Greater Bank personal loans

Personal loan amount

• Secured personal loans of $5,000 - $100,000
• Unsecured personal loans of $5,000 - $50,000

Interest rates

Greater Bank offers only fixed-rate loans. Secured personal loans generally have lower interest rates than unsecured personal loans.

Personal loan terms

• Secured personal loans for one to seven years
• Unsecured personal loans for one to five years

Repayment options

• Weekly, fortnightly, monthly
• Additional payments can be made without penalty
• The loan can be paid off early without penalty
• Free redraw facility available

Fees

• Establishment fee charged
• Extra administration fee charged if using a property as collateral
• No monthly or other ongoing fees

Approval process

As long as your documents are in order and you meet Greater Bank's lending criteria, you can be approved within 24 hours of applying for a personal loan.

Greater Bank has almost 100 branches across New South Wales and south-east Queensland, which is the largest branch network of any Australian building society. Customers can also get face-to-face assistance from a team of mobile lenders. Contact can be made the following ways:

• Branch
• Phone - 8am-5:30pm AEST Monday to Friday, 8am-1pm Saturday
• Live chat
• Email
• Post

To be eligible for a Greater Bank personal loan you must:

• Be at least 18 years old
• Be an Australian resident or permanent resident
• Have a satisfactory credit history

You can either submit an online application or apply for a personal loan in a branch.

To fill in a Greater Bank personal loan application, you’ll need to have the following information and documents on hand:

• Personal information (name, date of birth, address, email, phone number)
• ID (driver’s license or passport)
• Employment details (including your employer’s name, address and contact number)
• Proof of income
• Three months of bank statements
• Details of current loan repayments and any other payments you make
• Credit and store card limits
• Proof of the total value of your assets

If you receive child support, rental income or a family tax benefit, you will be required to submit additional documentation.

Greater Bank has several features on its personal loans that may suit many customers.

These include a free redraw facility, no monthly fees and the ability to make extra repayments or pay the entire personal loan off early without penalty.

Greater Bank has both secured and unsecured personal loans. A secured personal loan lets you use an asset as security, and Greater Bank allows customers to borrow 120 per cent of the value of the security. The interest rates on secured personal loans are moderately low compared to other lenders.

Unsecured loans have no collateral. Greater Bank won’t let you borrow as much and will also charge a higher interest rate than for a secured loan. Compared to other lenders, the unsecured interest rate is moderate.

Personal loans with Greater Bank would not suit customers looking to borrow just a small amount, as the minimum amount is $5,000.