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Why refinance your home loan to Great Southern Bank?

The Boost
Set up additional loan repayments every time you make a purchase with your Great Southern Bank Visa Debit card1.

Find out more
Fee-free extra repayments & free redraw
You can make unlimited repayments to our variable home loans free of charge, and up to $30,000 on fixed loans9. There’s also the peace-of-mind of free redraw on additional repayments in case of emergency7.
Flexible repayments
Because interest is calculated daily, you could pay your loan off quicker by choosing weekly or fortnightly (rather than monthly) repayments.

See how much you can save

Your current home loan
Loan amount must be between  $250,000  and  $5,000,000 
Power up your repayments with The Boost
The Boost allows you to pre-set an amount between $0.01 and $5 to go towards your home loan whenever you use your Great Southern Bank Visa Debit card. Toggle on to see how much difference this could make every month
Pay down your home loan faster. Tell us the number of transactions you make per day and select a transfer amount to see how much you could save over the lifetime of your loan.
Switch to us and you could save:
Based on a Basic Variable Principal & Interest Home Loan Rate (LVR is 70% or less)
THE BOOST NOT ACTIVATED
Power up your repayments with The Boost. Toggle on to see how much extra you could be putting towards your home loan every month.
$0
interest saved over the life of loan
$0
in monthly repayments
$0
in extra repayments from The Boost
loan time saved with current repayments
Unfortunately, we can't beat your current deal. But hang on a moment! There are plenty of other reasons to choose Great Southern Bank.
The Boost
Set up automatic loan repayments every time you make a purchase from your transaction account.
Unlimited fee-free repayments
Own your home sooner with the ability to make unlimited extra repayments without penalty.
Flexible repayments
Choose to make either monthly, fortnightly or weekly repayments to suit your income and budget.

Original

Term Payment Principal start Principal payment Interest payment Principal end

Refi

Term Payment Principal start Principal payment Interest payment Principal end

Mortgage need enhancing?
Get clever refinancing.

Spending too much on your home loan? Refinancing is a clever way to reduce your expenses and save thousands over the life of your loan.

You don’t have to live with a high interest rate. Refinance to a Great Southern Bank Home Loan and pay your mortgage off sooner with a great competitive rate and no monthly or annual fees.

See how much you can save

Don’t just take our word for it, our refinance calculator can show your potential savings.

Compare home loans

Basic Variable Home Loan
Discounted rates from
6.14
%
p.a.
Comparison rate^
6.20
%
p.a.
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
6.19
%
p.a.
Comparison rate^
6.25
%
p.a.
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
6.14
%
p.a.
Comparison rate^
7.68
%
p.a.
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

How to refinance your home loan with Great Southern Bank

Refinance eligibility checklist

You must be

  • At least 18 years old.
  • An Australian citizen or permanent resident of Australia.

You'll need

  • Proof of identity, like a driver’s license or passport.
  • Details of your income, expenses, and debts.
  • If you’re applying with another person, both applicants need to be present.
Refinancing in three easy steps
1. Apply online

You’ll need proof of ID and details of your current home loan, income, expenses, and any other loans you may have.

2. Chat to a Home Loan Specialist

A Home Loan Specialist will assess your application and contact you within one business day about the next steps.

3. Refinance approvals

If your application is approved and goes on to be funded, then you’ll start repaying your Great Southern Bank Home Loan at your new interest rate. You can also view your home loan and repayment details through online and mobile banking.

Prefer to talk to someone?

Get savvy with refinancing

We’ve got lots of tips to help you refinance your home loan with confidence.

Which refinancing option is right for you?

With so many different refinancing options out there, it might be tricky to pick the right one. But fear not – we explain the different options in our article.

Read more
Cost of refinancing your home loan

Refinancing often means you can get a sweet deal on your interest rate. But how much does it cost? We break down the cost considerations to factor in, so you know if it's worth it.

Read more

Further reading

FAQS

Refinancing explained

Got a question about refinancing your home loan? Find the answers you’re looking for here.

What is refinancing a home loan?

Refinancing is when you take out a new home loan – usually to get a better deal or interest rate. This can be with your existing lender or a new one.

Why should I refinance my home loan?

There are many reasons to refinance your home loan. For some homeowners, it might be to get a better interest rate and lower monthly repayments, or to access different features such as redraw and unlimited extra repayments.

Other people might refinance to access the equity in their property for a home renovation, to buy a new car or consolidate their debt. And some might simply want to switch to a lender that truly cares about them and provides the level of service they need. Each to their own.

What are the costs involved in refinancing?

When refinancing, it is important to consider the costs involved. Discharge fees, early payout fees and Lenders Mortgage Insurance (if your loan is more than 80 per cent of the property value) are usually the main ones to be aware of.

How do I refinance my home loan?

To start with, look at your current home loan to understand its current features, how much you're paying in rates and fees, and the costs associated with refinancing.

This allows you to see how it compares to the competition. While your interest rate will always be an important factor, there are other things to consider comparing to a new loan – such as being able to make fee-free extra repayments and redraw at any time. These features can make it easier for you to save on interest and pay off the loan sooner.

When comparing interest rates, remember to look at the comparison rate, as this includes any upfront or ongoing fees and charges to give you a more accurate reflection of the true cost of the loan in question. Once you're ready to apply, head over to our online application form, give us a call us on 133 282, or visiting your local branch.

Will my property need to have a valuation?

Most lenders will require your home to have a valuation completed when you refinance. 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 want to borrow, where your home is located and the type of home you own. Most lenders will pay for your first valuation as part of your application.

How much equity is required to refinance?

While most customers refinance their home loan with at least 20 per cent equity, it’s possible to do so with as little as five per cent. However, if your equity is less than 20 per cent, Lenders Mortgage Insurance (LMI) will need to be factored into the loan.

Do I need a deposit to refinance?

No, you don’t need a deposit to refinance. Your application will be assessed on your current home loan, the amount of equity you have and financial details. If you have any questions or concerns, our Home Loan Specialists are always happy to have a chat.

Can I refinance my investment property loan?

Yes. If you’re not happy with your current investment home loan, refinancing could help lower your repayments with a better rate, reduced fees and access better features such as free redraw.

Remember, there are likely to be costs associated with refinancing that you’ll need to consider, but it might be a good move for you.

CLEVER TOOLS

Boost your repayment power

How does The Boost work?

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.1

You could save up to $2000 extra a year

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!

Pay off your home loan sooner

By making extra repayments of $2,000 per year or more with The Boost, you can easily shave years off your repayment term.

Handy tools

Take the guesswork out of choosing a home loan or refinancing.

Borrowing power calculator

Estimate how much you can borrow with your new loan

Compare home loans

Compare our home loans along with any relevant fees and charges

ABOUT US

Trusted by Australians for over 75 years

Trusted by Australians for over 75 years

We've been helping our customers manage their finances since 1946. Today, 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.

“Great Southern Bank acted quickly in refinancing our loan. We received a great rate and the service was excellent.”
“Unsurpassed customer service and superlative operations. Switching my home loan to Great Southern Bank is the best thing I have ever done.”
“The consultant was very friendly and helpful. Made changing very easy and offered to look at a lower rate without me even asking.”
Ready for a better deal on your home loan?
Get started with your refinance application now.
Get started
Connect 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 (AEDT)

Important Information

Rates are current as at 20 August 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.

1 The 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 20 August 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.

#Offer includes $0 Establishment Fee and is open to new or existing customers applying for a minimum application amount of $100,000 or more. Excludes applications for Internal Refinance of existing facilities. Applications must be received between 31/08/2022 and 28/02/2025 and settled by 31/05/2025. 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.

Speak to a Home Loan Specialist
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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.
Now
Within 3 months
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Are you a Great Southern Bank customer?
Great Southern Bank was previously known as CUA.
Yes
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Do you have a home loan with Great Southern Bank?
Great Southern Bank was previously known as CUA.
Yes
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Would you like to tell us anything else?
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Tell us a little more about your plans
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How much is your current mortgage?
Please enter a numeric value
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What would you like to discuss?
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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.
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