Greater Bank Limited Home Loans: The 2026 Review

Greater Bank Limited, originally known as Greater Building Society, was founded with a mission to provide customer-focused financial services. In 2016, it rebranded to Greater Bank, marking a significant milestone in its journey. The bank's evolution continued with its merger with Newcastle Permanent Building Society in 2023, leading to the formation of the Newcastle Greater Mutual Group. This merger strengthened its position as a prominent customer-owned bank in Australia.

Today, Greater Bank operates as an independent, community-owned financial institution headquartered in Newcastle, New South Wales. It distinguishes itself from major banks through its customer-owned model, which prioritises competitive interest rates and community-centric services. By eliminating broker commissions, Greater Bank can potentially offer lower costs to borrowers, enhancing its appeal in the market.

Greater Bank primarily serves customers in New South Wales and southeast Queensland, focusing on providing alternatives to larger banks. Its offerings include special programs for first home buyers, such as cashback incentives of $2,500 for eligible loans. The bank's flexibility in allowing extra repayments without fees and its accessibility for deposits under 20% make it a viable choice for borrowers seeking value and community engagement.

• Legal Name: Greater Bank Limited
• ABN: 96087651992
• Established: 2016
• Headquarters: Newcastle, New South Wales
• Type: Customer-owned bank
• Ownership: Independent

• Website: https://www.greater.com.au
• Phone: 13 13 86
• Address: Newcastle, New South Wales

Greater Bank Limited offers competitive home loan features, emphasising flexibility and cost savings for borrowers, with standout benefits such as cashback offers and fee-free redraw options.

• Fee-Free Redraw via Online Banking: Borrowers can access redraws without incurring fees through Greater Bank's online banking platform, enhancing flexibility and convenience. Over-the-counter redraws incur a $30 fee, encouraging digital transactions.
• First Home Buyer Cashback Offer: Eligible first home buyers can receive a $2,500 cashback on loans over $250,000 with an LVR of 95% or less. This offer helps reduce initial costs and supports new entrants into the housing market.
• Extra Repayments Without Fees: Greater Bank allows borrowers to make additional repayments without incurring fees, including for Buy Now Pay Later (BNPL) or line of credit arrangements. This feature provides flexibility and potential interest savings.
• Online Banking Features: Borrowers have access to comprehensive online banking services, including account management and transaction notifications. This enhances convenience and allows for efficient loan management.
• Transaction Notifications: Customers receive alerts for nominated transactions, such as low account balance warnings or credits over $500. This feature aids in financial management and helps borrowers stay informed.
• Guarantor Option: Borrowers may nominate a guarantor during the loan origination process, potentially enhancing borrowing capacity and loan approval chances. This feature supports those with limited deposit funds.
• Cashback Offers for Switching: Eligible borrowers switching to Greater Bank can receive up to $2,500 cashback, depending on loan size and LVR. This incentive can offset costs associated with refinancing.
• Ultimate Offset Account: The Ultimate Offset can be linked to the Variable Rate Ultimate Home Loan, allowing borrowers to reduce interest payable by offsetting their loan balance with savings. This feature supports interest savings and loan term reduction.

Greater Bank Limited offers a transparent fee structure with a mix of upfront, ongoing, and other fees, ensuring borrowers are well-informed about potential costs.

• Establishment Fee: $500 - Charged at $500 for one security, with an additional $250 for each extra security. For additional amounts during the loan term, the fee is $350 for one security plus $250 for each extra.
• Settlement Processing Fee: $180 - Payable for costs incurred in arranging the settlement of the loan.
• Information Fee: $1 - Charged per page for providing information or copies related to a security or loan account, except for information available free under the National Credit Code.
• Annual Package Fee: $395 (Annual) - An annual fee for maintaining the loan package, applicable across most products.
• SMS Alert Fee: $0.2 (Per SMS) - Charged for each SMS alert sent regarding account balances or transactions.
• Discharge Administration Fee: $300 - Payable when closing the loan account or producing title deeds at settlement. Additional costs incurred by Greater Bank may also be passed on.
• Default Notice Fee: $50 - Charged when a notice is sent due to a default under the contract.
• Redraw Online Banking Fee: $0 - No fee for online redraw transactions, offering flexibility for borrowers.

Greater Bank Limited offers home loans primarily to Australian residents, focusing on competitive rates and flexible repayment options to accommodate a wide range of borrowers.

• Applicants must be at least 18 years old.
• Applicants must be Australian residents.
• Applicants must be natural persons, not legal entities.
• A minimum loan amount of $250,000 is required for cashback offers.
• Loan-to-Value Ratio (LVR) must be 95% or less for certain products to qualify for cashback offers.
• Some products allow deposits of less than 20%, potentially with a guarantor.
• Applicants must demonstrate the ability to repay the loan, typically through proof of income and employment.
• A satisfactory credit history is required for approval.

• Lenders Mortgage Insurance (LMI) may be required for loans with an LVR above 80%.
• First home buyers may qualify for a $2,500 cashback offer on loans over $250,000 with an LVR of 95% or less.
• Greater Bank allows extra repayments without fees, offering flexibility to borrowers.