Greater Bank Personal Loan Review

Find out whether Greater Bank is right for you by diving into Savvy’s personal loan review and comparing other finance options here.

Last updated on April 7th, 2022 at 11:40 am by Thomas Perrotta

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.

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The features and benefits of Greater Bank personal loans

Rates as low as 5.99% p.a.

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.

Secured or unsecured loans

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.

Borrow up to $100,000

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.

Repay over one to seven years

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.

Pay out early at no cost

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.

Free redraw facility

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.

Greater Bank personal loan pros and cons

PROS

No monthly fees

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.

Borrow up to 120% of security value

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.

More accurate budgeting with fixed interest

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.

CONS

Establishment fee charged

As part of your loan agreement, you’ll be required to pay an establishment fee of $275, which is essentially unavoidable and must be paid to Greater Bank.

Not available Australia-wide

Greater Bank only extends their services to customers living in Queensland, New South Wales and the ACT, so you simply won’t be eligible to borrow with them if you live elsewhere.

Less competitive unsecured loan rates

While you can access a competitive secured loan rate as referenced above, Greater Bank unsecured personal loan interest rates start at 8.95% p.a. (9.34% p.a. comparison).

More about Greater Bank personal loans

Who’s eligible to apply for a Greater Bank personal loan?

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:

  • You must be 18 years of age or older
  • You must be an Australian citizen or permanent resident
  • You must be living in Queensland, New South Wales or the ACT (either Brisbane, Sydney, Canberra or any other city or town)
  • You must be earning more than $20,000 per year
  • You must have at least a satisfactory credit score

Should I choose an unsecured or secured Greater Bank personal loan?

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.

Common personal loan questions about Greater Bank

Can I apply jointly with my partner?

Yes – Greater Bank offers joint personal loans to borrowers looking to share their loan repayments with their partner or another co-borrower. Doing so can increase your chances of approval, as having a loan rely on two sources of income instead of one will reduce the level of risk associated with losing the ability to repay due to job loss or any other reason.

How do I work out my Greater Bank personal loan repayments?

By using Savvy’s personal loan repayment calculator for Greater Bank loans (or that of any other lender), you can work out an approximate monthly and overall cost of your loan. This figure is based on the loan amount, the length of your term and your loan’s comparison rate. It doesn’t include fees which may not apply, such as late payment charges. Playing around with the personal loan repayment calculator for your Greater Bank finance deal will help give you an idea of the type of loan you need.

Is it better to choose a shorter loan term with Greater Bank?

In general terms, yes – because of the way interest is calculated, you’ll pay less over the space of a shorter loan compared to a longer term. Interest is calculated daily based on the outstanding principal, meaning if it decreases at a faster rate (as a result of a higher monthly repayment due to a shorter term), you won’t pay as much overall.

Is there any way to get guaranteed approval on your personal loan?

No – guaranteed approvals on personal loans don’t exist. All lenders are required to do their due diligence when it comes to assessing your application and determining whether you’re in a suitable financial position to take on a loan. There are steps you can take to improve your approval chances, such as paying down any outstanding debts, lowering credit card limits and offering security as part of the agreement.

Will I be able to get approved if I’m self-employed?

Yes – self-employed workers can qualify for the same personal loans as any other PAYG employee. Because they don’t have any payslips, they’ll instead be required to supply tax returns and Notices of Assessment from the ATO as part of their application. If these aren’t able to be used, a small business owner looking for financing may instead turn to a low doc personal loan, which utilises alternative business financials in place of tax returns.

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