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What to expect when applying for a home loan

When applying for a home loan, you’ll need to supply information about your financial situation and some documents to verify your identity. Completing an application takes around 20 minutes.

To help you understand the process and make filling out your application easier, we’ve created this helpful guide.

Ways to apply for a Great Southern Bank home loan

If you’re applying with another person, you’ll both need to be present and have your information and documents to hand.

Who is eligible for a home loan?

You must be

  • At least 18 years old
  • A permanent resident of Australia

You'll also need to meet the minimum deposit criteria. This can be from as little as a 5% deposit for owner-occupiers and a 10% deposit for investors. If you have any questions about the eligibility requirements or deposit amount, our Home Loan Specialists are here to help.

Starting your home loan application

At this stage of the process, we’ll ask for some information about your finances, including your income, expenses, and any existing loans or debts. This is so we can get a clear picture of your financial situation and how much you could borrow without experiencing unnecessary mortgage stress.

The more accurate the information, the faster we can review your application and get back to you with an answer.

As for documentation, you’ll need at least one form of ID to verify your identity.

Tip: If you’ve started an application online and need to gather some information, simply save it, and continue when you’re ready.

Information to provide when applying for a home loan

You can expect to be asked for the following information.

Property details

If you’re looking for a home or applying for pre-approval

We’ll ask for the suburb or postcode you wish to buy in and how much you plan on spending. Don’t worry if this information changes, we can update it later.

Learn more about pre-approval and how it can help you with your property search.

If you’ve already found a property

We’ll ask for the address and estimated purchase price.

If you’re refinancing

We’ll ask for your address, current market value, outstanding loan balance, and your current loan repayments.

Financial details

Your income

To help us assess your application, we'll need you to provide the following information about your income and employment:

  • Your salary before super.
  • Any regular overtime and bonuses.
  • If you’re self-employed, your net profit before tax.
  • Other income sources, such as earnings from a side-business, investment property income, dividends from shares, or government benefits.
Your expenses

When applying for a home loan, you’ll need to provide a breakdown of regular expenses for yourself and your dependants (if you have them).
Include everyday living expenses, such as groceries and utility bills, plus your regular spending on the things that make life fun, such as dining out, streaming services, and hobbies.

We all track our expenses differently, so when applying for a Great Southern Bank Home Loan, you can choose to provide a weekly, fortnightly, or monthly breakdown.

If you’re applying online and want to save some time, you may wish to use our simplified expenses option. It groups your expenses into broad categories instead of listing your expenses out individually.

What if an expense doesn’t apply to me?

Simply leave blank or type $0 for the relevant expense.

Your assets

“Assets” is a banking term used to describe items of value that you already own. When applying for a home loan, we’ll ask you for the full value of your assets, including any joint assets.

Your assets may include:

  • Savings
  • Superannuation
  • Shares and stocks
  • Land and property
  • Home contents and valuables
  • Cars and vehicles
Your debts

To get a clear picture of your outgoing expenses, we’ll also ask for details of any existing loans and debts.

Having the following information to hand can really help with completing your application:

  • Outstanding loan balances and your regular repayment amount.
  • Money currently owed on credit cards.
  • Current HELP debts (formerly known as HECS) or student loans.
  • Buy Now Pay Later balances such as Afterpay, and Zip Pay.
  • Details of outstanding tax debts and payments.

Buying a home can also be a good opportunity to overhaul your finances. If you have multiple loans and are looking to streamline your repayments, you may want to consider a debt consolidation loan.

Identification to provide when applying for a home loan

Have your driver licence, passport or Medicare card handy so we can verify your identity.

What documentation do I need to provide after I apply?

Once you’ve submitted your application, the Home Loan Application Tracker will list the documentation you’ll need to provide to progress your application.

Your list of documentation will depend on your individual situation, but if you’re feeling curious or wish to prepare in advance, here are some typical documents you can expect to provide.

Proof of income

If you’re a wage or salary earner

  • You will need to provide your recent payslips or bank statement showing the salary credits or your latest tax return (PAYG) statement.

If you’re self-employed

  • We’ll need to see your last two years of financial statements including a profit and loss balance sheet, plus your business and individual tax returns.
Proof of genuine savings
  • We’ll need to check you have enough funds to cover the upfront costs of buying a property. A bank statement showing enough funds to cover solicitor’s fees, the building and pest inspection, transfer fees and other costs in addition to your deposit is a common way to provide proof of funds.
  • If your deposit is 10% or less, we’ll ask for proof of genuine savings over a period of at least three months – a bank statement showing regular savings deposits should cover most situations.
If you’re applying for the Home Guarantee Scheme

If you’re buying a home under the First Home Guarantee, Regional First Home Buyer Guarantee, or Family Home Guarantee you’ll need to complete the Home Buyer Declaration Form and provide some documents relevant to the Guarantee you’re applying for. Your Home Loan Specialist will provide more detail about what you’ll need and can answer any questions you may have.

Verification of documents

In most cases, we can verify your documents securely online or in person at your nearest branch. On occasions where this is not possible, we’ll ask for a certified copy.

Ready to apply for a home loan?
You can apply online today.
Apply now

Explore home loans

Basic Variable Home Loan
Discounted rates from
Comparison rate^
All the features you need and nothing you don't.
Owner occupier, principal & interest, LVR 70% or less. Includes discount on new and additional lending. Min. loan amount applies.2,3,4
Offset Variable Home Loan
Discounted rates from
Comparison rate^
100% offset home loan that makes saving on interest easy.8
Owner occupier, principal & interest, LVR 70% or less. Includes discount on new and additional lending. Min. loan amount applies.2,3,4
Fixed Rate Home Loan
2 year fixed rate
Comparison rate^
A competitive fixed rate plus the flexibility to pay up to $30,000 in extra repayments during the fixed term.9
2 year fixed rate, owner occupier, principal & interest.5,6
Speak to a Home Loan Specialist
We are here to help.

Speak to one of our Home Loan Specialists via live online chat.

Fill out our online enquiry form and one of our Home Loan Specialists will get back to you to start the process.

Mon - Fri: 9:30am - 4:00pm (AEST)

Important Information

Rates are current as at 9 June 2024 and subject to change.

Great Southern Bank, 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. Applications are subject to credit approval.

2 Discounts off the Basic Variable and Offset Variable Reference Rate are available to (a) new home loans with a minimum application amount of $100,000; or (b) switching or restructuring of the home loan you already have with us when it includes new borrowing of at least $10,000; for new home loan applications unconditionally approved on or after 9 June 2024. Published interest rates are inclusive of any discounts off the respective Reference Rates. Interest rates and discounts vary based on the loan purpose (owner occupier and investor), repayment type (principal and interest, interest only, construction) and Loan to Value Ratio (LVR). Maximum LVR applies and includes Lenders' Mortgage Insurance and Great Southern Bank loan setup fees where applicable.

3 Great Southern Bank may withdraw or amend this offer at any time without notice. A change in your loan purpose, your repayment type or your loan product will permanently end your entitlement to the discount.

4 LVR means ‘Loan to Value Ratio’. It is the amount of your loan divided by the valuation of your property, calculated as a percentage. For example, if you apply for a loan of $400,000, which will be secured by a property valued at $500,000, your LVR is 80%. We calculate your LVR at the time we approve your loan and your discount won’t change because of changes to the LVR during the life of your loan.

5 Fixed Rate loans are available to (a) new home loans with a minimum application amount of $100,000; or (b) switching or restructuring of existing home loans. Maximum Loan to Value Ratio applies and includes Lenders' Mortgage Insurance and Great Southern Bank loan setup fees where applicable.

6 On expiry of the fixed rate period, the loan reverts to the Basic Variable Reference Rate relevant to your loan purpose and repayment type which applies at the time of expiry.

7 A $200 minimum withdrawal amount applies for redraws conducted in-branch.

8 You must maintain a minimum balance of $500 in each offset account to obtain an offset benefit. You will also not receive any interest on the funds in your offset accounts.

9 A daily transfer will refund any amounts paid in advance in excess of the total advance repayments allowed during the fixed rate period ($30,000) unless sufficient to pay out the loan in full (in which case an Early Payout Cost may apply). Excess funds will be transferred to the nominated deposit account, which must remain open for the fixed rate period.

^ Comparison rate accurate for $150,000 secured loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Speak to a Home Loan Specialist
1 of 8
Speak to a Home Loan Specialist
Tell us what you're looking for and we'll be in touch
I'm buying a property
I'm building or renovating
I'm refinancing
Discuss my Great Southern Bank Home Loan
None of these
What stage are you at?
I'm ready to apply for a home loan
I'm applying for pre-approval
I want to know if I qualify
I'm researching my options

Applying for pre-approval allows you to know the maximum amount you can borrow while you look for a property.

Pre-approval means that a lender has agreed to lend you an amount of money in-principle, but the loan hasn't been proceeded to full or final approval.

While pre-approval is not a fully approved loan it can help you narrow your search, negotiate, and make an offer with certainty and confidence.

How much would you like to borrow?
If you are unsure, please enter an approximate amount.
The minimum amount you can borrow is $100,000
When would you like to borrow?
If unsure, please select an approximate timeframe.
Within 3 months
In 3+ months
Are you a Great Southern Bank customer?
Great Southern Bank was previously known as CUA.
Do you have a home loan with Great Southern Bank?
Great Southern Bank was previously known as CUA.
Would you like to tell us anything else?
For security, never include any bank account or card details in your enquiry. You can provide this information later if it's needed.
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Tell us a little more about your plans
I'm planning to build
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What stage are you at?
I'm ready to refinance
I want to know if I qualify
I'm researching my options
How much is your current mortgage?
Please enter a numeric value
What are your plans?
I want to increase my existing home loan
I want to switch or restructure my existing home loan
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What would you like to discuss?
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For security, never include any bank account or card details in your enquiry. You can provide this information later if it's needed.
How would you like to connect?
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Call us on 133 282
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Speak to a Home Loan Specialist
First Home Guarantee
Family Home Guarantee
Regional First Home Buyer Guarantee

The Australian Government has introduced initiatives to support eligible Australians to build or purchase a new home sooner: the First Home Guarantee, Family Home Guarantee and Regional First Home Buyer Guarantee.

Thanks [Name], we'll speak to you soon
One of our Home Loan Specialists will call you on [0413 456 789] at your preferred time.
To help you get the most out of your call, we recommend having some details ready:
  • Identification details
  • Details of your income and expenses
  • Financial details, including what you own and what you owe
In the meantime, if you have any questions, we’d be happy to help.
Call us on 133 282
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