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The $2,000 Great Start Promotion - Terms and Conditions

Great Southern Bank is a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions, and fees apply. Consider the disclosure documents, terms and conditions before making a decision.

Great Start Promotion for Eligible First Home Buyers:

  • Great Start is a $2,000 contribution to be paid at settlement for Eligible First Home Buyers who meet the criteria set out in these Terms and Conditions.
  • Great Start is available to new or existing customers of Great Southern Bank who apply for a home loan to purchase an established property as their first home or a land purchase with construction loan to construct their first home between 1 June 2021 and 28 February 2022 and settlement of the property or land occur by 31 May 2022. Settlements in connection with any pre-approved applications will also need to occur by 31 May 2022 to be eligible.
  • Great Start applicants or their brokers must let us know the applicants are a First Home Buyers when first applying for a loan.
  • The Great Start contribution will be added to eligible first home buyer applications as a deposit contribution to reduce the loan amount by $2,000.
  • Great Start applications will have the Establishment Fee waived (however, the Security Administration Fee of $235 remains payable for all applications).
  • Applicants must open a Great Southern Bank transaction account to settle the loan and receive the Great Start contribution and become members of Credit Union Australia Ltd.
  • The Great Start can be used together with State Government First Home Owner Grants (FHOG for all states and territories), however, FHOG approval or participation is not a requirement for Great Start.
  • Great Start will be paid only once per application, regardless of the number of loans taken out over the same security or the number of applicants.

Eligible First Home Buyer

To be an Eligible First Home Buyer you must:

  • Borrow a minimum of $250,000 to purchase an established property as your first owner occupied home or a land to construct your first owner occupied home.
  • Be purchasing or constructing your first property in Australia.
  • Show genuine savings according to Great Southern Bank’s lending policy (in addition to your Great Start or other First Home Owner Grant payments).
  • Not be an approved applicant or recipient of the Australian Government’s First Home Loan Deposit Scheme (including New Home Guarantee and Family Home Guarantee) with Great Southern Bank or any other Financial Institution.
  • Be individuals who are permanent Australian residents aged 18 and over. Offer excludes loans to businesses, companies, trusts, non-resident borrowers and other non-natural persons.

On joint loans, all applicants must be an Eligible First Home Buyer.

Great Start Payment

If you qualify for Great Start, it will be paid into the Great Southern Bank transaction account you nominated as the settlement account for your first home or construction loan:

  • Great Start will be paid on the day of settlement when your home loan is funded, or when the first draw down for your construction loan is funded.
  • The Great Start payment will be used as part of your deposit contribution on the day of funding.
  • Payments will not be made to another Financial Institution or other Great Southern Bank accounts.

Great Start offer is current as at 28/02/2022 and is subject to change or withdrawal without notice.

Great Start is not eligible for switching or refinancing of any existing loans, or any home loan applications received prior to 1/06/2021. Applicants who applied for a home loan with Credit Union Australia Ltd prior to 1 June 2021 or after 28 February 2022 are ineligible for this promotion.

Great Start does not apply to applicants who own properties overseas.

Great Start does not apply to construction only applications where the land purchase is not included in the Great Start application. Loan applications for land and construction must be submitted together and received in the same application.

Updated: 28/02/2022

Important Information

* $2,000 will be issued at settlement to Eligible First Home Buyers who apply for a home loan to purchase an established property as their first home or a land to construct their first home between 1 June 2021 and 28 February 2022 and settle by 31 May 2022. For construction loans, the first drawdown takes place before 31 May 2022. Great Start will be paid once per property, regardless of the number of loans taken out or the number of applicants. Minimum lending of $250,000 and maximum 95% LVR. Great Southern Bank may withdraw or amend this offer at any time without notice.