Greater Building Society Best 1-Year Fixed Loan - Mortgage of the Year Awards 2012

Font size :

Your Mortgage Gold AwardMortgage of the Year Awards 2012


Greater Building Society (Greater BS) took this year’s Best 1-Year Fixed Loan title in the Building Society or Credit Union category, thanks to the extremely competitive interest rate of 6.2% (6.43% comparison rate for its Great Rate Fixed Rate Loan.

Top honours are bestowed to this loan for its low $500 start up fee, $0 monthly account fees, and high LVR of 95% to borrowers who take out LMI. An 80% LVR is available to borrowers who don’t want to pay the LMI premium. The minimum loan amount is $40,000 with the maximum amount being open for negotiation.

Interest only and principal and interest options are available. Portability, loan splitting and a partial offset account are also allowed, as is the option to use the loan for the purchase of vacant land. However, unlike the other two winners in this category, you cannot use this loan for construction. Internet and over the counter banking (OTC) are available, but OTC transactions incur a $20 fee.

Adding to the loans attraction is the free unlimited redraw facility, and the option to pay off more than the minimum repayments at no added cost, up to 5% of the principal amount of the loan, after which you may incur a fee. You may choose to satisfy your repayments on a weekly, fortnightly or monthly basis.

The Greater BS has also claimed the silver award is for its Ultimate Fixed Rate Home Loan. At the time of writing, the interest rate was 6.15% (6.54% comparison rate).

Like the Great Rate Fixed Rate Loan, the minimum loan amount is $40,000 and the maximum LVR is 95%. It also has a low $500 start up fee. Unlike the Great Rate, it incurs an ongoing fee of $325 per year, and a construction loan and fully offset account are available. Repayment is by PI only.

Taking out the bronze award is the 1-Year Premium Fixed home loan by CUA, offering a 6.19% fixed rate (6.68% comparison rate) and eligible for a CUA loyalty discount after three years.  

The CUA loan incurs a slightly higher $795 total start-up charge, but also has no ongoing monthly fees. Additionally, it offers very flexible loan options such as portability, a split facility, IO/PI repayments and a low minimum loan amount of $10,000.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Friday, Sep 22, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
  • How much do you want to borrow?
  • How much deposit do you have?
  • How much is your house worth?
  • How much do you still owe on your mortgage?
  • What type of mortgage do you have?

  • How much is your new home?
  • How much do you want to borrow?
  • How soon do you want a mortgage?
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords