Find out whether Greater Bank is right for you by diving into Savvy’s personal loan review and comparing other finance options here.
Fact checked
Greater Bank is an Australian mutual bank servicing some of the eastern states and territories in Australia, offering finance and insurance products to its members, including personal loans.
Of course, it’s crucial to know exactly what sort of deal you’re signing up for when you apply for your personal loan, so it pays to delve a bit deeper into some of the key features with Savvy.
With a range of reputable lending partners from around the country, we know what makes a good personal loan and can help you make the right decision by simplifying the comparison process. Start comparing loans today.
*Please note that Savvy does not represent Greater Bank for their personal loan product.
With a Greater Bank personal loan interest rate as low as 5.99% p.a. (6.37% p.a. comparison rate), you can secure an affordable loan deal for yourself under the right circumstances.
You can choose whether to attach an asset such as your car, motorcycle or caravan as collateral for your loan and expand your borrowing power or opt for a fast unsecured loan.
Loan amounts range from as little as $5,000 up to $100,000 (depending on the type of loan you choose to take out), making them suitable for a variety of potential uses.
You’ll be able to tailor your repayment term to suit your individual needs, with terms as short as one year and as long as seven available for you to space your repayments out how you like.
You can take advantage of free additional repayments on your personal loan and pay off your debt ahead of schedule without being liable to be charged any fees for doing so.
On top of that, you can access these additional repayments down the line should you need to without paying a fee or having to apply for another loan entirely.
Ongoing fees can add up to hundreds of dollars over your loan’s term, so not having to worry about them at all will help you save a considerable amount overall.
If you opt for a secured personal loan, you’ll be able to borrow more than the entire value of the asset used as collateral, expanding your potential borrowing power further.
Because your interest rate will be fixed across your loan term, you won’t have to worry about your repayments being inconsistent or paying more month to month.
As part of your loan agreement, you’ll be required to pay an establishment fee of $275 to Greater Bank, which is charged at the beginning of the agreement when you receive funds.
Greater Bank only extends their services to customers living in Queensland, New South Wales and the ACT, so you won’t be eligible to borrow with them if you live elsewhere.
While you can access a competitive secured loan rate as referenced above, Greater Bank unsecured personal loan interest rates start at 8.99% p.a. (9.38% p.a. comparison).
It’s important to review your personal loan’s eligibility criteria before submitting your application. There are better uses of your time than preparing and sending through a completed, detailed form only to not qualify due to basic eligibility criteria, so it’s worth spending the extra minute or two going over these points before committing to the loan. To qualify for a Greater Bank personal loan, you’ll need to meet the following criteria:
The best personal loan for your needs will depend on several different variables specific to your borrowing profile. It’s important to understand the differences between unsecured and secured personal loans before you apply, as you should always look to lock in the option which will deliver the most suitable product for you. Some of the key considerations include:
Do I have an asset to use as security?
Secured personal loans, as the name suggests, require borrowers to attach an asset to serve as collateral for the loan. In most cases, this will be your car, but it may also be something like a motorcycle, boat or campervan. If you don’t own any of these or aren’t in a position to use them as security (such as not wanting to attach them as collateral or the fact that they’re too old or in poor condition) you’ll have to take out an unsecured loan.
How much do I need to borrow?
One of the most important differences between secured and unsecured loans is that you can only borrow up to $50,000 with Greater Bank without security but up to $100,000 if you added collateral. If you needed a large amount beyond $50,000 and had an asset which could be used to secure your loan, this is likely to be the best option for your needs. It’s important to know how much you’re able to borrow before applying.
What interest rate do I want?
Unsecured loans automatically come with higher interest rates than secured loans. This is because they lack the safety blanket that collateral provides a lender: if a borrower defaults on the loan, there’s nothing to take ownership of as a means of recouping funds.
What term length do I need for my loan?
Secured personal loans come with available terms ranging from one to seven years in length, while Greater Bank only offers a maximum of five years for their unsecured loans. If you wanted to space out your funds more, a secured loan would allow you to do this.
How fast do I need my loan?
Because of the need to assess the suitability of collateral, unsecured loans are often quicker to process. You’re supplying all the information your lender needs to decide whether you’re a suitable candidate for a loan, making it simpler for them to get back to you with speedy approval.
Of course, you can compare a range of secured and unsecured loans right here with Savvy. With partners around the country, we make comparing different loan offers and making the right decision simpler.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
