Greater Bank review

Based on our review, Greater Bank is best suited for australian permanent residents aged 18 or over who live in NSW, QLD or the ACT and are buying a brand-new car (or a demonstrator under 5,000 km), since the sharpest advertised rate is restricted to new vehicles and the bank only lends in those three jurisdictions.

6.24% p.a. fixed (New Car Loan); 6.78% p.a. fixed (Secured Personal Loan, used car/new caravan/new boat/new motorbike); 8.99% p.a. fixed (Unsecured Personal Loan). Rates shown as effective 9am Tuesday 25/08/2026.. Rates and fees are current as at 25 Aug 2026 and are subject to change by the lender at any time.

$275 establishment fee (Personal Loan), payable when the loan commences. No ongoing account keeping fees. $6 default administration fee (Personal Loan) where less than two repayments are in arrears. $20 default administration fee (Personal Loan) where more than two repayments are in arrears. $50 default notice fee. Redraw fee: Nil when made via Online Banking, $30 when made in branch or in writing. $300 discharge administration fee, payable when you request the loan account be closed. $20 information fee plus $1 per page copied. Mercantile agent's fee: at cost. Prepayment fee applies if extra payments exceed 5% of the original loan amount during the fixed rate period, calculated as Extra Payment (over 5%) x Remaining Fixed Period x Interest Differential.

Greater Bank states approval 'within 2 business days' once all relevant documents are provided..

Greater Bank advertises a single fixed rate per product rather than risk-based pricing tiers, so the rate you see is the rate offered if you qualify; the screening happens through eligibility rather than rate loading. Published criteria: applicants must be '18 years or older and reside within NSW, QLD or ACT', be an 'Australian permanent resident', and show 'Demonstrated ability to afford loan repayments' and the ability to 'meet regular loan repayments as they fall due'. Self-employed applicants are catered for. The 6.24% New Car Loan rate applies only to new vehicles, with demonstrators under 5,000 km qualifying as 'New'; the bank states second-hand vehicles, refinanced loans and recreational vehicles do not qualify for that rate and must go to the Secured Personal Loan. On vehicle age for secured lending the site is internally inconsistent: the interest-rates page footnote says used cars 'cannot exceed seven years old', while the personal loans FAQ says used cars are accepted 'Up to 8 years old (secured loans only)'. Motorcycles 'Must be under 7 years old by loan end'. Comprehensive insurance is stated as a requirement for refinanced vehicles.

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