![[NSW, ACT, QLD] Owner Occupied Fixed Rate Home Loan 2 Years 1.59% (2.10% CR, 80% LVR) @ Greater Bank](https://files.ozbargain.com.au/n/58/652858.jpg?h=7c9892f2)
Rate will revert to 2.19% variable after the 2-year period
[NSW, ACT, QLD] Owner Occupied Fixed Rate Home Loan 2 Years 1.59% (2.10% CR, 80% LVR) @ Greater Bank
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Boogerman on 22/09/2021 - 18:43 greater.com.au (1352 clicks)
Last edited 23/09/2021 - 00:20 by 1 other user
Last edited 23/09/2021 - 00:20 by 1 other user
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wow. this is some offer.
why not for Vic :(
wowoowowow … yet those doomsayers talk about rate raises
Incredible rate, shame not in Vic.
I think it has redraw and allows extra payments. Has anybody had experience with this bank? Is their app any good?
I currently bank with them and find them rather refreshing after being with CBA and ANZ. App is good in my opinion.
Jerry Seinfeld recommends them
Chemical Bank did a number on nanna
SHE'S ON A VERY FIXED INCOME
Do you know how much you can redraw? Often fixed rate mortgages only have have a small token amount.
nice loan rate but reviews not great at all - https://www.productreview.com.au/listings/greater-building-s…
For refinance split loan (Fixed & Variable loan with offset.) GB interest rates are Fixed - $1.59% and Variable - 2.75% whereas for ME Bank rates are Fixed - 1.89% and Variable - 2.33% with upfront cashback of $3000. Any thoughts whether ME Bank is better than GB or vice versa?
depends on how much you want split into the variable amount. Punch the numbers into a compound interest calculator and see if the savings from the lower rate outweigh the 3k bonus.
Another good benefit with both these lenders is that you can get extra equity in your property at the owner occupied IR now itself along with your property refinance application without the need of showing any proof of investment property documents (which a person will buy later). Other banks/lenders need that document before they can approve or release the equity cashout to you. But for this extra cashout, GB has higher variable rate of 2.75%+ other charges like $500 (establishment fee)+$180 (settlement fee)+$10 monthly fee because they call it as a separate Line of Credit account whereas ME bank treats it as one loan and doesnot charge all these fees+their IR is only 2.33% for this equity portion loan. so I guess for me ME bank numbers win here.
Why are there rates so low, does this mean other banks rates are going too down? What are the appln fees, annual fees, etc (would be awesome if they can waive it or give a cashback)?
Yeah, its a game of one-upmanship. Expect it only between the second & third tier banks who can run on thinner gross margins
The fixed rate means you aren't susceptible to them clawing back profits in the short termEnglish please. Clawing profits in short term, how? Going for a fixed rates for two year is not going to change anything right?
Clawing profits in short term, how?
By jacking up the variable rate after 6 months or so as happens often with variable.
Going for a fixed rates for two year is not going to change anything right?
Double-check the fine print, but generally you'll only have break fees with fixed rate loans if the current fixed rate is lower than what you're on, so if they don't go any lower you can most likely leave whenever with no additional penalty besides the standard settlement fees as with variable.
check GB & ME website for all fess and rates. Its clearly written there
Anyone gone with them and have some idea about how long a refinance might take?
I know this reply is quite late, but I am in the process of refinancing and it has been almost a month. I think they might be inundated with applications…but still, I didn't think it would take this long :(
Took 3 weeks for me to get pre-approval.
Lucky! It's probably going to be a few more weeks at this rate…
That's lowwwwww