Greater Building Society to offer home loans at lower rate than big four
Greater Building Society says it will begin providing home loans at a lower rate than the big four banks, as it seeks to lure away regional customers.
Greater, which has the largest branch network of any building society in Australia, will start providing home loans from Monday and is establishing operations in Townsville as part of its expansion plans.
Greater chief executive Don Magin says people in regional Australia could benefit from having a home loan with Greater.
“We want people to know that there are large, safe alternatives like the Greater that can offer people very competitive rates, low fees and far better customer service than the banks,” Mr Magin said in a statement on Friday.
“Unlike the banks, we are a mutual set up to serve members rather than shareholders.
“That is why we can offer lower interest rates and member benefits like free holidays with some home loans.”
Greater’s standard variable home loan will have an interest rate of 6.55 per cent per annum, between 19 and 46 basis points lower than Commonwealth Bank, Westpac, ANZ Banking Group or National Australia Bank.
Greater has assets of more than $4 billion with 66 branches in regional NSW and on Queensland’s Gold Coast.
AAP
