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Greater Bank has signalled it is keen to ramp up its investor lending activity by introducing lower rates for some of its fixed rate home loans.
Effective Monday 27 June, the bank’s five-year fixed rate for its Ultimate Home Loan has been slashed by 20 basis points to 3.99 per cent (with a 4.57 comparison rate), while the four-year and three-year rates have been cut by 15 basis points to 3.99 per cent (comparison rates of 4.59 per cent and 4.62 per cent respectively).
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The 3.99 per cent rates apply to new investment loans worth more than $150,000 and with a maximum LVR of 85 per cent.
The five-year fixed rate for all other new investor loans under the Ultimate product has also been reduced by 20 basis points to 4.19 per cent, while the four and three-year rates have been cut by 15 basis points to 4.19 per cent).
Meanwhile, Greater Bank’s five-year fixed rate for its Great Rate Home Loan has been lowered by 20 basis points, and its four and three-year rates have been cut by 15 basis points, to 4.19 per cent. These rates apply to new investment loans worth more than $150,000 and with a maximum LVR of 85 per cent.
The five-year fixed rate for all other new investor loans under the Great Rate product has also seen a 20-basis-point cut, while the four and five-year rates are down by 15 basis points, to 4.19 per cent.
Greater Bank CEO Scott Morgan said while many lenders have made it tougher to get an investment loan, the non-major is keen to grow its investor lending portfolio.
"We expect people with or looking for an investment property will see this cut as excellent news and expect to have many big bank customers looking to switch," he said.
[Related: Auswide unveils new rates for investors]
