Great Southern Bank home loans

Great Southern Bank was founded in 1946 with the goal of challenging the banking status quo by providing responsible and affordable lending.

Great Southern Bank was formed through a series of mergers with like-minded credit unions and community groups, forming what is considered to be one of the biggest customer-owned banks in Australia.

It was formally known as CUA before it registered into the new trading name of Great Southern Bank on its 75^th anniversary in 2021.

Great Southern Bank wants to do things a little differently than its contemporaries. Aside from putting customers first at the heart of its service, it aims to embrace innovation to provide borrowers with intuitive tools to help them save smarter not harder. It also offers flexibility, allowing borrowers to pay off their loans sooner.

Great Southern Bank’s home loans

Great Southern Bank offers several options for homebuyers who want to get a headstart in their journey.

• Basic Variable Home Loan: For borrowers who want to keep things simple, Great Southern Bank’s Basic Variable Home Loan is the best option. Aside from a competitive discounted variable rate, this has unlimited extra repayments and free redraws. It has no monthly or annual fees.

• Offset Variable: This loan product is for the more sophisticated borrowers who want to reduce their interest and save for the rainy day. Great Southern Bank’s Offset Variable offers a 100% multi-account offset and on top are features such as split loan options and top-ups, unlimited extra repayments, and free redraws.

• Fixed Rate Home Loan: Great Southern Bank provides competitive fixed rates and an ability to pay an extra $30,000 during the term for borrowers who want certainty.

How to apply for a Great Southern Bank home loan

Applying for a loan at Great Southern Bank starts online — borrowers need to check if they qualify before they can begin the process.

Borrowers who are not able to apply online can reach out directly to the lender and home loan specialists will be assigned to help them start their application.

Borrowers should meet the following criteria when applying for a loan at Great Southern Bank:

• They must be at least 18 years of age

• They should be a permanent resident of Australia

Here are the set loan-to-value ratio restrictions for owner-occupiers and investors:

Owner Occupiers

• Principal & interest repayment: 95% maximum loan to value ratio (LVR) including lenders mortgage insurance (LMI)

• Construction purpose: 95% maximum LVR including LMI

• Interest-only repayment: 90% maximum LVR including LMI

Investors

• 90% maximum LVR including LMI

Some of the requirements needed for the application are the following:

• Proof of identity such as passport or driver’s license.

• Details of income and expenses

• Details of existing assets and loans

Frequently Asked Questions

Why did my repayment change?

Great Southern Bank periodically reviews and recalculate your loan repayment amount, which could change if your interest rate changes or if your loan rolls off an introductory or fixed rate or off an interest-only period.

What are my repayment options?

Repayments are usually done on a monthly basis, but you can choose to make weekly or fortnightly repayments depending on your product type. Take note that if you are on interest-only loans and the Great Southern Bank Rate Breaker Package, you can only pay monthly.

Can I make redraws online?

Yes, if you have a home loan with a redraw facility, you can access your redraws quickly and conveniently from Great Southern Bank Online Banking.