Greater Bank’s 1 year fixed rate home loan reverts to 4.35% p.a. after the introductory/honeymoon period. Compare that with a 3.44% p.a. variable rate home loan, a loan comparison shows that on a $1.2 million loan, you’re saving $204,871 in interest with the variable rate home loan even using Greater Bank’s own loan comparison calculator.
- This is similar to a bait & switch rate.
- Sticking to a low upfront & transparent rate has long term savings.
- Cheap can mean nasty (low cost, low value).
- Variable loan offers offset and redraw facilities to save further interest & offer flexibility with banking.
- Larger banks may be less susceptible to future rate fluctuations.
You can check out the best interest rates on offer from our panel of lenders. However, there is more to a home loan than just the interest rates.
Give us a call on 1300 889 743 or fill in our free assessment form to get the best deal on your home loan.
Cheers,