The Greater cuts variable rates by 0.15%

The Greater Building Society’s standard variable home loan and basic variable home loan rates will fall by 0.15% to 6.25% p.a (comparison rate of 6.31% p.a.) and 5.89% p.a. (comparison rate of 5.95% p.a.) respectively.

The Greater is also cutting fixed loan rates. The One Year Fixed Ultimate (packaged Home Loan will be 5.29%, the two year loan year loan will be 5.39% and the five year loan will be 5.69%.

The decrease in rates is effective from Monday October 8 for new loans and for existing customers from October 15.

CEO Don Magin said intense competition and high loan funding costs meant that The Greater was not able to pass on the full rate cut this time.

Source: The Greater