Greater Bank is set to offer customers more fixed-term home loan rates under 2% in response to the recent rate change announced by the Reserve Bank of Australia (RBA).
After dropping the interest rate on its one-year Fixed Great Rate and Ultimate Home Loans last month by 10 basis points, Greater Bank will now offer one of the lowest rates on market for these products at 1.89% p.a.
In addition, the interest rates on two-and-three-year Fixed Great Rate and Ultimate Home Loans will be reduced to 1.99% p.a.
The new rates will be effective from 17 November and available to new home loan customers or existing home loan customers wishing to refinance to a fixed-term product.
Greater Bank CEO, Scott Morgan, said the rate reductions on fixed-rate products provide customers with a level of security and certainty in what is an uncertain climate.
“While we are seeing some light through this COVID crisis, there remains a level of uncertainty around our economy. It’s why it remains important for banks to play a key role in supporting economic stimulus and its customers,” Mr Morgan said.
“As a customer-owned bank, we don’t have shareholders meaning our financial interests are firmly aligned with the long-term needs of our customers, which allows us to offer some of the most affordable fixed-rate home loan products in the market.
“By taking advantage of these record-low interest rate, we are providing our customers with a level of financial certainty around there mortgage like never before.”