The Clever Way Home

The deposit you contribute is considered the “equity” you hold in the property (obviously the higher the better).

We know that it can be hard to reach a 10% deposit, and harder to reach 20%. So, we have loan options available from as little as a 5% deposit.

Great Southern Bank has some clever tools to help you achieve your goals faster.

• Save every time you spend with The Boost
• Avoid temptation – hide your savings in The Vault

Stamp duty is a state government charge or tax. The amount is based on the purchase price of the property and is different in every state and territory. Some first home buyers may get a discount or not be required to pay it at all. We can help you work this out.

If your deposit is less than 20% of the property's value, most financial institutions will require Lenders' Mortgage Insurance (LMI). LMI is taken out to protect the lender in case of default. It's a one-off cost and is generally included in the total value of the loan.

Fixed interest rate loans

• Give you more certainty and make it easier to budget because you know exactly what your repayments will be for a set period (1, 2, 3 or 5 years).
• Protect you against interest rate rises. However, if interest rates fall, you miss out on the savings.
• If you decide to change banks, sell your home, or pay off your loan within the fixed period, you may be charged an early payout cost.

Variable interest rate loans

• Usually give you more features and flexibility, such as the ability to make extra repayments, or the ability to pay off or move your loan without incurring an early payout cost (although you may pay a discharge fee).
• Are subject to market conditions. If rates fall, it’s likely your variable rate will also fall, and your loan repayments will decrease. Similarly, if rates rise, so might your repayments.