To apply online, you must be
- At least 18 years of age.
- A permanent resident of Australia.
- Applying for yourself or as a married/de facto couple.
- Buying an existing property or refinancing.
Simply pre-set an amount between $0.01 and $5 to go towards your home loan every time you use your Great Southern Bank Visa Debit card.
If you set The Boost to $2 and make three transactions a day, you could reduce your home loan by up to $2,000 a year!
With extra repayments of $2,000 per year or more easily achievable with The Boost, you could shave years off your repayment term.
Check that you meet the eligibility criteria and have the necessary documents to hand.
One of our Home Loan Specialists will call you back as soon as possible to discuss your application.
We assess your application and can provide pre-approval or full approval depending on your requirements.
Refinancing is when you take out a new home loan to replace your existing home loan. This can be with your existing lender or a new one.
There are many reasons customers may wish to refinance their home loan. It might be to obtain a better interest rate and lower monthly repayments, or to access different features such as redraw and unlimited extra repayments.
For some, it might be to leverage the equity in their property to conduct home improvements, purchase a new vehicle or consolidate debt. Whereas for others, it might simply be a case of wanting to switch to a lender that truly cares about them and provides the level of service they need.
When refinancing, it is important to consider the costs involved. Discharge fees, early payout fees and Lenders Mortgage Insurance (if your loan is less more than 80% of the property value) are usually the main ones to be aware of.
Before you do anything else, it's a good idea to review your existing home loan to understand its terms and conditions, how much you're currently paying in rates and fees, and the costs associated with refinancing.
Once you've got a handle on this, you’ll be able to see how it compares to the competition. While the interest rate will always be an important factor, there are other things to consider such as offset, redraw, and the ability to make extra repayments without incurring fees. These features can make it easier for you to save on interest and pay off the loan sooner.
When comparing interest rates, remember to review the comparison rate, as this includes any upfront or ongoing fees and charges, thereby better reflecting the true cost of the loan in question. Once you're ready to apply, you can do so via online application form, calling us on 133 282, or visiting your local branch.
Most lenders will require your house to have a valuation completed. This doesn’t necessarily mean a valuer needs to come to your house. Some valuations are done electronically by looking at similar properties in your area.
The type of valuation your lender will require depends on how much you are looking to borrow, where your house is located and the type of house you own. Most lenders will pay for your first valuation as part of your application.
While most customers refinance their home loan with at least 20% equity, it’s possible to do so with as little as 5%. However, if your equity is less than 20%, Lenders Mortgage Insurance will need to be factored into the loan.
We've been helping our customers manage their finances since 1946. These days, more than half a million people trust us with their banking and insurance needs.
But don't just take our word for it. Here's what some of them have got to say.
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: 8:00am - 8:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)
Rates are current as at 12 May 2022 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.
1The Boost is not available on business accounts.
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 12 May 2022. 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.
# Online only offer includes $0 Establishment Fee and $0 Securities Administration Fee for new eligible online home loan applications received between 06/12/2021 and 31/05/2022 and settled by 31/08/2022. To be eligible to apply online you must be at least 18 years of age, a permanent resident of Australia, applying for yourself or as a married/defacto couple and buying an existing property or refinancing. Great Southern Bank may withdraw or amend this offer at any time without notice.
Owner Occupiers
Investors
Owner Occupiers
Investors
Owner Occupiers
Investors
The results from this calculator should be used as an indication only. Repayment is for principal and interest. Changes in interest rates, repayment frequency and loan term will affect the repayment and savings amounts.
Fees and charges are payable. The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as establishment or monthly service fees or stamp duty). If you are borrowing more than 80% of the value of the property, Lenders Mortgage Insurance will apply. Any of these additional amounts will increase the repayments and decrease the savings under the loan.
Lending is to approved applicants only and all lending is subject to a detailed credit assessment.
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.