Greater Bank Home Loan Review For Australian Expats
Greater Bank is a customer-owned bank based in Newcastle, New South Wales, Australia. It was founded in 1948 as the Newcastle and Hunter River Public Service Starr-Bowkett Building Co-operative Society Limited. The bank’s original goal was to make homeownership more affordable for its members, and it offered interest-free home loans to members who won a lottery.
Is Greater Bank the lender for your Australian expat home loan?
- Borrow up to 90% of the property purchase price
- Competitive interest rates and fees
- Focus on customer service
Greater Bank Home Loan Options
Greater Bank offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.
Variable Rate Home Loan
Fixed Rate Home Loan
Low Doc Home Loan
Greater Bank's variable rate home loans have interest rates that can fluctuate over time. This means that your monthly repayments may go up or down depending on the movement of interest rates.
Variable rate home loans can be a good option if you want to take advantage of lower interest rates when they are available. However, it is important to be aware that the interest rate on your loan could also go up, which could increase your monthly repayments.
Greater Bank's fixed rate home loans have interest rates that are fixed for a set period of time, typically 1-5 years. This means that your monthly repayments will stay the same during the fixed rate period, regardless of what happens to interest rates.
Fixed rate home loans can be a good option if you want the security of knowing what their monthly repayments will be. However, it is important to note that you may have to pay a break fee if you want to exit your fixed rate loan early.
Low doc home loans are designed for borrowers who have limited documentation to support their application. This could be because they are self-employed, have recently started a new job, or are new to Australia.
To qualify for a low doc home loan, you will typically need to provide a deposit of at least 20% of the property value. You may also need to provide additional documentation, such as business statements or tax returns.
Greater Bank Home Loan Review
Here are the pros and cons of choosing Greater Bank to buy property in Australia.
| Pros | Cons |
|---|---|
Focus on customer service | May require a larger deposit for expats or self-employed borrowers |
No early repayment penalties | May require a guarantor for expats borrowing a higher percentage of the property value or with a limited credit history in Australia |
Ability to borrow in a variety of currencies | May charge a higher interest rate on loans to expats |
Dedicated expat support team |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Greater Bank Home Loan Features
Greater Bank can help you get the following home loan features.
| Feature | Details |
|---|---|
Offset Account | The balance of your offset account is deducted from your home loan balance when calculating interest, which can save you money over the life of your loan. |
Redraw Facility | Allows you to access money that you have already repaid on your home loan. This can be useful for unexpected expenses or for funding major life events, such as renovations or a wedding. |
Flexible Repayments | A variety of flexible repayment options are available, so you can choose the option that best suits your needs. For example, you may be able to make extra repayments, skip repayments if you need to, or take a repayment break. |
Loan Splitting | Allows you to split your home loan between fixed and variable interest rates. This can give you the security of knowing what your repayments will be for a fixed period of time, while also allowing you to benefit from lower interest rates when they are available. |
Facts About Greater Bank
Greater Bank is one of the largest customer-owned banks in Australia, with over 270,000 customers and $14 billion in assets.
The bank has a strong focus on community banking, and it supports a variety of local charities and organisations.
It has been recognised for its innovation and has won a number of awards for its products and services.
How Do I Apply for an Expat Mortgage with Greater Bank?
To apply for an Australian expat home loan with Greater Bank, you can follow these steps.
- Contact a Mortgage Broker: Before starting the home loan application process, contact a mortgage broker, as they can answer your questions and help you start the application process.
- Gather the Required Documentation: Greater Bank will require you to provide a range of documentation to support your application, such as proof of income and proof of identity.
- Complete the Online Application Form: Once you have gathered all of the required documentation, you can complete the online application form on the Greater Bank website.
- Submit Your Application: Once you have completed the application form, you can submit it online or by mail.
Once you have submitted your application, a Greater Bank loan specialist will review your application and contact you to discuss your needs. If your application is approved, you will be able to settle on your property and start enjoying your new home.
Here are some additional tips for applying for an Australian expat home loan with Greater Bank.
- Be sure to start the application process early. This will give you plenty of time to gather the required documentation and complete the application form.
- Be prepared to answer questions about your income, employment, and financial situation.
- Be honest and upfront about your circumstances. This will help the loan specialist to assess your application accurately.
- If you have any questions or concerns, be sure to ask the loan specialist. They are there to help you.
It is also a good idea to speak with a mortgage broker who specialises in expat loans. A mortgage broker can help you compare offers from multiple lenders and find the best loan for your individual needs. That’s why we’re here!
Who is Eligible?
To be eligible for a home loan with Greater Bank in Australia, you must generally meet the following criteria:
- You must be at least 18 years old.
- You must have a good credit history.
- You must have a stable income.
- You must be able to afford the monthly repayments.
Please note that the bank may have stricter lending criteria for overseas Australian expats and permanent residents, such as requiring a larger deposit or a guarantor. Plus, if you’re a foreign investor, you may be charged a higher interest rate.
Here are some additional things to keep in mind when applying for a home loan as an Australian expat, permanent resident, or foreign investor living overseas:
- Make sure the lender you choose is familiar with the Australian expat home loan market.
- Ask about the lender’s experience with lending to borrowers in your country of residence.
- Find out what documentation the lender will require from you.
- Be aware of any additional costs or fees that may apply to expat borrowers.
It is also a good idea to speak with a mortgage broker who specialises in expat loans. A mortgage broker can help you compare offers from multiple lenders and find the best loan for your individual needs.
What Documents Do I Require?
Greater Bank will require you to provide a range of documentation to support your application for a home loan from overseas, including the following.
Proof of Identity
This could include your passport, driver's license, or birth certificate.
Proof of Income
This could include your most recent tax returns, payslips, or bank statements. If you are self-employed, you may need to provide additional documentation, such as business statements and financial projections.
Proof of Assets
This could include bank statements, investment statements, or property titles.
Proof of Liabilities
This could include credit card statements, loan statements, or mortgage statements.
A Copy of the Contract of Sale
This is a legally binding contract between you and the seller of the property. It will include the details of the property, the purchase price, and the settlement date.
In addition to these documents, Greater Bank may also require you to provide additional documentation, such as evidence of your employment status, evidence of your visa status, evidence of your overseas income and assets, and a valuation of the property you are buying.
Other Related Products from Greater Bank
Construction Loan
Construction loans are designed for borrowers who are building a new home. Construction loans are typically dispersed in stages as the home is being built. This allows borrowers to only pay interest on the amount of money that has been drawn down rather than on the entire loan amount from the start of the construction process.
The bank offers a variety of features and benefits on its construction loans, including:
- Ability to borrow up to 90% of the property value
- Flexible repayment options
- No early repayment penalties
- Dedicated construction loan specialists
Investment Loan
Investment loans are designed for borrowers who are purchasing a property to rent out or sell in the future. Investment home loans typically have higher interest rates than standard home loans, but they may offer other benefits, such as tax deductions.
The bank offers a variety of features and benefits on its investment loans, including:
- Ability to borrow up to 90% of the property value
- Competitive interest rates
- Flexible repayment options
- Offset accounts
Guarantor Loan
Guarantor loans allow borrowers to borrow a higher percentage of the property value by having a guarantor back their loan. Guarantors are typically family members or friends who are willing to repay the loan if the borrower defaults.
The bank offers a variety of features and benefits on its guarantor loans, including:
- Ability to borrow up to 105% of the property value
- Competitive interest rates
- Flexible repayment options
- Dedicated guarantor loan specialists
Need a Mortgage With Greater Bank?
Greater Bank offers a compelling home loan solution for Australian expats living overseas who wish to invest in property back in Australia. With their understanding of expats’ unique challenges, competitive interest rates, and personalised service, Greater Bank is a reliable choice for financing property investments from overseas.
Our team of specialists have years of experience in securing home loans for overseas Aussie expats, PRs and foreign investors. Contact our team today to receive tailored lender recommendations and advice for your particular situation. Let us help you meet your property ownership goals in the Land Down Under!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Greater Bank Home Loans
Can Australian expats living overseas apply for Greater Bank home loans online?
Yes, Greater Bank provides an online application process for expats, making it convenient for them to apply from abroad.
What types of properties can expats invest in using Greater Bank home loans?
Expats can use Greater Bank home loans to invest in various types of properties, including residential, commercial, and investment properties.
Do expats need to have a local co-signer to be eligible for Greater Bank home loans?
No, Greater Bank offers home loan options specifically designed for expats, and a local co-signer is not required.
What are the currency conversion fees associated with Greater Bank's services?
Currency conversion fees may vary, and it’s advisable to check with the bank for the most up-to-date information on fees.
Is there a maximum loan amount for Australian expats seeking home loans from Greater Bank?
The maximum loan amount may depend on various factors, including income and the type of property being purchased. It’s best to consult with Greater Bank for specific details.
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