What you need to know
On 07 November 2023, the RBA announced its decision to raise the cash rate by 0.25%.
- As a result, our variable rates are increasing by 0.25% per annum for most of our owner-occupied and investor home loans, effective 14 November 2023.
- You will receive an email to advise of our decision and will be notified of your new minimum repayment amount in a letter shortly after.
- Minimum repayment amounts for existing customers will not increase until 19 December 2023, allowing time for all customers to be notified of their new repayment details by mail.
- If you are paying principal and interest, your new minimum repayment amount will apply from your next repayment due date on or after 19 December 2023. For interest-only customers, your next payment due on 01 December 2023 will consist partly of interest charged at the previous rate (up to 13 November 2023) and partly of interest charged at the new rate (14 November 2023 onwards).
- Interest rates on our Rate Breaker Loan are reviewed separately in line with the terms and conditions relevant to that product.
- Variable rates are also increasing for business loans. The increase of 0.25% per annum is effective from 23 November. Minimum repayment amounts for existing customers will not increase until 28 December 2023, allowing time for all customers to be notified of their new repayment details by mail.
Keen to know your repayments?
Enter your home loan details and quickly estimate your new repayments
Your repayment changes
with an interest rate of 6.25%
Important information
The results from this calculator should be used as an indication only. New repayment is for the repayment type that has been selected and years remaining on loan that has been input. Changes in interest rates, loan balance and loan term will affect the new repayment amount.
The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as monthly or annual service fees).
This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting on it.
Frequently asked questions
Here are some ways to help lessen the impact of rising interest rates. Please contact us if you require any more information.
- Change your repayment frequency to weekly or fortnightly
This can reduce the amount of interest you need to pay over the life of your loan and may help with budgeting, particularly if you are paid by your employer weekly or fortnightly. - Utilise your offset accounts (if available on your loan)
Eligible customers can link up to six offset accounts to reduce the amount of interest due each month, meaning they are paying down the loan balance (the principal) faster.
If you are concerned about your ability to cope with this change, a range of options exists to help you. Please call our team of experts on 133 282.
Recent global events have led to a surge in the cost of goods and services. In an attempt to bring inflation under control, the Reserve Bank of Australia (RBA) meets monthly and may adjust the cash rate to combat this.
The cash rate has an indirect impact on our costs. Put simply, when the cash rate goes up, it becomes more expensive for financial institutions like Great Southern Bank to lend money.
As a result of these cash rate increases, we have taken the difficult decision to raise our home loan variable interest rates in response. This has been done to ensure our continued ability to provide customers with the award-winning level of service they expect.
We review the Rate Breaker Package ‘reference rate’ against the Big 4 banks on every second Tuesday of each month. As a result, any changes to the Rate Breaker Package reference rate are announced separately and communicated to affected customers via email in the first instance, and then by letter shortly after.
The rate change detailed above applies to most variable owner-occupied and investor home loans. Rate Breaker Package Home Loans get reviewed in line with that product’s specific terms and conditions.
The variable rate applicable to your home loan depends on the type of loan, when you took it out, and any discounts or special offers available at the time. You can check your home loan contract to see what components make up your interest rate.
We are currently reviewing our deposit and savings rates. You can view the latest rates at any time on the relevant section of our website.
We understand that many of our customers will already be feeling the pinch of successive interest rate rises to their home loans. To help you manage the situation and prepare for any possible future changes, we’ve created a special guide to rate rises. There you will find everything you need to understand your options and plan accordingly.
We understand that you may have concerns about being able to make your new repayments. To find out options that may be available to you, go to our Financial Assistance page.
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