to fix your interest rate for 5 years. Similar to the Line of Credit, it also offers access to discounted insurance through partner Allianz. It exempts any monthly and annual fees whilst offering flexible repayment options and loan terms.
How do I apply for a home loan with Greater Bank?
If you want to apply for a home loan with Greater Bank, you can begin by either submitting an application online or calling the bank.
If you’re an existing Greater Bank customer, you can use internet banking to apply for a home loan.
Compare Greater bank to other lenders
If you’re confused about which lender is the perfect one for you, we’re here to help!
Call us on 1300 889 743 or complete free online assessment form to talk to one of our mortgage brokers at Home Loan Experts.