First Jerry Seinfeld, now Greater Building Society claims cheapest three-year fixed-rate loan

Newcastle-based lender the Greater Building Society, perhaps most famous for getting Jerry Seinfeld to do its advertising, can now also claim to have the lowest three-year fixed home loan rate in Australia.

The Greater has reduced its three-year fixed Ultimate (packaged) Home Loan by 15 basis points to 5.79% per annum.

Product manager David Bryde believes this is the lowest three-year home loan rate in Australia.

Mortgage comparison website RateCity.com.au had listed IMB Building Society as having the lowest three-year fixed-rate loan at 5.89%, but this offer appears no longer available, with the IMB website showing an advertised three-year fixed rate of 5.99%.

This 5.99% three-year fixed-rate also offered by the Commonwealth Bank, ING Direct, ME Bank, CUA, Aussie and Citibank.

The Greater has also cut its credit card rate by 0.49%, bringing it down to a starting rate 10.25% from June 1.

“The Greater continues to offer Australian consumers with better value home loans and credit cards than the major banks as well as outstanding service,” says Bryde.

“Alternatives to the major banks are already here and it is already easier to switch financial institutions than people think,” he adds.

The Greater Building Society is one of Australia’s largest building societies with almost 250,000 customers across NSW and South East Queensland with 66 branches.